May 12, 2022
According to the research report titled ‘Global Toy Market (2021 Edition) - Analysis By Product Type, By Age, By Distribution Channel, By Region, By Country: Market Insights, COVID-19 Implications, Competition and Forecast (2021-2026)’, available with MarketStudyReport, global toy market was worth USD 93.63 billion in 2020 and is anticipated to witness stellar growth through 2026.
The expansion of global toys industry is fueled by an increase in demand for strategy-based and educational toys for children in order to improve cognitive skills, as well as increasing interest of parents in safe & environment friendly toys, and the resurgence of traditional toys and video games.
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In addition, to address the issue of the large elderly population, the Chinese government has loosened its decades-old one-child policy and introduced a ‘three child policy’. As a result, the number of children is likely to rise in the coming years, favorably boosting the industry growth.
For the unversed, toys play an important part in the growth and brain development of children, since toys aid in the acquisition of logical and reasoning skills as well as spatial reasoning and logical skills.
With the occurrence of Covid-19 pandemic, the brick & mortar sales have dropped due to repeated lockdowns in the recent years. However, increasing e-commerce sales of games & toys, with children spending most of their time at home has augmented the worldwide toy market size during the pandemic.
Based on product type terrain, the industry is divided into outdoor & sports toys, dolls & accessories, construction toys, infant & preschool toys, games & puzzles, and others. In terms of age, the market is classified into 15 years & above, 8-15 years, and 0-8 years. On the basis of distribution channel, the marketplace is branched into departmental stores, traditional stores, supermarket, e-commerce, and others.
Regionally, North America (U.S., Canada), Asia Pacific (India, China, Japan, South Korea), and Europe (Germany, Spain, France, UK) are thoroughly examined to discover opportunities and understand the ever-changing industry dynamics.
Goliath Games, Lego A/S, Playmobil, Vtech, Mattel Inc., Tomy Company Ltd., Thames & Kosmos, Ravensburger AG, and Hasbro Inc. are the leading players in global toys market. These companies are focusing on new product releases, R&D efforts, and increased manufacturing capacity to boost their presence in the business sphere.