The Global Toys and Games market is forecasted grow at a CAGR of 4.5% during the forecast period (2019 - 2024).
In recent years, a rise in popularity of interactive and multi-functional toys and games has been observed among children, which has been positively impacting the toys and games market.
Due to rise in consumer spending, there is an increasing demand for toys, such as action figures, plush toys, puzzles, sports equipment and pre-school products. The sales of toys and games based on cartoon characters, TV shows, and movies are escalating, which is further promoting the growth of the market.
Scope of the Report
The scope of the market includes Toys and Games by Product type Games and Puzzles, infant and pre-school toys, Construction Toys, Dolls and Accessories, Outdoor and Sports toys, and Other product types. By distribution channel, the market is categorized as Online Channel and Offline Channel. It also provides an analysis of the regions, which include North America, Europe, Asia-Pacific, South America, and Middle East & Africa.
Key Market Trends
Influence of Technology is Promoting Video Games
The video game industry has become a recurring revenue model over the past few years, due to continuous video game engagement. As technology is expanding so is video content, virtual reality products, and video game tournaments.
The market is observing exponential growth due to factors, such as the expansion of mobile and online gaming and the shift from physical to digital distribution of software.
United States is the leading Country in Toys and Game Expenditure
One of the most important trends across toys and games in the United States was the continuous success of collectibles. With existing brands, such as Shopkins from Moose Enterprises, Hatchimals from Spin Master and Funko Pop! from Funko, collectibles received a further boost in recent years from an influx of newly successful new brands, such as LOL Surprise! from MGA Entertainment and Fingerlings from Wow We Group.
Major players are focusing on introducing new products in the market to cater to the interests of the consumers. New product development is the most preferred strategy in the Global Toys and Games market.
The key players are embarking on mergers and acquisitions as one of their key strategies to achieve consolidation and optimize their offerings. Moreover, these players merge with local players to gain dominance in the local markets.
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