03 January 2019, The global Board Games Market is expected to show healthy growth in the coming years. Growing popularity of these games among millennials is estimated to bode well for the market. Cafes and restaurants often offer unique dining experiences with a library of board games, puzzles, and playing cards for customers.
Millennials are increasingly inclining towards games that include multiplayers, which is anticipated to boost the sales of the product in the coming years. In addition, rising number of crowdfunding platforms for designers and manufacturers can propel the market. Board games play an important role in improving learning abilities among kids. Adults can also take their advantage to create learning environment. Effective problem-solving ability and critical thinking in team-oriented games can help individuals to improve relationships and communication skills. Increasing purchasing power of middle-class population is also projected to boost the sales of the product.
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Board Games Market |
On the other hand, instability of raw materials, rising labor costs, and availability of alternatives to the product are likely to keep the market from realizing its utmost potential. Digitization of board games can also inhibit the growth of the market. High adoption of smartphones all over the world is leading to development of mobile applications based on board games. Several types of games such as dice, cards, boards, and playing tokens were traditionally played in physical format. However, with advent of their digitized versions for smartphones, tablets, computers, and video games, a shift has been observed.
For instance, in September 2018, Hasbro, Inc. partnered with Epic Games to launch a range of Fortnite inspired games. The range includes a line of MONOPOLY Fortnite Edition Game and officially licensed NERF Fortnite blasters. The NERF Fortnite blasters includes player-versus-player action of the game that can allow players to play Battle Royale in real world settings along with accessories and blasters. The MONOPOLY Fortnite includes battle building. The MONOPOLY Fortnite Edition will be introduced at numerous leading retailers in several countries, including the U.K. and the U.S., by 2019.
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Some of the common types of board games are tabletop, card, dice, and role-playing games. Innovative product types are gaining popularity across different geographies and demographics. They are gaining popularity in developed countries such as the U.S. and European countries. Increasing popularity of these games among millennials in countries such as the U.K., Germany, and countries in Asia Pacific is likely to boost the growth of the overall market. Various players are developing their business and distribution networks across emerging countries including India and China. This is expected to drive the board games market in APAC. Strategy-based and war games are extremely popular in Europe and gaining popularity in North America. They consist of simulation that help boost decision making of person.
Some of the prominent players operating in the market are Goliath B.V., Asmodee Editions, Grand Prix International, Ravensburger, and Hasbro. Aesthetics and complexity of board games play a major role in attracting customers. Market participants are promoting their offerings as a knowledge development tool for individuals from different age groups. Players are competing with each other on the basis of product differentiation and platform type.
Players in the global board games market are adopting digitization technology to attract more consumers. For instance, Asmodee Digital recently introduced a board game called Ticket to Ride for PlayLink for PlayStation 4. It is a combination of digital and physical, pushing social gameplay at the front, and automation of scores and progress on the other hand. Player can use Playstation4 system for displaying the game on TV and use Android and Apple iOS devices as controllers. The connection is established through an app called Ticket to Ride for PlayLink. The smartphone control system enables players to hide their future move from opponents.
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