(MENAFN- GlobeNewsWire - Nasdaq) Pune, India , Sept. 21, 2023 (GLOBE NEWSWIRE) -- The global toys market size is projected to reach USD 230.64 billion by 2028, exhibiting a 7.30% CAGR during the forecast period. The market stood at USD 129.45 billion in 2020. Increasing demand for brain training cubes and educational boards are likely to fuel market growth, shares Fortune Business Insights TM in its report titled " Toys Market, 2023-2028".
Rising demand for toys that boost mental training such as Rubik's cubes, educational boards, wordplay games, and others is expected to boost demand. Increased consumer spending and evolving lifestyles lead to the adoption of high-quality products that help in the development of children's brains. Manufacturers focus on developing play kits aimed at festivals. For example, MGA Entertainment Inc. announced New Rainbow High Fashion Dolls during the autumn season in the U.S.
Manufacturers incorporate gaming items to surprise kids while unboxing packed items. For example, in August 2021, Lego System A/S introduced a sailboat adventure set as a gift item for its LEGO VIP members. These factors are likely to fuel the market growth during the upcoming years.
Get a Sample Research PDF:
List of Key Players Profiled in the Toys Market :
Lego System A/S (Billund, Denmark) Hasbro Inc. (Rhode Island, U.S.) Mattel Inc. (California, U.S.) Ravensburger Holding GmbH & Co. KG (Ravensburg, Germany) Spin Master (Toronto, Canada) MGA Entertainment Inc. (California, U.S.) PAI Partners (Paris, France) Nintendo Co. Ltd. (Kyoto, Japan) Radio Flyer (Illinois, U.S.) A.L. Lindsay & Company (New South Wales, Australia) Artsana Group (Grandate, Italy) K'Nex Industries Inc. (Pennsylvania, U.S.)
Report Scope & Segmentation:
| Attributes || Details |
| Forecast Period || 2023-2030 |
| Forecast CAGR || 7.30% |
| 2028 Value Projection || USD 230.64 Billion |
| Market Size in 2020 || USD 129.45 Billion |
| Historical Data || 2017-2019 |
| No. of Pages || 170 |
| Report Coverage || Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered || |
By Product Type By Age Group By Distribution Channel By Region
| Regions Covered || |
North America Europe Asia Pacific Latin America Middle East and Africa
| Toys Market Growth Drivers || Rising Social Media Influence of Toy Companies to Propel Market Growth |
| Recent Toy Technology Events to Support Market Growth |
Browse Detailed Summary of Research Report with TOC:
By product type, the market is segmented into games & and puzzles, infant and preschool toys, dolls, outdoor and sports toys, building and construction sets, and others. Based on age group, it is classified into 18+ years, 12-18 years, 5-12 years, 3-5 years, and 0-3 years. By distribution channel, is categorized into offline and online. Geographically, the market is grouped into North America, Europe, Asia Pacific, and the rest of the world.
Highlights of the Report
The report provides a detailed analysis of the top segments and the latest trends in the market. It expansively debates the driving as well as constraining aspects and the impact of COVID-19 on the market. Additionally, it observes the regional developments and the approaches commenced by the crucial players present in the market.
Drivers and Restraints
Manufacturers Focus on Social Media Marketing to Propel Industry Progress
Major toy manufacturers focus on social media promotion to boost the product's adoption. This strategy enables manufacturers to improve their brand image and boost the product's adoption. Companies invest heavily in partnership strategies to improve their brand image. For example, Zuru and Fanbyted engaged in a partnership with each other to promote Zuru's products on social media in September 2020. This strategy is expected to boost the company's brand image. Furthermore, manufacturers aim to incorporate multiple colors in the product to attract preschool children to their products and boost the product's demand drastically. Additionally, manufacturers aim to provide educational games such as computing kits, remote-controlled cars, and cubetto & and dash robots. As per the information provided by the Toy Association, U.S. youth electronic game sales touched USD 470 million in 2020. It was a 1.8% rise compared to the previous year. This factor is expected to boost the market growth.
However, rising smartphone sales and the emergence of online games are expected to hinder market progress.
