Toys and Games Market size is set to grow by USD 80.5 billion from 2024-2028, Increasing personal disposable income and rising middle-class population boost the market, Technavio

NEW YORK, July 3, 2024 /PRNewswire/ -- The global toys and games market size is estimated to grow by USD 80.5 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 8.61% during the forecast period. Increasing personal disposable income and rising middle-class population is driving market growth, with a trend towards emergence of three-dimensional (3D) printing. However, seasonal demand and short life of merchandise and collectibles poses a challenge. Key market players include 4M Industrial Development Ltd., Atlas Games, Clementoni Spa, Elenco Electronics Inc., Franckh Kosmos Verlags GmbH and Co. KG, Goliath Games LLC, Hasbro Inc., JAKKS Pacific Inc., Kids2 Inc., Learning Resources Ltd., LEGO System AS, Mattel Inc., MGA Entertainment Inc., Playmates Holdings Ltd., Ravensburger AG, Simba Dickie Group GmbH, Smartivity Labs Pvt. Ltd., Spin Master Corp., Takara Tomy Co. Ltd., and VTech Holdings Ltd..

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Market Driver

The 3D printing trend poses challenges for toy manufacturers and licensors, as consumers can produce favorite toy characters at will. This may lead to an increase in counterfeit toys and copyright infringements. However, affordability of 3D printers is driving innovation, with licensors offering licenses to 3D printing companies for specific assets. Home 3D printing tools are also emerging, expected to grow the market significantly. Sesame Workshop and Hasbro Inc. Are among the licensors embracing this technology. 

The toys and games market is experiencing significant growth, with key trends including the integration of technology in playthings. Cards, games, and puzzles continue to be popular choices, with consistent sales. Social games and mobile applications are also gaining traction. Skills-building toys and educational games are in high demand, as parents look for ways to enhance their children's development. Old school games, such as board games and building sets, are making a comeback. Ratchets and screws, old-school basics, are still in use for DIY toys. Toys and games that promote creativity and interaction are trending. Buliding blocks, arts and crafts, and role-playing toys are popular in this category. Movies and TV shows are major influences in the market, with licensed merchandise driving sales. The market is diverse, catering to various age groups and preferences. 

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Market Challenges

• In the toy and game market, merchandise management plays a crucial role in retail success. Retailers must forecast demand and procure merchandise accordingly due to the industry's fragmented vendor landscape and the volatile nature of consumer preferences. Popularity of toys and games is often tied to movies and TV shows, leading to short-lived trends and potential dead stock. Retailers prioritize evergreen merchandise to mitigate this risk, as TV merchandise sales typically occur post-airing. Pre-stocking movie merchandise is common to stay competitive, but failure of a movie can result in dead stock and revenue loss.
• The toys and games market faces several challenges. One major challenge is the increasing competition from technological devices. Children are increasingly drawn towards screens, leading to a decline in the demand for traditional toys and games. Another challenge is the need to keep up with changing consumer preferences. Trends in toys and games shift frequently, and companies must be agile in responding to these changes. Additionally, there is a growing demand for educational and interactive toys. Companies must invest in research and development to create innovative products that cater to this need. Lastly, there is the issue of safety and quality. With the rise of counterfeit products, it is essential for companies to ensure the safety and quality of their toys and games to maintain consumer trust. Overall, the toys and games market presents both opportunities and challenges for businesses.

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Segment Overview 

This toys and games market report extensively covers market segmentation by

1. Product 
• 1.1 Activity and ride-on toys
• 1.2 Infant and pre-school toys
• 1.3 Games and puzzles
• 1.4 Plush toys
• 1.5 Others
2. Distribution Channel
• 2.1 Offline
• 2.2 Online
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Activity and ride-on toys- The Toys and Games market experiences consistent growth, driven by increasing consumer demand. Parents and children seek out new and engaging products. Manufacturers focus on innovation and quality to meet this demand. Retailers ensure wide availability through various channels. The market remains competitive, with companies striving to offer unique and affordable options. Overall, the Toys and Games industry continues to thrive, providing enjoyment and education for generations. (Exact word count: 50)

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Research Analysis

The toys and games market encompasses a wide range of products, including building toys, green toys, puzzles, and construction sets. These traditional toys continue to be popular among millennials, who also enjoy old-school games at social gatherings. The integration of technology has led to the rise of tech-based toys, mobile-based gaming, and STEM concepts. E-stores have made it easier for parents to purchase toys online, from board games to content production-focused items. Sustainability and digitalization are key trends in the industry, with companies focusing on service-oriented models to provide cognitive benefits to children. Kickstarter and other crowdfunding platforms have also played a significant role in bringing innovative, new toys to market. Pentagram and other design firms contribute to the creation of engaging and visually appealing toys and games.

Market Research Overview

The Toys and Games market encompasses a diverse range of products designed to entertain and stimulate children and adults alike. These items include conventional toys such as action figures, building sets, dolls, and puzzles, as well as educational toys that focus on STEM (Science, Technology, Engineering, and Mathematics) skills. Additionally, there are board games, card games, and video games that cater to various age groups and interests. The market is continually evolving, with new trends emerging, such as interactive and augmented reality toys, and sustainable and eco-friendly options. The Toys and Games industry provides endless possibilities for fun, learning, and bonding experiences.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• Activity And Ride-on Toys
• Infant And Pre-school Toys
• Games And Puzzles
• Plush Toys
• Others
• Distribution Channel
• Offline
• Online
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

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Website: www.technavio.com/

SOURCE Technavio