Toys and Games Market Product Estimates and Consumer Behavior Analysis Report by 2030

Toys and Games Industry Overview

The global toys and games market size is anticipated to reach USD 439.91 billion by 2030, registering a CAGR of 4.7% over the forecast period, according to a new report by Grand View Research, Inc. Sales increased as the pandemic spread. Toy sales increased in 2020, with games & puzzles, dolls & action figures, and outdoor plays being the most popular categories. The use of weather-related items was a big aspect of outdoor activity. Sleds, snow-coloring toys, inflatables, and tools for building snow structures flew off the shelves.Due to the ease of accessibility, a large range of products, and competitive pricing, consumers are increasingly purchasing toys and games through the e-commerce channel.

Furthermore, internet portals assist 24 hours a day, seven days a week, and offer a wide range of products to choose from, as well as substantial discounts on branded products.In addition, families wanted to spread a little extra cheer during the pandemic, thus retailers had a successful holiday season in 2020. Sports toys, such as skateboards and scooters, outperformed fashion dolls and accessories, as well as building sets like Lego. In 2020, due to increased traffic to its website on Black Friday, Lego had to construct a virtual wait for online consumers.Moreover, market players have improvised their offerings during the pandemic by introducing Science, Technology, Engineering, and Math (STEM)-based games and toys.

Toys and Games Market Segmentation

Grand View Research has segmented the global toys and games market on the basis of product, application, distribution channel, and region:

Based on the Application Insights, the market is segmented into Up to 8 Years, 9 - 15 Years, and 15 Years & Above

• The 15 years and above segment recorded the largest market share of 49.65% during the forecast period from 2022 to 2030. This segment is mainly driven by the emergence of the ‘kidult’ section in the toys & games industry.
• More than half of the kidult market is made up of millennials, with 18 to 34 year-olds looking at toys and characters from their childhood as a form of escapism and a reflection of simpler times.

Based on the Product Insights, the market is segmented into Electronic Games, Outdoor & Sport Toys, Dolls, Preschool Toys, Games and Puzzles, and Others

• In terms of value, electronic games dominated the market with the largest revenue share of 63.87% in 2021. Consumer spending on video content, Virtual Reality (VR) items, and video game tournaments have increased significantly with technological advances.
• Due to reasons, such as the proliferation of mobile and online gaming, as well as the move from physical to digital software distribution, the market is seeing exponential growth.
• According to NDP, the popularity of board games has resulted in a 48% increase in sales year to date (2021). Board games have seen a renaissance at home, from chess to Chutes and Ladders and Exploding Kittens.
• Moreover, the launch of a large number of innovative and unique puzzles has also been playing a crucial role in the growth of the segment.
• In addition, cloud gaming is a new trend that is giving tough competition to the traditional gaming market. Recent developments in improved cloud technology have transformed the concept of cloud gaming.
• The games and puzzle segment is projected to register the highest CAGR during the forecast period.

Based on the Distribution Channel Insights, the market is segmented into Offline and Online

• The online distribution channel segment is estimated to record the fastest CAGR of 4.8% during the forecast period. Aggregators and manufacturer-hosted e-commerce websites are part of the online segment.
• Manufacturers have recognized the channel’s potential and are hosting shopping websites to better serve customer demands while increasing profit margins.
• In most parts of the world, e-commerce outlets have been the only route out for any kind of purchase due to stay-at-home orders and schools being closed for about a year and a half due to COVID-19.
• Innovative toys and activities have become the latest method to pass the time as children spend more time indoors and at home.
• Moreover, manufacturers have been developing and launching different or original versions of games available to play online.

Toys and Games Regional Outlook

• North America
• Europe
• Asia Pacific
• Central & South America
• Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

The market includes both international and domestic participants. Key market players focus on strategies, such as mergers & acquisitions, innovation, and new product launches, to enhance their market share. For instance, in April 2021, VTech completed the acquisition of QSC, LLC’s production facility in Tecate, Mexico for manufacturing wood enclosure loudspeakers. In February 2021, LEGO announced its decision to bring SEGA’s legendary speedster, Sonic the Hedgehog, to brick form. The concept was submitted by a 24-year-old fan from the U.K. In August 2020, LEGO entered a product partnership with brands like IKEA, Levi’s, Universal Pictures, and Universal Music Group. LEGO will convey stories and create a unique experience with Universal Pictures and Universal Music Group.

Some prominent players in the global Toys and Games market include:

• Dream International Limited
• VTech Holdings Ltd.
• The LEGO Group
• Sanrio Company, Ltd.
• Playmates Toys Limited
• JAKKS Pacific, Inc.
• Mattel
• Hasbro
• Konami Holdings Corporation
• Bandai Namco Holdings Inc.

Order a free sample PDF of the Toys and Games Market Intelligence Study, published by Grand View Research.