The global toys market size is expected to experiencesignificant growth by reaching USD 212.49 billion in 2027 while exhibiting aCAGR of 7.3% between 2020 and 2027. This is attributable to the increasingsocial media influence that is being leveraged by the manufacturing companiesto boost their revenues globally. Fortune Business Insights published thisinformation in its latest report, titled, “Toys Market Size, Share& COVID-19 Impact Analysis, By Product Type (Dolls, Outdoor and SportsToys, Building and Construction Set, Infant and Preschool Toys, Games &Puzzles, and Others), Age Group (0-3 Years, 3-5 Years, 5-12 Years, 12-18 Years,and 18+ Years), Distribution Channel (Online and Offline), and RegionalForecast, 2020-2027.” The report further observes that the marketstood at USD 105.85 billion in 2019.
COVID-19 Impact: Market to ExhibitAstonishing 22.30% CAGR in 2020
The lockdown is turning out to befavorable for several toy manufacturers as they are registering significantsales. To enable entertainment of the kids confined at their home spaces,parents are buying play products through offline and online platforms.Therefore, based on our analysis, the market is likely to exhibit an impressiveCAGR of 22.30% in 2020.
Toys are entertainment productspreferred by kids of all ages. They play an important role in developing thecognitive skills of the children and are available in different shapes andsizes across several stores.
What does the Report Provide?
The market report provides aqualitative and quantitative analysis of several factors such as the keydrivers and restraints that will impact growth. Additionally, the reportprovides insights into the regional analysis that covers different regions,contributing to the growth of the market. It includes the competitive landscapethat involves the leading companies and the adoption of strategies by them toannounce partnerships, introduce new products, and collaborate to furthercontribute to the growth of the market. Moreover, the research analyst hasadopted several research methodologies such as Porter’s Five Forces analysis toextract information about the current trends and industry developments that willdrive the market growth between 2020 and 2027.
DRIVING FACTORS:
Increasing Social Media Influence toAid Growth
The companies present in the market areleveraging the opportunities provided by the social media platform. With moreand more children engaged to social media, the companies are partnering withmarket agencies to improve their brand presence through these platforms.Moreover, active participation of key players through different technologicalevents that promote gaming is expected to boost the adoption of innovative andadvanced toys. These factors are anticipated to favor the toys market growthduring the forecast period.
Browse Complete Report Summary @ https://www.fortunebusinessinsights.com/toys-market-104699
SEGMENTATION:
Dolls Segment Held 28.73% Market Sharein 2019
Based on product, the dolls segmentheld a market share of about 28.73% in 2019 and is projected to showcaseexponential growth owing to the availability of different types of dolls basedon cartoon characters that are being preferred by the children globally.
REGIONAL INSIGHTS:
Growing Gifting Trend in North Americato Propel Market Growth
Among all the regions, North America isexpected to hold the highest position in the global market during the forecastperiod. This is attributable to the growing gifting trend in countries such asthe United States that is likely to drive the demand for toys during specialoccasions such as birthdays in the region. North America stood at USD 35.88billion in 2019.
The market in Asia-Pacific isanticipated to showcase considerable growth owing to the growing demand for art& craft toys amongst the children in the region between 2020 and 2027.
COMPETITIVE LANDSCAPE
Product Innovation by ProminentCompanies to Brighten Their Market Positions
The global market is experiencinghealthy competition between the major companies that are striving to maintain astronghold. These companies are developing innovative toys and other kidentertainment products to cater to the growing demand amongst their patrons.Additionally, other key players are trying to gain a competitive edge overtheir rivals by adopting strategies such as merger and acquisition, collaboration,and partnership during the forecast period.
Industry Development:
November 2020 – Luki Lab, a division of Strottman International,introduced two creative toy series, Gojo Adventure and Pinxies during Christmasholidays. The company is focusing on leveraging the festive occasion to boosttheir sales revenue by catering to the demand for entertainment productsamongst the kids.
List of the Companies Profiled in theMarket:
- Lego System A/S (Billund, Denmark)
- Hasbro Inc. (Rhode Island, U.S.)
- Mattel Inc. (California, U.S.)
- Ravensburger Holding GmbH & Co. KG (Ravensburg, Germany)
- Spin Master (Toronto, Canada)
- MGA Entertainment Inc. (California, U.S.)
- PAI Partners (Paris, France)
- Nintendo Co. Ltd. (Kyoto, Japan)
- Radio Flyer (Illinois, U.S.)
- L. Lindsay & Company (New South Wales, Australia)
- Artsana Group (Grandate, Italy)
- K’Nex Industries Inc. (Pennsylvania, U.S.)
