Toys Market to Be Valued at USD118.65 Billion by 2026
Growing children population and rising awareness related to benefits of
toys on children’s cognitive development are major factors propelling the
global toys market.
According
to TechSci Research report, “Global Toys Market, By Product Type
(Outdoors and Sports Games, Dolls, Construction Toys, Games & Puzzles, Vehicles,
Soft Toys, Others (Action Figures & Accessories, Arts & Crafts, etc.)),
By Distribution Channel (Supermarket/Hypermarket, Specialty
Store, Online, Others (Stationery Stores, Gift Shops, Kiosk etc.)), By Region,
Competition Forecast & Opportunities, 2026”, the global toys market
was valued
at USD92.69 billion in 2020 and is expected to reach USD118.65 billion
by 2026F with a CAGR of 4.47% during
the forecast period.
Toys are more than just fun and games for
kids as they also provide an opportunity to learn. There are several advantages
of playing with toys as they are best known to boost child’s IQ level by better
memory retention, coordination, and increased literacy. Puzzle games are in
more demand by consumers as these enhance kids IQ level, promote problem
solving skills and improve concentration.
In addition, educational toys are also in
demand as they not only foster learning and growth but also enhance children’s
ability to think creatively. Along with this, they also help in developing
social & emotional intelligence and develop sensory motor skills in
children.
During the outbreak of COVID-19 pandemic all
the schools across the globe shifted towards online classes. Furthermore,
parents were cautious to take their children to playgrounds because of risk of
exposure to coronavirus. As a result, both schools and playgrounds became
inaccessible to children.
Thus, kids required another form of
engagement like indoor games and toys, which became the focal point. Toys after
all have long been a kid's favorite. Toys have long been a popular form of
entertainment for children and despite the challenges caused by the pandemic, sales
of toys increased globally, particularly in the United States, and are likely
to continue to increase in the future.
Browse 84 market Figures spread through 110 Pages and an
in-depth TOC on "Global Toys Market”
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The global toys
market is segmented based on product type, distribution channel, region & company.
In terms of product type, the market is segmented into outdoors and sports
games, dolls,
games & puzzles, construction toys, vehicles, soft toys, and others. Among
them, construction toys are the fastest growing as they enable better skill
development in children.
In terms of
distribution channel, global toys market is segregated into supermarket/hypermarket,
specialty store, online and others. Among them, online is the fastest growing due
to timely delivery and the convenience it offers of choosing plethora of
products sitting at one place.
Regionally, the global toys
market is segmented into North America, Asia- Pacific, Europe, South America, and
Middle East & Africa. Among these region North America is the
dominating region in the global toys market with the market share of
approximately 30% in 2020 due to increasing disposable income and strong
purchasing power followed by Asia-Pacific and Europe.
The LEGO
Group, Hasbro, Inc., Mattel Inc., Tomy Company, Ltd., Spin Master Corp., and others are some of the prominent players operating in the global
toys market. To remain competitive in the market, companies are continuously
engaged in mergers & acquisitions, product developments, new product
launches and others strategic developments. In the year 2019, Hasbro, Inc. had
acquired Entertainment One Ltd.
The merger of Hasbro, Inc. and Entertainment One gave
Hasbro, Inc. access to all marketable
international brands of Entertainment One, which includes the popular
children’s character named Peppa Pig, along with “PJ Masks,” “Clifford the Big
Red Dog” and the upcoming “Ricky Zoom.”. Likewise, American toy company
PlayMonster LLC has acquired arts and crafts company Kahootz Toys the Michigan-based
manufacturer which has 17 major brands which includes Spirograph, Y’art, Colorforms,
Fashion Plates, Latchkits, Play-Doh and Waterfuls.
By the time this has been the biggest PlayMonster LLC
acquisition till date according to the company. After the acquisition of
Kahootz Toys, PlayMonster has experienced significant growth in the past two
years and in November 2018 the company had received funding of capital and
resources from Boston-based investor Audax Private Equity. It also expanded its
global footprint in 2018 by acquiring Interplay, a toymaker based in the United
Kingdom.
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“Learning
via play is a vital aspect of a child's growth. Educational toys can
assist children in learning a variety of skills that they will need throughout
their lives. Educational toys can aid in the development of problem-solving
skills, conflict resolution, and the understanding of cause and effect. It also
teaches youngsters how to share and assists in the development of their fine
and gross motor skills and nurtures their creativity and imagination.”, said
Mr. Karan Chechi, Research Director with TechSci Research, a research based
global management consulting firm.
“Global
Toys Market, By Product Type (Outdoors
and Sports Games, Dolls, Construction
Toys, Games & Puzzles, Vehicles, Soft Toys, Others (Action Figures &
Accessories, Arts & Crafts, etc.)), By Distribution Channel (Supermarket/Hypermarket,
Specialty Store, Online, Others (Stationery Stores, Gift Shops, Kiosk etc.)),
By Region,
Competition Forecast & Opportunities, 2026”, has evaluated the future growth
potential of the global toys market and provides statistics and information on
market structure, size, share, and future growth. The report is intended to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities
present in the global toys market.
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