Get a Quote Now:
Increased Spending on Toys & Entertainment Devices to Boost Market Growth in North America
North America is projected to dominate the toy market share because of the increased spending on entertainment and play kits. The region registered a growth of USD 43.76 billion in 2020. Evolving consumer preferences and increased spending on the product. As per the U.S. Bureau of Labor Statistics data, the spending on entertainment-related devices touched USD 3.05 million in the U.S. These factors are probable to boost the market growth.
In Asia Pacific, government initiatives for the development of local toy companies are projected to boost industry progress in Japan, India, and China. For example, the Indian government incorporated the Production Linked Incentive (PLI) scheme for the development of local manufacturing firms.
In Europe, the presence of a developed import sector is expected to boost market development in Germany and the U.K. As a result, developed import facilities are expected to boost the product's distribution. These factors are likely to propel industry progress.
Crucial Companies Focus on Partnership Strategies to Enhance Brand Recognition
The vital companies functioning in the market focus heavily on engaging in partnerships with crucial players to boost their brand image. For example, Hasbro Inc. purchased Entertainment One Inc. for USD 3,800 million in February 2021. This strategy enabled the company to produce over 30 film and television projects. This strategy enabled companies to develop their brand image. Further, major manufacturers focus on developing advanced production machinery to improve product quality, reduce labor costs, enhance productivity, boost operational efficiency, and achieve organizational goals.
Increased Indoor Activity to Fuel Market Progress
This market is anticipated to develop affirmatively amid the COVID-19 pandemic owing to the increasing demand for play kits and dolls from children. As people are confined in their homes, the demand for big-sized play kits is projected to boost the product's demand drastically. The rising demand for activity and construction-related games is expected to fuel market progress. For example, as per Mattel Inc.'s third quarterly presentation, the company reported a spike of 10% in the third quarter of 2020. Further, the incorporation of reduced capacities and part-time shifts enables producers to mend damages.
Ask for Customization:
Detailed Table of Contents:
Research Scope Market Segmentation Research Methodology Definitions and Assumptions Executive Summary Market Dynamics
Market Drivers Market Restraints Market Opportunities Emerging Trends Key Insights
Overview of the Parent/Related Markets Industry SWOT Analysis Supply Chain and Regulatory Analysis Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions Qualitative Analysis (in relation to COVID-19) Global Toys Market Analysis, Insights, and Forecast, 2017-2028
Impact of COVID-19 Supply Chain Challenges Potential Opportunities due to COVID-19
Key Findings / Summary Market Size Estimates and Forecast
By Product Type (Value)
Dolls Outdoor and Sport Toys Building and Construction Set Infant and Preschool Toys Games and Puzzles Others By Age Group (Value)
0-3 Years 3-5 Years 5-12 Years 12-18 Years 18+ Years By Distribution Channel (Value) By Region (Value)
North America Europe Asia Pacific South America Middle East & Africa
Key Industry Developments:
October 2020: Spin Master Corp. acquired a cube games company named Rubik's Brands Ltd. This acquisition helps the company to compete with major competitors such as Mattel Inc. and Hasbro Inc. and enter the cube games market.
Read Related Insights:
Educational Toys Market Size to Hit USD 106.26 Billion by 2030 | At 8.10% CAGR
Connected Toys Market Size, Share, and Growth Rate [2023-2030] | Report by Fortune Business InsightsTM
Fortune Business InsightsTM delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
Fortune Business Insights Pvt. Ltd.
9th Floor, Icon Tower, Baner,
Mahalunge Road, Baner, Pune - 411045,
US : +1 424 253 0390
UK : +44 2071 939123
APAC : +91 744 740 1245
Toys Market Toys Market Tags Toys Market Toys Market Share Toys Market Size Related Links
- Sports Drink Market
- Sports Footwear Market
- Sports Optic Market
- Cricket Equipment Market
- Educational Toys Market
- Socks Market
- Gaming Laptop Market
- Sport Guns Market
- Electronic Weighing Machine Market
- Connected Toys Market
- Swim Diapers Market
- Pet Care Market
- Consumer Electronics Market
- Board Games Market
- Leather Goods Market
- US Sports Drink Market
- Moisturizer Market
- Skin Care Market
- Bath Towel Market
- Women Sportswear Market
id="media-image-1" loading="lazy" src=' />
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.