Majic Wheels Corp. is focused on bringing innovation to the toy industry marketplace, specifically the radio-controlled toy car market. The company has introduced a groundbreaking, patent pending climbing device that allows radio-controlled toy cars to go up a wall, across the ceiling, and down the other side.
In a press release, Majic Wheels’ CEO Asher Zwebner explained, â€œWhile most cars just start spinning their wheels helplessly at the base of a wall, for MajicWheels that is where the fun begins. MajicWheels climbs walls and ceilings, leaving most remote-controlled cars behind.â€
The toy industry is a huge industry worldwide. In 2006, the global toy industry generated revenues of $67 billion. In the period between July 2006 and June 2007, the toy market generated revenues of $22.5 billion in the United States alone. So we aren’t just talking about ‘kid stuff’.
In the United States, toy vehicles are considered to be one of the most promising categories. This category alone accounted for nearly 10% of all toy revenues generated in the United States from the July 2006 â€“ June 2007 period – $2.2 billion total.
This figure, combined with the toy vehicle marketâ€™s substantial annual growth rate of approximately 10%, highlights the vast market potential for the company’s new innovative product. Majic Wheels’ annual sales goal of $21 million within five years seems to be readily achievable.
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