Market Overview
The Toys Market is projected to register a growth rate of 2.85% from 2019 to 2027 and reach a market size of USD 132.12 million by the end of 2027.
Market Dynamics
Toys and games have long been popular because they keep children entertained. The global toy business will have an intrinsic demand as long as newborns are born into the globe. Toys have long been in demand, and children continue to beg their parents to purchase toys for them. Every year, children of various ages purchase toys, ranging from newborns to toddlers. Adults and children alike are seeing a variety of their entertainment options as technology advances. Parents want their children to learn and keep active while they play. As a result, parents purchase instructional and learning toys for children. As a result, the trend of purchasing multi-benefit toys for children is a major contributor to the growth of the toys market.
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In terms of marketing, there are significant chances to cater not only to children but also to adults. The millennial generation wishes to relive the 1990s, which they associate with their youth. This new adult trend opens up the possibility of attracting an entirely new audience group eager to spend money on nostalgic old-school toys. People are also hunting for a better-than-before improvised version of these games. People are turning to old-school toys and games to play with their families as they spend more time at home. As a result, Toys Market makers might investigate these new chances in the future for making products collectibles and old school toys.
Segmentation
The toy market is divided into various segments depending on various classification criteria. The primary industrial segments are divided into two categories: type and distribution channels. Preschool toys, action toys, soft toys, dolls, cars, and other types of toys are available. As children get more active, vehicles such as scooters and skateboards are displacing dolls and soft toys. As a result, the automobile segment has the largest market share.
The Market, on the other hand, is divided into store-based and non-store-based distribution channels. Until now, store-based channels had the largest market share. The non-store-based, internet channel, on the other hand, is expected to grow at the fastest rate in the future.
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Region Overview
Asia Pacific, Europe, North America, South America, the Middle East, and Africa are the primary geographic markets.
In 2020, the Asia Pacific region will have the largest market share, accounting for more than 40% of total sales. The Asia Pacific region’s quickest growth can be ascribed to recent government measures aimed at advancing the industry in nations like India, China, and Japan. Furthermore, the increased popularity of art and craft-based products among Chinese children is fueling market expansion in the country.
However, in 2020, the North American area held the second largest proportion of the global toy market. The APAC and North American areas will experience rapid growth as toys and games become the primary source of amusement for people in the future decade. North America’s increased spending on entertainment-related equipment such as toys, hobbies, and playground equipment accounts for the highest share of sales in the area.
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The provision of adequate 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 countries to supply a variety of toy products to their distribution outlets, which is anticipated to boost the region’s toy consumption rate. Furthermore, children like playing with a toy while taking in the festivities. As a result, rising festival celebration tendencies among the region’s population are fueling regional market growth.
Competitive Landscape
The major competitors of the Market are BANDAI NAMCO Entertainment Europe S.A.S, LEGO System A/S, Hasbro, Mattel, and JAKKS Pacific, Inc.
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