Toys And Games Market Growth & Trends
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.
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.
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Toys And Games Market Report Scope
Report Attribute Details Market size value in 2022 — USD 308.21 billion Revenue forecast in 2030 — USD 439.91 billion Growth rate — CAGR of 4.7% from 2022 to 2030 Base year for estimation — 2021 Historical data — 2017–2020 Forecast period — 2022–2030
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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