Global Toys and Games Market

Global Toys and Games Market Size, Share, Growth Analysis, By Product(Electronic Games, Outdoor & Sport Toys), By Application(Up to 8 Years, 9 - 15 Years and 15 years & above), By Distribution Channel(Offline and Online) - Industry Forecast 2024-2031

Report ID: SQMIG25J2044 | Region: Global | Published Date: April, 2024
Pages: 223 | Tables: 89 | Figures: 76

Global Toys and Games Market Insights

Global Toys and Games Market size was valued at USD 305.43 billion in 2022, and is expected to grow from USD 319.79 billion in 2023 to a value of USD 461.78 Billion by 2031, at a CAGR of 4.7% over the forecast period (2024–2031).

The industry is growing due to a variety of factors, including parents' increasing interest in eco-friendly toys, the resurgence of classic toys and video games, knowledge of the cognitive benefits of building toys, and the explosive expansion of mobile gaming. It is also projected that the industry will be fueled by the younger generations' growing interest in traditional recreational activities. The predicted period's market expansion will probably be fueled by Millennials' rising preference for conventional games at social occasions.

Companies are actively changing their product lineups by opening online stores and selling goods through e-commerce sites like Amazon, Walmart Online, and eBay, among other local platforms, as online platforms have developed into an effective replacement for conventional marketing and sales strategies. Some people remained inside during the lockout and looked for indoor games online.

Toy sales by Curtis McGill and Scott Houdashell increased 4000% on Amazon in March 2020, while in-store sales at Walmart increased 100%. In March 2020, the puzzle manufacturer Ravens burger also noticed a spike in sales.

US Toys and Games Market is poised to grow at sustainable CAGR for the next forecast year.

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Global Toys and Games Market size was valued at USD 305.43 billion in 2022, and is expected to grow from USD 319.79 billion in 2023 to a value of USD 461.78 Billion by 2031, at a CAGR of 4.7% over the forecast period (2024–2031).

The toys and games market is highly competitive, with numerous players operating globally. These companies compete on various factors such as product innovation, quality, price, distribution, and marketing strategies. Many of these companies have also expanded their product offerings beyond traditional toys and games to include digital and interactive toys, as well as licensed products based on popular movies, TV shows, and characters. The market is also seeing increased competition from online retailers and e-commerce giants such as Amazon and Alibaba, who are rapidly expanding their presence in the toys and games market. 'Mattel Inc.', 'Hasbro Inc.', 'LEGO Group', 'Nintendo Co. Ltd.', 'Bandai Namco Holdings Inc.', 'Ravensburger AG', 'Spin Master Ltd.', 'Tomy Co. Ltd.', 'Jakks Pacific Inc.', 'Jazwares LLC', 'Funko Inc.', 'Playmates Toys Inc.', 'Moose Toys Pty Ltd.', 'K'NEX Industries Inc.', 'Playmobil GmbH', 'MGA Entertainment Inc.', 'Hape International Inc.', 'VTech Holdings Ltd.', 'TOMY International Inc.', 'LeapFrog Enterprises Inc.'

As disposable incomes rise around the world; parents have more money to spend on toys and games for their children. This has led to a growing demand for high-quality, educational, and interactive toys that can aid in children's development.

Digital and interactive toys: As technology advances, the market for digital and interactive toys is rapidly growing. Toys and games that incorporate augmented reality (AR) and virtual reality (VR) technology, as well as those that can be controlled with smartphones or tablets, are becoming increasingly popular among consumers.

Asia Pacific exceeded all other regions in 2021 with more than 41.1% of the worldwide revenue. As a result of the region's increased awareness of branded and licensed games and toys in general, Asia Pacific is one of the most lucrative areas. The sizable local population is another key factor in this sector. By 2030, Asia's population, excluding Western Asia, would rise from 4,326 million to 4,654 million, according to the United Nations' "World Population Prospects 2019" report. These reasons make the Asia Pacific region a promising market for toy and game manufacturers in the future.

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