As per the latest report by IMARC Group, titled “Toys Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global toys market size reached US$ 156.5 Billion in 2021. Toys are playthings designed specifically for toddlers and young children. They are available in various sizes and colors and are usually made from clay, cloth, paper, plastic, and wood. Toys enhance intelligence quotient (IQ), increase motor development, improve concentration and creativity, and develop personality and communication skills. They also aid in enhancing the problem-solving capabilities of children while improving their social, cognitive and physical skills. Presently, hi-tech electronic toys, puzzles, board games, action figurines and mechanical cars are gaining widespread popularity among children as they help boost creativity in children and stimulate their imagination.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Toys Market Trends:
The market is primarily driven by the rising concerns among parents about the social and emotional development of their children. Moreover, various playschools are incorporating science, technology, engineering, and mathematics (STEM) toys, such as boxes, blocks, musical instruments, and jigsaw puzzles, in their education system to encourage creativity and problem-solving skills in children. This, coupled with the emerging e-commerce industry, is driving the sales of innovative electronic and digital toys across the globe. Apart from this, the growing popularity of tech-savvy electronic toys that depict action figures, such as Batman, Superman, Ironman, and Captain America, is also contributing to the market growth. Furthermore, the increasing product availability through online retail portals and favorable government initiatives encouraging companies to design and introduce toys based on culture, ethos, and local folklore and heroes, are anticipated to propel the market growth. Looking forward, IMARC Group expects the market value to reach US$ 249.6 Billion by 2027, exhibiting a CAGR of 7.50% during the forecast period (2022-2027).
- Based on the product type, the market has been classified into action figures, building sets, dolls, games and puzzles, sports and outdoor toys, plush, and others.
- On the basis of the age group, the market has been categorized into up to 5 years, 5 to 10 years, and above 10 years.
- Based on the sales channel, the market has been segmented into supermarkets and hypermarkets, specialty stores, department stores, online stores, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined, along with some of the key players being Clementoni Spa, Funskool Ltd., Hasbro Inc., Lego A/S (Kirkbi A/S), Mattel Inc., Playmobil (Brandstätter Group), Pressman Toy Corporation (Goliath B.V.), Simba Dickie Group, Spin Master, Talicor Inc., Thinkfun Inc. (Ravensburger North America Inc.) and Tomy Company Ltd.
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