The global toys and games market size is anticipated to reach USD 439.91 billion by 2030, registering a CAGR of 4.7% over the forecast period, according to a new report by Grand View Research, Inc. Sales increased as the pandemic spread. Toy sales increased in 2020, with games & puzzles, dolls & action figures, and outdoor plays being the most popular categories. The use of weather-related items was a big aspect of outdoor activity. Sleds, snow-coloring toys, inflatables, and tools for building snow structures flew off the shelves.Due to the ease of accessibility, a large range of products, and competitive pricing, consumers are increasingly purchasing toys and games through the e-commerce channel.
Toys And Games Market Report Highlights
- The global market is expected to grow at a CAGR of 4.7% from 2022 to 2030. Children have been more interested in interactive and multi-functional toys and games in recent years, which has had a favorable impact on the market
- Furthermore, with rising consumer spending, the demand for toys, such as action figures, plush toys, puzzles, sports equipment, and pre-school products, is growing
- The electronic games segment accounted for the largest share in 2021 and is expected to expand at a steady CAGR over the forecast period
- Owing to the work-from-home lifestyle adopted across countries, consumers have been substituting their outdoor activities with in-house leisure activities, such as electronic games, video games, and puzzles
- The offline segment accounted for the largest share in 2021 and is estimated to ascend with a steady CAGR over the forecast period
- Increasing product visibility at retail stores is expected to fuel the sales of toys and games through the offline channel segment
- Asia Pacific had the largest market share in 2021 owing to the growing awareness about branded and licensed games and toys
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Furthermore, internet portals assist 24 hours a day, seven days a week, and offer a wide range of products to choose from, as well as substantial discounts on branded products. In addition, families wanted to spread a little extra cheer during the pandemic, thus retailers had a successful holiday season in 2020. Sports toys, such as skateboards and scooters, outperformed fashion dolls and accessories, as well as building sets like Lego. In 2020, due to increased traffic to its website on Black Friday, Lego had to construct a virtual wait for online consumers. Moreover, market players have improvised their offerings during the pandemic by introducing Science, Technology, Engineering, and Math (STEM)-based games and toys.
For instance, an activity desk launched by V-tech includes STEM games. Parents had to resort to home-schooling and opted for STEM-based toys and games. Furthermore, the coronavirus pandemic led to an increased demand for indoor games since children and adults alike were spending more time at home. Asia Pacific dominated the global market in 2021. North America was the second-largest regional market in the same year, while Africa was the smallest regional market.
Toys And Games Market Share By Geographical Region
Asia Pacific accounted for the largest revenue share of more than 41.1%. Due to the general increased awareness of branded and licensed games and toys in the region, Asia Pacific is one of the most lucrative markets. In addition, the big regional population is a primary driver for this market. Asia Pacific is a promising future market for toy and game manufacturers. Moreover, companies have expanded their reach to developing countries in this region, such as China and Japan, through improved e-commerce or opening up stores in new locations.
Industry Share Analysis By Major Companies
The market includes both international and domestic participants. Key market players focus on strategies, such as mergers & acquisitions, innovation, and new product launches, to enhance their market share. Some of the key players operating in the global toys and games market include:
- Dream International Ltd.
- VTech Holdings Ltd.
- The LEGO Group
- Sanrio Company, Ltd.
- Playmates Toys Ltd.
- JAKKS Pacific, Inc.
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Toys And Games Market Segmentation
Grand View Research has segmented the global toys and games market on the basis of product, application, distribution channel, and region:
- Toys & Games Product Outlook (Revenue, USD Billion, 2017 – 2030)
- Toys & Games Application Outlook (Revenue, USD Billion, 2017 – 2030)
- Toys & Games Distribution Channel Outlook (Revenue, USD Billion, 2017 – 2030)
- Toys & Games Regional Outlook (Revenue, USD Billion, 2017 – 2030)
- List of Key Players of Toys And Games Market
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
Grand View Research, Inc.
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