Toys and games include everything from rattles, dolls, and toy vehicles to skipping ropes, board games, and jigsaw puzzles, among other things. They have inherent worth that contributes to children's entire development. Toys aid in the expression of emotions and the development of creativity in youngsters. Games are a great way to relax while also improving cognitive, physical, and social skills. In recent years, the popularity of interactive and multi-functional toys and games has had a major impact on the toys and games industry. Toy and game sales based on popular characters from cartoons, television shows, and movies are increasing, driving the market forward. The worldwide toys and games industry is projected to benefit from population expansion along with steadily growing personal disposable income levels. Furthermore, aside from children, older customers are projected to boost toy and game sales, particularly in areas such as action figures and accessories.
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The rising popularity of innovative toy packaging to uplift market growth
Companies concentrate on delivering a variety of packaged gaming goods to surprise children when they unbox things. This is expected to pique children's enthusiasm in playing with such goods, boosting the toy market's development. Furthermore, current gift-giving habits among the world's population would boost the rate of consumption of such products. Fragrance toys are becoming increasingly popular as display kits give a soothing scented sensation to children while they play. The rising popularity of brain training cubes and educational board games among children is expected to boost the industry's overall growth soon. The introduction of gaming goods made of environmentally friendly materials like bamboo, play, cork, and others is expected to reduce demand for sustainably manufactured dolls.
Top Impacting Factors
- Many kids like playing video games in their spare time. Children are increasingly adopting video games as a result of technological advancements such as AR/VR headsets. Adults and parents have been encouraged by the introduction of instructional gaming, which has had a beneficial influence on industry growth. The growing popularity of games like FIFA, PUBG, and Counter-Strike among the young is expected to drive the business in the coming years. In the years ahead, an increase in the number of video game tournaments and expenditure on video games is expected to contribute to market growth.
- The toys and games industry has grown significantly as a result of the country's large number of high-income consumers. The most popular toys and games, on the other hand, were those in the middle price range. Outdoor and sports toys were the most popular toys on the market, followed by dolls. Consumer interest in movies and cartoons drives the sale of action figures and accessories. Due to the introduction of new movies or cartoons, action figures and accessories are the fastest-growing sectors.
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Market Trends
Influence of Technology is Promoting Video Games
Globally, the video game industry has developed a recurring revenue model over the past few years due to continuous video game engagement. As technology is expanding, consumer spending on video content, virtual reality products and video game tournaments has witnessed significant growth. 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. Furthermore, the factors governing the success of the market are local leagues and the franchising approach, the arrival of new game formats and competition, the approval of content rights sales, team profitability, and the impact of industry convergence involving traditional media, entertainment, telecom, and sports companies.
COVID-19 Impact Analysis
- The COVID-19 pandemic had negatively affected the growth of the toys & games industry as the channel of distribution was disrupted. The production and supply chain halted due to the insufficiency of raw material.
- The toy stores and gift shops were unavailable to sell their product or restore their shelves with a new product due to the implementation of lockdown. On the other hand, online stores were out of stock and unable to meet the requirement.
- This extreme situation has meant that consumers' interest in the necessary products and services has been shifted to help them survive. Entertainment or leisure interests were not of utmost importance.
Key Benefits of the Report
- This study presents the analytical depiction of the toys & games industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the toys & games market share.
- The current market is quantitatively analyzed to highlight the growth scenario of the toys & games market.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers in the market.
- The report provides a detailed toys & games market analysis on the basis of competitive intensity and how the competition will take shape in coming years
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