Toys Industry Latest Innovations and Research Forecast by 2024
Toys are an integral part of a child’s co-curricular activity where incorporating the right toys at an early age will help promote the overall development and decrease the chances of stunted physical and mental growth. According to a recent study by MRFR, 90% of young children’s playful activities involves toys. Furthermore, toys help in keeping the children engaged while guardians perform other important tasks or simply rest. Toys also assist in bridging an emotional gap and improve the quality of interactions between older and younger family members. Additionally, construction games participate in the development of skills and abilities of a child. Educational games make the learning easier and more effective for children due to several interactive activities that are preferred over traditional teaching pedagogies.
The global Toys Industry is projected to grow at a rate of 2.5% from 2019 to 2024 and reach a market value of USD 94 Billion by the end of 2024. The increasing demand for toys among children is offering a lucrative opportunity to market players, thereby encouraging new and innovative product launches. However, the shift toward game consoles and smartphones from traditional toys and games is expected to hamper the market growth during the forecast period.
The global toys market has been segmented based on type, distribution channel, and region.
Based on type, the global toys market has been segmented into preschool toys, soft toys and dolls, action toys, arts and crafts toys, construction toys, vehicles, and others. The vehicles segment is expected to dominate the global toys market due to high appeal of miniature cars and motorcycles among children. Furthermore, the advancements in the production of toy vehicles include automated, battery operated, themes, and realistic features such as operable doors and bonnets. However, the action toys segment is expected to grow at the fastest rate during the forecast period.
Popular action figures have evolved over the years in terms of realism and detail. It acts as a replica or a miniature of characters from famous comic strips and several media storylines. Growing popularity of sports organizations such as WWE and FIFA, movies franchises such as Jurassic World, Toy Story, Marvel, and DC Comics, and licensed merchandise by celebrities have triggered the demand for action figures across the world High rate of urbanization and high preference for conventionally popular characters among adolescent boys are some of the factors expected to boost the growth of the segmental during the forecast period. For instance, action figures by Hasbro, Inc. marketed by the name of GI Joe, were launched for boys in 1964. It was modelled after "Government Issued Joes" or the everyday soldiers that serve in the US armed forces. Such factors enormously boosted the overall toys market since its inception.
On the basis of distribution channel, the global toys market has been classified as store-based and non-store-based. The store-based segment has been further divided into hypermarkets and supermarkets, specialty stores, and others. The store-based segment is expected to account for the largest market share as well as grow at the fastest rate during the forecast period due to strong vendor networks, high product appeal due to lucrative packaging, and the opportunity for consumers to examine the product before purchase. The non-store-based segment is expected to register the higher CAGR during the assessment period owing to technological advancements in the e-commerce industry and growing consumer preference for online purchase.
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Some of the key players in the global toys market are Tomy Company, Ltd (Japan), The LEGO Group (Denmark), Spin Master Ltd (Canada), Hasbro, Inc. (US), Playmates Toys Limited (Hong Kong), Jazwares, LLC (US), VTech (Hong Kong), Funko Inc. (US), NECA (US), Tru Kids Brands (US), Mattel, Inc. (US), MGA Entertainment Inc. (US), Basic Fun, Inc. (US), WowWee Group Limited (Hong Kong), and Kenner Products (US).