(MENAFN- Techsci Research) Growing children population and rising awareness related to benefits of toys on children’s cognitive development are major factors propelling the global toys market.
According to TechSci Research report, “Global Toys Market, By Product Type (Outdoors and Sports Games, Dolls, Construction Toys, Games & Puzzles, Vehicles, Soft Toys, Others (Action Figures & Accessories, Arts & Crafts, etc.)), By Distribution Channel (Supermarket/Hypermarket, Specialty Store, Online, Others (Stationery Stores, Gift Shops, Kiosk etc.)), By Region, Competition Forecast & Opportunities, 2026”, the global toys market was valued at USD92.69 billion in 2020 and is expected to reach USD118.65 billion by 2026F with a CAGR of 4.47% during the forecast period.
Toys are more than just fun and games for kids as they also provide an opportunity to learn. There are several advantages of playing with toys as they are best known to boost child’s IQ level by better memory retention, coordination, and increased literacy. Puzzle games are in more demand by consumers as these enhance kids IQ level, promote problem solving skills and improve concentration.
In addition, educational toys are also in demand as they not only foster learning and growth but also enhance children’s ability to think creatively. Along with this, they also help in developing social & emotional intelligence and develop sensory motor skills in children.
During the outbreak of COVID-19 pandemic all the schools across the globe shifted towards online classes. Furthermore, parents were cautious to take their children to playgrounds because of risk of exposure to coronavirus. As a result, both schools and playgrounds became inaccessible to children.
Thus, kids required another form of engagement like indoor games and toys, which became the focal point. Toys after all have long been a kid's favorite. Toys have long been a popular form of entertainment for children and despite the challenges caused by the pandemic, sales of toys increased globally, particularly in the United States, and are likely to continue to increase in the future.
Browse 84 market Figures spread through 110 Pages and an in-depth TOC on "Global Toys Market”
The global toys market is segmented based on product type, distribution channel, region & company. In terms of product type, the market is segmented into outdoors and sports games, dolls, games & puzzles, construction toys, vehicles, soft toys, and others. Among them, construction toys are the fastest growing as they enable better skill development in children.
In terms of distribution channel, global toys market is segregated into supermarket/hypermarket, specialty store, online and others. Among them, online is the fastest growing due to timely delivery and the convenience it offers of choosing plethora of products sitting at one place.
Regionally, the global toys market is segmented into North America, Asia- Pacific, Europe, South America, and Middle East & Africa. Among these region North America is the dominating region in the global toys market with the market share of approximately 30% in 2020 due to increasing disposable income and strong purchasing power followed by Asia-Pacific and Europe.
The LEGO Group, Hasbro, Inc., Mattel Inc., Tomy Company, Ltd., Spin Master Corp., and others are some of the prominent players operating in the global toys market. To remain competitive in the market, companies are continuously engaged in mergers & acquisitions, product developments, new product launches and others strategic developments. In the year 2019, Hasbro, Inc. had acquired Entertainment One Ltd.
The merger of Hasbro, Inc. and Entertainment One gave Hasbro, Inc. access to all marketable international brands of Entertainment One, which includes the popular children’s character named Peppa Pig, along with “PJ Masks,” “Clifford the Big Red Dog” and the upcoming “Ricky Zoom.”. Likewise, American toy company PlayMonster LLC has acquired arts and crafts company Kahootz Toys the Michigan-based manufacturer which has 17 major brands which includes Spirograph, Y’art, Colorforms, Fashion Plates, Latchkits, Play-Doh and Waterfuls.
By the time this has been the biggest PlayMonster LLC acquisition till date according to the company. After the acquisition of Kahootz Toys, PlayMonster has experienced significant growth in the past two years and in November 2018 the company had received funding of capital and resources from Boston-based investor Audax Private Equity. It also expanded its global footprint in 2018 by acquiring Interplay, a toymaker based in the United Kingdom.
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“Learning via play is a vital aspect of a child's growth. Educational toys can assist children in learning a variety of skills that they will need throughout their lives. Educational toys can aid in the development of problem-solving skills, conflict resolution, and the understanding of cause and effect. It also teaches youngsters how to share and assists in the development of their fine and gross motor skills and nurtures their creativity and imagination.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Toys Market, By Product Type (Outdoors and Sports Games, Dolls, Construction Toys, Games & Puzzles, Vehicles, Soft Toys, Others (Action Figures & Accessories, Arts & Crafts, etc.)), By Distribution Channel (Supermarket/Hypermarket, Specialty Store, Online, Others (Stationery Stores, Gift Shops, Kiosk etc.)), By Region, Competition Forecast & Opportunities, 2026”, has evaluated the future growth potential of the global toys market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the global toys market.
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