The latest report by IMARC Group, titled “Toys and Games Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global toys and games market reached a value of US$
109.3 Billion in 2022. Toys and games play a crucial role in the learning process of children and toddlers. They include rattles, dolls, toy cars, skipping ropes, board games, and jigsaw puzzles, which are intended for use by children b. They form an integral part of the overall development of children as they aid in expressing their emotions and boost creativity. They are also an effective way of de-stressing and improving cognitive, physical, and social skills.
Global Toys and Games Market Trends:
The market is primarily driven by the inflating disposable income levels of individuals as it has led to a shift from conventional to more advanced toys and video games. Besides this, the growing consciousness about the cognitive benefits of toys and the rising popularity of educational and scientific toys are fueling the market growth. In addition to this, with the rising awareness about the importance of eco-friendly products, several companies are introducing green and sustainable toys and games. They also instill environmental awareness in children, which is significantly encouraging parents to opt for these toys and games for their children. Nowadays, key manufacturers are also launching toys on the e-commerce platforms, such as Amazon, Walmart Online, and eBay, which are cost-effective alternatives to physical markets. Furthermore, the launch of new movies and cartoons is prompting manufacturers to develop high-tech electronic toys, depicting action figures like the Hulk, Batman, Ironman, etc., as well as experimental games such as virtual reality gaming. Looking forward, the market is expected to reach a value of US$
143.3 Billion by 2028, exhibiting a CAGR of
4.73% during the forecast period (2023-2028).
- Based on the product type, the market has been segmented into plush toys, infant/preschool toys, activity toys, dolls, games and puzzles, ride-ons, and others.
- On the basis of the distribution channel, the market has been classified into specialty stores, supermarkets and hypermarkets, departmental stores, online stores, and general stores. Amongst these, specialty stores represent the largest segment.
- Region-wise, the market has been divided into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Currently, Asia Pacific holds the leading position in the market.
- The competitive landscape of the market has been examined, with some of the key players being Hasbro Inc., Mattel Services, Ravensburger AG, Tomy Company, Ltd., The Lego Group, Funtastic Toy, JAKKS Pacific, Inc., Lansay SA, LeapFrog Enterprises Inc., MGA Entertainment Inc., Playmates Toys Limited, ToyQuest, and Vivid Imaginations.
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