The Asia Pacific Toys and Games Market would witness market growth of 7.4% CAGR during the forecast period (2021-2027).
The presence of high-income group customers across the world is expected to propel the growth of the toys and games market. In addition, middle-range toys and games acquired the maximum sale worldwide in the past few years. Additionally, sports and outdoor toys also witnessed a surge in sales. Moreover, the heavy inclination of customers towards cartoons and movies is escalating the purchasing rate of action figures and accessories. Thus, the rollout of new cartoons and movies is accelerating the sales of action figures and accessories, which is also contributing to the growth of the toys and games market.
In Asia-Pacific, the nations are witnessing a significant surge in disposable income due to which, parents are increasingly focusing on their child’s development, in which toys and games are playing an important role. In addition, nations like China have abolished the country’s one-child policy, owing to which there is a rise in the number of the child population that is anticipated to fuel the growth of the toys and games market during the forecasting period.
Additionally, parents and educators prefer to develop child’s skills through educational toys rather than giving them core skills, which is anticipated to offer lucrative opportunities for the toys and games market. Moreover, India and China are the two prominent countries across the region due to which, several vendors are entering the market. Further, the growing number of middle-class groups and an increasing number of retail outlets are some of the factors that are fueling the demand for toys and games. Furthermore, the growing interest of children along with their parents in art-based gadgets, science & technology, and math is having a positive impact on the sales of educational toys and games. Thus, these factors are anticipated to propel the growth of the regional toys and games market in the upcoming years.
The China market dominated the Asia Pacific 9 - 15 age Market by Country 2020, thereby, achieving a market value of $18,265.8 million by 2027. The Japan market is showcasing a CAGR of 6.1% during (2021 - 2027). Additionally, The India market is anticipated to witness a CAGR of 7.4% during (2021 - 2027).
Based on Distribution Channel, the market is segmented into Offline and Online. Based on Product Type, the market is segmented into Electronic Games, Outdoor & Sports, Games and Puzzles, Dolls, Preschool Toys and Others. Based on End User, the market is segmented into 0-8 Age, 9-15 Age and 15 Age & above. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Toys and Games Market is Projected to reach USD 469 Billion by 2027, at a CAGR of 6.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Microsoft Corporation, Sony Corporation (Sony Interactive Entertainment LLC), VTech Holdings Limited, NetEase, Inc., LEGO Group (KIRKBI A/S), Dream International Limited, Nintendo Co., Ltd., Mattel, Inc., JAKKS Pacific, Inc. and Playmates Toys Limited (Playmates Holdings Ltd.).
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