Remote Control Toys Market- Key Players are LEGO, Mattel, Bandai, TAKARA TOMY, Hasbro, Gigotoys, MGA Entertainment, Simba-Dickie Group
Remote controlled toys are battery- or gas-powered toys that can be controlled from a specific distance using a specialized transmitter, called a remote. Remote control toys are usually powered by electric motors or rechargeable batteries. All remote control toys require a transmitter or a remote, which has control buttons, or a joystick, or triggers, or a wheel for turning, etc. The distance from which the remote control toys can be operated varies depending on the type of power and the construction and mechanism of the toy. The working mechanism of a remote control toy is based on the technique of sending and receiving electro-magnetic or radio waves. An antenna is present on the remote, and it sends signals to a circuit board located inside the toy and activates the motors, thus enabling the toy to move in the desired direction. Broadly stating, the remote control toys work with four elements, namely, transmitter, receiver, motors, and a power source. These toys have been trending in the market since the last few decades. Initially, remote controlled toys also consisted of long wires; later, wireless technology was developed. However, presently, the variety, availability and price have increased considerably as compared to the last few decades.
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The global remote control toys market is expected to expand at a higher CAGR as compared to the traditional toys market. This is due to technological advancements and development in new and attractive products. Manufacturers have introduced remote control toys at competitive prices, owing to the large number of manufacturers operating in the market, in order to gain market share. Additionally, increase in disposable income of parents and rise in the number of isolated families across the globe are expected to boost the global remote control toys market. Some countries have enacted regulations regarding the safety of these toys, such government policies are likely to restrain the remote control toys market. Another constraint to the remote control toys market is the lack of durability of these products. These toys are handled by the younger age groups and need to be sturdy and unbreakable, because of the less caring attitude of kids. However, with the construction of the toy it becomes challenging for the manufacturers to manufacture unbreakable or durable remote control toys. In order to overcome this issue many companies give periodic warranty for such toys. Moreover, new products such as Bluetooth-sensor toys or smart toys are expected to enter the market, which is anticipated to hamper the remote control toys market.
The remote control toys market can be segmented based on product type, end-user, and region. Based on product type, the remote control market can be segmented into activity toys, games & puzzles, construction toys, dolls and robots, outdoor toys, vehicles, and others. In terms of end-user, the remote control toys market can be divided into babies and toddlers. Based on region, the remote control toys market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. The ease of shipment due to globalization within the above mentioned regions is considered to be a major factor driving the global remote control toys market.
Key players operating in the remote control toys market include LEGO, Mattel, Bandai, TAKARA TOMY, Hasbro, Gigotoys, MGA Entertainment, Simba-Dickie Group, Goldlok Toys, Giochi Preziosi, Melissa & Doug, PLAYMOBIL, Ravensburger, Spin Master, MindWare, Safari, Vtech, Leapfrog, BanBao, Qunxing, and Star-Moon. Manufacturers of remote control toys are consistently focusing on new product launches to remain competitive in the market. Key players in the remote control toys market have been able to attract many consumers in the last few years, due to the introduction of new products that have appearance such as remote control cars that are miniatures of some best-selling cars in the market. The remote control toys are in great demand in the developed as well as developing countries.