The North America Toys and Games Market would witness market growth of 3.2% CAGR during the forecast period (2021-2027).
The rising interest of parents in green toys, growing awareness of the cognitive benefits of building toys, the rapid expansion of mobile-based gaming, and the revival of traditional toys and video games are aspects that are witnessed to escalate the growth of the market. Furthermore, the toys and games market is projected to be fuelled by the rising popularity of conventional recreational activities in younger and infant children. Besides, the growing interest of the younger generation towards old-school games at social gatherings is liable to accelerate the expansion of the market. The growing rate of revived retro games is anticipated to fuel the growth of the toys and games market during the forecasting period.
Organizations are vigorously shifting their product offerings by introducing e-stores and retailing products via e-commerce platforms, like Walmart Online, eBay, and Amazon. These online platforms have become an alternative for physical sales and marketing and are also cost-efficient and feasible.
Due to the outbreak of COVID-19, the Canadian toys and games market has confronted unstable operating conditions in the past few months. To come back in the same position and to stay competitive, Canadian operators have lowered the prices of products along with economical imports from other nations at reasonable labor costs to give strong competition to the competitors. Whereas, toys and games witnessed an upliftment in sales through an online platform, which are offering lucrative opportunities for manufacturers present in the US.
In addition, the US is the major exporter of the total Canadian toys and games imports but is highly challenged by the reduced costs of Chinese imports. Canadian consumers are greatly following the latest trends and thus, consumers are shifting towards video and electronic games, owing to the rising number of free games for mobile devices and tablets. As stated by the American Academy of Pediatrics, toys and games play a vital role in the development of children as it contributes to physical, social, emotional, and cognitive well-being of children & youth. Hence, it is estimated that the demand for toys and games will increase in the coming years; thereby a significant rise would be witnessed in the growth of the toys and games market.
The US market dominated the North America Online Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $25,128.3 million by 2027. The Canada market is experiencing a CAGR of 6.1% during (2021 - 2027). Additionally, The Mexico market would witness a CAGR of 5.2% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Toys and Games Market is Estimated 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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