The Global Toys and Games Market size is expected to reach $469 billion by 2027, rising at a market growth of 6.2% CAGR during the forecast period. Toys and games are considered as amusement things that are available on market in various forms, designs, and qualities such as, dolls, toy cars, skipping ropes, jigsaw puzzles, board games, and rattles. These toys help in the overall development of children as they offer essential values. In addition, toys are also beneficial for the children in boosting their creativity and expressing their emotions. Additionally, it plays a role in stress remover and enhances physical, social, and cognitive skills. In the past few years, the growing popularity of multi-functional and interactive toys and games has surged the growth of the toys and games market.
There is an uplift in the sales of toys and games that are designed on popular characters of cartoons, movies, and TV shows, which is also contributing to the growth of the toys and games market. Rapidly growing personnel disposable income levels and rising number of the population are some of the factors that are anticipated to augment the growth of the market. Moreover, besides children, older consumers are also anticipated to increase the sale of toys and games particularly in segments like action figures and accessories. Further, other factors like the growing popularity of educational and scientific toys, rising demand for eco-friendly toys, and massive adoption of free-to-play gaming are fueling the demand for toys and games.
The COVID-19 pandemic had a negative impact on almost all industries across the world. The government imposed strict regulations to prevent people from the effect of the COVID-19. Lockdown and social distancing norms imposed by several nations led to the decline of the economies of several countries. These factors are also contributing to hampering the growth of the toys and games market. In addition, the manufacturing and supply of products have also witnessed a slowdown, owing to strict restrictions on traveling.
Although, the high-income groups coupled with middle-income customers are anticipated to increase the growth of the toys and games market. These are offering favorable opportunities for the leading players to introduce various home product ranges. During the period of the pandemic, the online retail segment surged the sales of toys and games. Whereas, delay in the numerous child-centered movie release also led to a significant decline in the growth of the toys and games market.
The latest technology has evolved the world, people are now totally dependent on smartphones, several high-tech gadgets, and the internet. As a large number of people are engaged in playing video games, the vendors have introduced a recurring revenue model in the past few years. In addition, virtual reality products, video game tournaments, and consumer spending on video content are experiencing huge growth due to the expansion in technology.
The development of specific senses is connected to the numerous types of educational toys. The sense of hearing, sight, and touch are the most common senses that educational toys seek to develop. For instance, the sense of sight can be enhanced by using bright toys with various colors. Similarly, toys producing different sounds may help in enhancing the sense of hearing. While playing with these educational toys, kids observe those materials, colors, and sounds of toys.
Children like to spend their leisure time playing games. Playing with lots of toys and games helps kids in reducing their stress and boredom. But excessive time spends on games and toys may hamper their studies along with reducing their interest in studies. This can also become a barrier between kids and their life skills, social interactions, mental health, team spirit, and creativity. In addition, kids nowadays like to play online games on electronic gadgets and devices.
Based on Distribution Channel, the market is segmented into Offline and Online. Due to the outbreak of the COVID-19 pandemic, schools are closed and customers are compelled to stay at home due to which, customers have started purchasing from e-commerce across the globe. In addition, during the pandemic, children were used to pass their time at home by playing with the latest toys and games.
Based on Product Type, the market is segmented into Electronic Games, Outdoor & Sports, Games and Puzzles, Dolls, Preschool Toys and Others. Several toymakers are increasingly investing in content production of their leading products so that the content can be further utilized as lead generators, which will help in creating interactive experiences to offer value to their physical products. For instance, Magic: The Gathering is a trading card game, which was transformed by Hasbro into an esports game by staging tournaments and live-streaming the matches on Twitch, the world's leading live streaming platform for gamers.
Based on End User, the market is segmented into 0-8 Age, 9-15 Age and 15 Age & above. The 15 age & above segment acquired the maximum market share in 2020. Based on the research by CNBC, sports toys like scooters and skateboards left behind toys like fashion dolls & accessories and building sets like Lego. Average growth is witnessed in the selling prices of all products associated with toys and games. In addition, the developed nations comprise families with good disposable income, owing to which there is a surge in the purchasing rate of multi-functional, educational, and interactive toys as these toys are playing a significant role in the development of the child.
| Report Attribute | Details |
|---|---|
| Market size value in 2020 | USD 310.3 Billion |
| Market size forecast in 2027 | USD 469 Billion |
| Base Year | 2020 |
| Historical Period | 2017 to 2019 |
| Forecast Period | 2021 to 2027 |
| Revenue Growth Rate | CAGR of 6.2% from 2021 to 2027 |
| Number of Pages | 227 |
| Number of Tables | 373 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling, Competitive Landscape |
| Segments covered | Distribution Channel, Product Type, End User, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. North America exhibited a prominent market share in 2020. As an impact of COVID-19 in march 2020, the people were compelled to stay at home due to which, there is a surge in the downloads across the top genres like lifestyle, puzzle, simulation, and hyper-casual.
Free Valuable Insights: Global Toys and Games Market size to reach USD 469 Billion by 2027
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation is the major forerunners in the Toys and Games Market. Companies such as VTech Holdings Limited, NetEase, Inc., Dream International Limited are some of the key innovators in the market.
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.).
By Distribution Channel
By Product Type
By End User
By Geography
The toys and games market size is projected to reach USD 469 billion by 2027.
Rise in popularity of video games due to the influence of technology are driving the market in coming years, however, spending more time with toys could hamper the concentration level of children limited the growth of the market.
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.).
The offline distribution channel segment obtained the largest market share in 2020 whereas the online segment is projected to exhibit the fastest growth during the forecasting years.
Asia-Pacific acquired the highest market share in 2020. Organizations extended their reach to nations like Japan & China by opening new stores at different locations and enhancing e-commerce.
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