Global Toys Market Likely to Generate Revenues More Than $120 billion by 2023 | Arizton

 

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Arizton's recent market research report on the global toys market provides comprehensive industry analysis, trend forecasts, and competitive analysis. The research study segments the market by category (infant and preschool, dolls, games & puzzles, construction, outdoor & sports, and others), by age group (0-3 years, 3-5 years, 5-12 years, and 12-18 years), by distribution channel (online and retail), by geography (APAC, Europe, North America, Latin America, and MEA), and offers detailed competitive analysis.

The global toys market is estimated to generate revenues of over $120 billion by 2023, growing at a CAGR of more than 4% during the forecast period.

The growing demand for products such as doll house, clothing, and jewelry, action figures, licensed toy properties, a replica of instruments such as a keyboard, guitar, and drums, art and craft toys, and stuffed toys is driving the global market. The exponential demand and sales of L.O.L. Surprise collectible dolls and Hatchimals Collectibles is contributing to the rising revenues in the global toys market.

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The top 3 drivers and trends propelling the group of the global toys market are discussed below:

Desire of parents to provide educational toys for cognitive development

The recent trend of parents to purchase and invest in educational toys for cognitive development in children is fueling the growth of the global toys market. Millennial parents listen to child psychologists and their popularizers in magazines who provide us with lists of time-tested products that aid in skill development of children. The vendors are leveraging this trend to introduce new products and items that ensure that children to grow sharper and more intelligent and boost their revenues in the global toys market. The parents are investing more in toys and games designed to develop thinking and intelligence quotient of children in the global market. The vendors are also creating interactive advertisements promoting educational toys that will revolutionize the market over the next few years. Such initiatives will attract a larger number of parents to purchase more educational toys including puzzles for their children in the market.

The introduction of products that lead to cognitive development in kids will drive the growth in the global toys market during the forecast period.

The Toyetic Impact

The release of a large number of toyetic movies and franchises is one of the most prominent trends in the global toys market. The leading companies are focusing on marketing their products to a large number of stores which stock up their toys and increases the amount of shelf space given to the category. The increase in shelf space will boost product visibility and drive the revenues in the global toys market during the forecast period. The big-name toy companies, such as Lego and Hasbro, are venturing into the entertainment vertical and licensed toys that is becoming a major influencer in demand for new products in the global toys market.The increasing number of movies and television shows based on fictional characters will create a cult following among consumers and propel the demand for the products in the global market. For instance, Hasbro becomes a major player through the Transformers movie franchise,and Lego had two movie launches in 2017 including the Lego Batman and Lego Ninjago.

Furthermore, the growing popularity of online digital platforms such as YouTube will act as a popular entertainment brand for kids in the market. Countries such as China, India, and Brazil will witness exponential growth due to the increasing number of toyetic cinema and the character's popularity in the global toys market.

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Toy box subscription services impacting the retail sales

The introduction of the box subscription services in this industry will revolutionize the global toys market over the next few years. The toy box subscription works by curating to the needs of the children and contain toys which are selected for the user. The proliferation of these business models will propel the development of the global toys market during the forecast period. The leading companies are sending curated boxes of four to six toys, depending on the age and liking of the children to gain a larger global toys market share.Some companies are also offering rental subscription, and the toys are returned when the new box arrives. The popular themes of these subscription boxes are arts and crafts related toy materials, projects that will add to cognitive development, and boxes designed to stimulate the STEM skills of the children. The focus offering activity boxes that help enhance problem-solving thinking pattern will drive the growth of the global toys market.

The leading vendors in the global toys market are Lego Group, Mattel, Hasbro, and Bandai Namco.

The complete overview of the latest market research report on global toys market by Arizton is now available.

The report also offers a detailed study of major trends, drivers, challenges, and also provides the market size and forecast for major geographical regions and key countries.
For more information, visit: https://www.arizton.com/market-reports/toys-market


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