The Global Toys Market is projected to grow at a rate of 2.5% from 2019 to 2024 and reach a market value of USD 94 Billion by the end of 2024. The increasing demand for toys among children is offering a lucrative opportunity to market players, thereby encouraging new and innovative product launches. However, the shift toward game consoles and smartphones from traditional toys and games is expected to hamper the market growth during the forecast period.
Toys are an integral part of a child’s co-curricular activity where incorporating the right toys at an early age will help promote the overall development and decrease the chances of stunted physical and mental growth. According to a recent study by MRFR, 90% of young children’s playful activities involves toys. Furthermore, toys help in keeping the children engaged while guardians perform other important tasks or simply rest. Toys also assist in bridging an emotional gap and improve the quality of interactions between older and younger family members. Additionally, construction games participate in the development of skills and abilities of a child. Educational games make the learning easier and more effective for children due to several interactive activities that are preferred over traditional teaching pedagogies.
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The global toys market has been segmented based on type, distribution channel, and region.
Based on type, the global toys market has been segmented into preschool toys, soft toys and dolls, action toys, arts and crafts toys, construction toys, vehicles, and others.
On the basis of distribution channel, the global toys market has been classified as store-based and non-store-based.
Some of the key players in the Global Toys Market are Tomy Company, Ltd (Japan), The LEGO Group (Denmark), Spin Master Ltd (Canada), Hasbro, Inc. (US), Playmates Toys Limited (Hong Kong), Jazwares, LLC (US), VTech (Hong Kong), Funko Inc. (US), NECA (US), Tru Kids Brands (US), Mattel, Inc. (US), MGA Entertainment Inc. (US), Basic Fun, Inc. (US), WowWee Group Limited (Hong Kong), and Kenner Products (US).
The global toys market has been segmented, by region, into North America, Europe, Asia-Pacific, and the rest of the world.
The North American toys market is expected to dominate during the forecast period due to advancements in action toys including high detailing and realism and high spending power of customers in the region. Higher number of retail stores as compared to is further boosting the regional market growth.
The toys market in Asia-Pacific is projected to grow at the fastest rate from 2019 to 2024. Higher number of children in the region is expected to make the toys industry an attractive market during the forecast period. Expanding middle class and rising popularity of digital gaming devices in China, Hong Kong, Japan, South Korea, and Australia are further triggering the regional market growth.
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