ID: MRFR/CR/6529-HCR | 90 Pages | Published By Snehal Singh on March 2023
The Toys Market is projected to register a growth rate of 5.2% from 2022 to 2030 and reach a market size of USD 275.65 Billion by the end of 2030. Toys have been around us for ages. They were starting from simple wooden toys to complex, interesting toys. Since toys keep children engaged, the sector of toys and games has always remained popular. As long as newborns will come into the world, the globalMarket will see an inherent demand. Toys have been in demand for a long time, and even today, children ask their parents to buy toys for them. From newborns to toddlers, there are different ages of children who buy toys every year. With the advancement of technology, adults and children see a diversification of their entertainment means.
The Market will see a period of growth after a severe pandemic in the forecast period. As a multibillion-dollar business, the whole sector of toys sale not only depends on children but parents too. It depends on the number of disposable income families have and the amount they spend on their kids. The type of toys accessible to children depends on what the parents prefer in providing to their kids. The toys market is constantly innovating and mixing different genres to provide new, useful toys to the kids. For example, the toy producers create safe, easily played, colorful toys for newborns that won't threaten them. For growing kids in the age bracket of 6 to 10, the producers introduce educational toys that help develop essential skills.
The Market will grow at a rate of 5.0 percent in the upcoming Market Forecast period. In this upcoming decade, the market will register a healthy trend of growth that will lead to a growth in Market Revenue and Market Size. The different drivers, factors, and influences on the Toys Market Size that decide the Market's future are discussed in this Market Outlook.
The COVID 19 pandemic affected all sectors of the global market as a whole. In terms of impact, the global Market was also a part of the economic slowdown and disruption caused by the pandemic. Firstly, lockdown restrictions brought down the curtains on the entire toys manufacturing sector, which caused a shortage of supply for the Market. Moreover, as incomes declined in the pandemic phase, people were less willing to spend on toys and games for their kids. Thus, the Toys Market saw a decline in supply, demand, and revenue in the initial phase of the pandemic. However, it recovered in the subsequent phase.
One of the primary factors behind Toys Market's revival and growth in the later pandemic and post-pandemic phase is realizing that kids can no more go to school and preschools. As kids and babies stayed at home for a couple of years, without the option of going to daycare, parents had to buy toys and games to keep them occupied inside homes. Moreover, parents of kids in the learning stage bought such toys that aided in learning and development and online learning. Thus, the sale of toys revived and went up in later pandemic waves. This Market Trend will continue for the next few years too.
One of the key drivers of Toys Market Growth is the increasing recognition of the cognitive benefits of certain games for children. Parents these days are experimenting with unconventional parenting styles. Buying toys and games that would support a child's journey of learning and development is a major trend among parents. The amount spent on toys for each child in Europe has gone up to 212 USD. Parents want children to learn as they play and stay active. Thus, they are buying toys that have educational and learning influences on kids. Thus, this trend of buying multi-benefit toys for kids is a major contributor to toys Market Revenue growth.
There are major opportunities in Marketing terms of not only catering to kids but also to adults. The millennial generation wants to relive the 90s era that closely links with their childhood. This new tendency of adults brings up an opportunity of securing a completely new audience segment that is willing to splurge on nostalgic old-school toys. People are also looking for an improvised version of these games that are better than before. A greater stay at a home time has made people turn to old-school toys and games to play with family. Thus, Toys Market producers can look into these new opportunities of producing merchandise collectibles and old school toys in the future.
One of the major restraints for the toys sector is the fluctuation in exchange rates and high prices today. Although people's disposable income has increased beyond a certain margin, they are still unwilling to spend a high amount on Toys and games. Fluctuation in exchange rates also causes inconvenience for people, so they do not prefer buying, and purchase decisions get delayed.
Many challenges exist to challenge Market Growth. Many competing markets directly compete with the Toys Market sector for Market Revenue share. For example, today's kids prefer electronic video games on mobiles and computers. Where gaming and entertainment have shifted to the digital space, even kids are going for interactive video games. As the video game sector grows and becomes all-inclusive, the Market suffers migration of a certain section of consumers and users.
The Market analysis after a discussion of drivers, restraints, opportunities, and challenges has shown that the Toys Market will grow at a CAGR of 5 percent in the Market Forecast period. Even though the CAGR is not a double-digit one, the entire Market will grow at a healthy rate for the future.
The Market extends over different industrial segments that contribute to the collective revenue of the Market. The Market Analysis by segments is very necessary to get a good view of the revenue composition of the Market. The Toys Market is divided into different segments based on different criteria of classification. The main industrial segments are based upon type and distribution channels. The toys types are preschool toys, action toys, soft toys, dolls, vehicles, etc. Vehicles like scooters and skateboards are taking over other sectors like dolls and soft toys as kids become more active. The vehicle segment thus dominates in terms of Market share.
On the other hand, the Market has store-based channels and non-store-based channels based on distribution channels. The store-based channels have till now held the biggest Market share. However, the non-store-based, online channel is set for the highest rate of growth in the future.
Market Analysis by Regions is very important to know the regional distribution of Toys Market Revenue. The regional markets individually contribute to Market Growth. The major regional markets are Asia Pacific, Europe, North America, South America, the Middle East, and Africa. The Asia Pacific region leads in Market share with more than 40 percent of the total revenue in 2020. However, the North American region was the second most primary share of the Toys Market in the world in 2020. As toys and games become primary entertainment for people in the coming decade, the APAC and North American regions will see a high growth rate.
The competitive landscape of the Market is made of its key players and major producers. These stakeholders decide the Toys Market trends. The major competitors of the Market are
The stakeholders of the Market produce the majority of the world's toys and introduce new types of toys to the sector.
The Market undertakes a lot of developments under the leadership of its key companies to grow further. The key companies and producers of toys take up research and development to introduce new types of toys according to popular demand. Many companies create their niche with new product lines and a newly captured audience segment. Many companies undertake mergers, acquisitions, and collaborations to create better opportunities for Market Growth.
the Market Outlook summary is as follows-
The Market Outlook is, a complete view of the market, focusing on its major drivers, restraints, opportunities, and challenges. The report takes the irreversible impact of the COVID 19 pandemic before proceeding towards the Toys Market Forecast. The report also pays attention to the analysis of regional markets and industrial segments so that the reader can get an inside view of the Market. The report discusses recent developments and Market trends that project over the forecast period. Cumulative growth analysis of the Market gives a better view of the future CAGR.
|Market Size||$275.65 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, Distribution Channel and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, Rest of the World|
|Key Vendors||BANDAI NAMCO Entertainment Europe S.A.S, LEGO System A/S, Hasbro, Mattel, JAKKS Pacific, Inc.|
|Key Market Opportunities||Producers producing merchandise collectibles and old school toys in the future.|
|Key Market Drivers||Increasing demand of multi-benefit toys|
According to the Toys Market Outlook, the biggest contributor to Market Revenue will be the Asia Pacific region.
The global Toys Market projects a CAGR of 5.2% till the forecast 2030.
The leading segment of the Toys Market by type is toy vehicles.
The entry of video and mobile games as a major segment of games is a challenge for the Toys market.
Growth in adopting toys that help develop cognitive abilities and learning capacities in a kid is a key driver of the Toys Market.