IMARC Group’s latest report, titled “Toys and Games Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, finds that the global toys and games market reached a value of US$ 102 Billion in 2017. Toys and games play an important role in the learning process of children. They help in stimulating creativity, enhancing cognitive behavior, improving hand-eye coordination, developing physical and mental skills, and strengthening social bonds among children. As a result, parents nowadays are willing to purchase different type of toys and games, which has escalated their demand in recent years. Moreover, the manufacturers are introducing green and sustainable products which cause less pollution and help in instilling environment awareness in children.
With inflating income levels and rising standards of living of urban dwellers, a shift has been witnessed from conventional toys to more advanced toys and video games. Additionally, the evolution of online sales channels has made various categories of products and brands easily accessible to consumers. Apart from this, the development of high-tech electronic toys, depicting action figures like the Hulk, Batman, Ironman, etc., as well as experimental games such as virtual reality gaming, has contributed to the overall growth of the market. Further, toy manufacturers are launching innovative products and affordable ranges that aid in building skills and concepts in children. The Toy Association in the United States is also promoting the benefits of games by educating parents on selecting age-appropriate and learning-based toys for their children. Owing to these factors, the market is projected to reach a value of US$ 126 Billion by 2023, at a CAGR of 3.6% during 2017-2023.
- Based on product type, the market has been segmented into plush toys, infant/pre-school toys, activity toys, dolls, games and puzzles, ride-ons and others. Currently, plush toys represent the most popular segment in the global toys and games market, holding the largest share.
- On the basis of distribution channels, specialty stores dominate the market, accounting for the majority of the global share. Specialty stores are followed by supermarkets and hypermarkets, departmental stores, online and general stores.
- Region-wise, North America enjoys the leading position in the global toys and games market. Other major regions include Europe, Asia Pacific, Latin America, and Middle East and Africa.
- The competitive landscape of the market has also been analyzed with some of the key players being Hasbro, Mattel, Ravensburger, Tomy, The Lego Group, Funtastic, JAKKS Pacific, Lansay, LeapFrog Enterprises, MGA Entertainment, Playmates Toys, ToyQuest and Vivid Imaginations.
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