The Global Market for Toys and Games is Projected to Reach US$166.2 Billion by 2024
Innovation & New Product
Launches Drive the Global Toys and Games Market, According to a New Report by Global Industry Analysts,
Inc.
GIA
launches comprehensive analysis of industry segments, trends, growth drivers,
market size, share and demand forecasts on the global Toys and Games market. The global market for Toys
and Games is projected to reach US$166.2 billion by 2024, driven by relentless
product innovation, launch of new games and toys and growing online presence.
Toys
and games market is typified by relatively maturity and seasonality, yet an
evolving one. Developed markets are relatively mature, with future growth
emanating from emerging markets, although considerable variations emerge at
individual segment level. Product prices, economic environment, innovation and
new product launches and new licenses define the course of market growth.
Factors such as growing population of children, improving economic growth,
rising incomes in developing markets, perennial innovation and product
development, and changing distribution structure are driving the global market
for toys and games. With competition intensifying, the growing general
disenchantment of children towards toys makes and the shift towards video and
online games is driving the need for continuous product innovation and
expansion of presence in various product segments an imperative for toy
manufacturers. With such focus growing, manufacturers are increasingly
incorporating engaging technologies in a wide range of new toys and games
launched thereby enhancing conventional play patterns and rolling out
innovative new toys.
Increasing
popularity of collectibles, the shift towards healthy living, rising demand for
high-priced toys and sustained penchant for new products are fueling market
growth. Demand for dolls and Action figures is driven by innovation and
introduction of new product lines in line with consumer preferences. Influx of
new players and emergence of new construction sets for kids of all age groups
are driving demand for Activity/Construction Toys. The emerging trend towards
healthy living, as people tend to get outdoors and lead a more active/healthy
lifestyle, further bodes well for Outdoor toys and sports toys. Licensing
partnerships is a growing trend in the market, and manufacturers are
increasingly competing for toy licenses from movies and television shows.
Demand for collectibles is also in the rise, and is likely to extend beyond
expensive, licensed toys with different play functions or intricate details for
passionate toy collectors. A major trend in the market is the increasing shift
presence in the online retail channel, as online purchases continue to increase
with growing usage of mobile phones and rising internet penetration. While
traditional retail channels still dominate, online retail is witnessing fast
growth across several markets. Social media platforms are also contributing for
augmenting toy sales globally. Social media channels are enabling retailers to
find and connect with potential buyers from all over the world.
As
stated by the new market research report on Toys and Games, Europe represents the
largest market worldwide. Latin America ranks as the fastest growing market
with a CAGR of 9.6% through the analysis period. Increasing disposable incomes,
growing penchant for new toys and growing online purchases are some of the
factors driving growth in region. Dolls/Action Figures represents the largest
segment, while Activity/Construction Toys are forecast to spearhead growth.
Major
players in the market include Dream International Limited, Hasbro Inc.,
Integrity Toys Inc., JAKKS Pacific Inc., K’NEX Limited Partnership Group, LEGO
Group, Mattel Inc., Fisher-Price Inc., MEGA Brands Inc., MGA Entertainment
Inc., NAMCO BANDAI Holdings Inc., Playmates Toys Inc., Ravensburger AG, Sanrio
Company Ltd., Tarata Toys Ltd., TOMY Company Ltd., VTech Holdings Limited and
LeapFrog Enterprises Inc., among others.
The
research report titled “Toys and Games: A Global
Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market
trends, issues, drivers, mergers, acquisitions and other strategic industry
activities of global companies. The report provides market estimates and
projections for Toys and Games in value terms for all major geographic markets
such as United States, Canada, Japan, Europe (France, Germany, Italy, UK,
Spain, Russia and Rest of Europe), Asia-Pacific (China, India, South Korea and
Rest of Asia-Pacific), Middle East & Africa, and Latin America (Brazil,
Mexico and Rest of Latin America). Product Types analyzed include Games/Puzzles,
Infant/Preschool, Activity/Construction Toys, Dolls/Action Figures,
Vehicles/Ride Ons, Soft/Plush Toys and Others.
Global
Industry Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights
Reserved.
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