New York, US, June 23, 2022 (GLOBE NEWSWIRE) -- Toys Market Overview:
Market Research Future (MRFR) 's report highlights "Toys Market Research Report: Information by Type, Distribution Channel, and Region - Forecast till 2030”, the 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.
Market Scope:
Toys have existed for centuries across the globe and continue to expand as per consumer demands. They began with basic wooden toys and progressed to more intricate and engaging toys. Since toys keep youngsters entertained, the toy and game industry has long been popular. As long as children continue to be born, the global Market will experience inherent demand. Toys have long been in demand, and children still urge their parents to buy them toys today. Every year, children of various ages, ranging from infants to toddlers, purchase toys. With the development of technology, adults and children have a greater variety of entertainment options.
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Report Scope:
| Report Attribute | Details |
| 2030 Market Size | USD 275.65 Billion |
| CAGR | 5.2% (2022–2030) |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Million) |
| 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, and Rest of the World (RoW) |
| Key Market Drivers | Increasing recognition of the cognitive benefits of certain games for children |
Competitive Dynamics:
The competitive landscape of the market is made of its key players and major producers. The major competitors of the Market are:
- The LEGO Group
- Mattel, Inc.
- Hasbro, Inc.
- Playmates Toys Limited
- Tomy Company, Ltd
- Kenner Products
- Spin Master Ltd
- Jazwares, LLC
- VTech
- Funko Inc.
- NECA
- Tru Kids Brands
- MGA Entertainment Inc.
- Basic Fun, Inc.
- WowWee Group Limited
Market Dynamics:
Market Drivers:
Increasing acknowledgment of the cognitive benefits of some games for children is one of the major growth factors of the Toys Market. Modern parents are experimenting with unorthodox parenting techniques. The purchase of toys and games that aid in a child's learning and development is a popular trend among parents. Parents want their children to learn and be active while playing. Therefore, they are purchasing toys with educational and learning influences. Thus, this trend of purchasing toys with many functions for children is a big contributor to the expansion of the toys market.
The millennial generation desires to revisit the era of the 1990s, which is closely associated with their upbringing. This new adult trend presents an opportunity to attract an entirely new audience group prepared to spend money on nostalgic old-school toys. People are also seeking enhanced versions of these games that are superior to the originals. As people spend more time at home, they are turning to traditional toys and games to engage with their families. Thus, future Toys Market manufacturers can consider these new prospects to develop retail collectibles and old school toys.
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Market Limitations:
Today's fluctuating exchange rates and high pricing are one of the industry's most significant constraints. Despite the fact that people's discretionary income has expanded beyond a certain threshold, they are still unwilling to spend a great deal on toys and games. People are also inconvenienced by fluctuations in exchange rates; hence, they prefer not to buy and purchase decisions are delayed.
COVID-19 Analysis:
The pandemic of COVID 19 touched all areas of the worldwide market. In terms of impact, the worldwide Market contributed to the pandemic's economic slowdown and disruption. First, lockdown limitations shut down the whole toy production industry, resulting in a deficiency in the Market's supply. Moreover, as people's salaries decreased during the pandemic period, they were less inclined to purchase toys and games for their children. Consequently, the Toys Market experienced a fall in supply, demand, and revenue during the onset of the pandemic. Nevertheless, it rebounded throughout the ensuing phase.
Recognizing that children are no longer able to attend school and preschool is one of the key causes of Toys Market's comeback and growth in the post-pandemic era. As children and infants were unable to attend daycare for a few years, their parents had to purchase toys and activities to keep them engaged at home. In addition, parents of children in the learning stage purchased educational toys and participated in online learning. Consequently, toy sales recovered and increased during subsequent epidemic waves.
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Market Segmentation:
By Type
Due to the significance of hobbies, the arts and crafts sector is anticipated to have the biggest demand.
By Distributional Channel
The outlet shops of the stores section, which includes specialty merchants, brand stores, and hypermarkets, typically stock a variety of soft, appealing products. This is likely to entice consumers to purchase products from these stores, leading to increased category revenues. In addition, the expanding infrastructure facilities associated with specialty toy stores and brand stores are projected to boost offline segment revenues.
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Regional Evaluation:
North America's rising expenditures on entertainment-related equipment such as toys, hobbies, and playground equipment are anticipated to drive the market over the forecast period and achieve the highest regional growth rate. In addition, expanding gift-giving industry trends among the populace contribute to the expansion of the market in the region.
Recent government measures surrounding the development of the industry in nations such as India, China, and Japan are responsible for the Asia-Pacific region's quickest growth. In addition, the increasing popularity of art & craft base products among Chinese children contributes to the expansion of the regional market.
The provision of excellent import facilities for sports-related equipment in nations such as the United Kingdom and Germany drives the market in Europe. These import capabilities enable these nations to offer their distribution outlets with a variety of toy products, which is expected to increase the regional consumption rate.
The growing presence of significant corporations in the MEA area from countries like as Saudi Arabia and the UAE is projected to facilitate the delivery of these gaming consoles to the populations of these nations, hence fostering market expansion.
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