SAN FRANCISCO, July 17, 2019 /PRNewswire/ -- The global toys and games market size is expected to reach USD 139.2 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 4.6% over the forecast period. Rising number of online gaming tournaments across the globe is the key factor for the market growth over the forecast period. Over the past few years, increasing demand for in-licensing activities is booting the growth of market.
Key suggestions from the report:
By product, video games are anticipated to ascend at a CAGR of 6.3% over the forecast period. The outdoor/sports segment was valued at USD 15.8 billion in 2018 and is projected to exhibit high growth in the next few years
North America dominated the global toys and games market in 2018 and accounted for 31.3% share of the global revenue
Major players of the industry include Lego; Mattel Inc.; Namco Bandai; Hasbro; and Jakks Pacific
Various manufacturers are concentrating on new product launches, capacity expansion, and technological innovation to estimate existing and future demand patterns from upcoming product segments.
Growing demand for eco-friendly toys is also anticipated to increase the demand for the product in the upcoming years. Cardboard, organic cotton, and wood are the popular raw materials for the production of eco-friendly products. For instance, Green Toys are made from the recycled plastic milk bottles. The company has collaborated with Walmart, one of the largest retail chains of the world, for the distribution of the products.
Increasing participants of e-sports has also been a factor driving the market. For instance, in September 2018, Sony has launched PlayStation Classic, an updated version of original Play station that comes with 20 preloaded games. This is expected to expand the consumer base of the market. Furthermore, innovative games such as PUBG and FIFA are gaining significant popularity among the adult players.
Asia Pacific is expected to witness expand at a CAGR of 5.2% from 2019 to 2025. Rapid expansion of ecommerce, along with increasing brand retail outlets, has been fueling the sales of the product in this region. North America held the largest market share in 2018, followed by Europe.
Grand View Research has segmented the global toys and games market by product, application, distribution channel, and region:
Toys & Games Product Outlook (Revenue, USD Billion, 2015 - 2025)
Toys & Games Application Outlook (Revenue, USD Billion, 2015 - 2025)
0 - 8 Years
8 - 15 Years
15 Years & Above
Toys & Games Distribution Channel Outlook (Revenue, USD Billion, 2015 - 2025)
Toys & Games Regional Outlook (Revenue, USD Billion, 2015 - 2025)
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.