COVID-19 Impact: Market to Exhibit Astonishing 22.30% CAGR in 2020
The lockdown is turning out to be favourable for several toy manufacturers as they are registering significant sales. 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 impressive CAGR of 22.30% in 2020.
Toys are entertainment products preferred by kids of all ages. They play an important role in developing the cognitive skills of the children and are available in different shapes and sizes across several stores.
The global toys market share is expected to experience significant growth by reaching USD 212.49 billion in 2027 while exhibiting a CAGR of 7.3% between 2020 and 2027. This is attributable to the increasing social media influence that is being leveraged by the manufacturing companies to boost their revenues globally. Fortune Business Insights published this information in its latest report, titled, “Toys Market Size, Share & COVID-19 Impact Analysis, By Product Type (Dolls, Outdoor and Sports Toys, 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 Regional Forecast, 2020-2027.” The report further observes that the market stood at USD 105.85 billion in 2019.
What does the Report Provide?
The market report provides a qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to announce partnerships, introduce new products, and collaborate to further contribute to the growth of the market. Moreover, the research analyst has adopted several research methodologies such as Porter’s Five Forces analysis to extract information about the current trends and industry developments that will drive the market growth between 2020 and 2027.
Increasing Social Media Influence to Aid Growth
The companies present in the market are leveraging the opportunities provided by the social media platform. With more and more children engaged to social media, the companies are partnering with market agencies to improve their brand presence through these platforms. Moreover, active participation of key players through different technological events that promote gaming is expected to boost the adoption of innovative and advanced toys. These factors are anticipated to favor the toys market growth during the forecast period.
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Dolls Segment Held 28.73% Market Share in 2019
Based on product, the dolls segment held a market share of about 28.73% in 2019 and is projected to showcase exponential growth owing to the availability of different types of dolls based on cartoon characters that are being preferred by the children globally.
Growing Gifting Trend in North America to Propel Market Growth
Among all the regions, North America is expected to hold the highest position in the global market during the forecast period. This is attributable to the growing gifting trend in countries such as the United States that is likely to drive the demand for toys during special occasions such as birthdays in the region. North America stood at USD 35.88 billion in 2019.
The market in Asia-Pacific is anticipated to showcase considerable growth owing to the growing demand for art & craft toys amongst the children in the region between 2020 and 2027.
Product Innovation by Prominent Companies to Brighten Their Market Positions
The global market is experiencing healthy competition between the major companies that are striving to maintain a stronghold. These companies are developing innovative toys and other kid entertainment products to cater to the growing demand amongst their patrons. Additionally, other key players are trying to gain a competitive edge over their rivals by adopting strategies such as merger and acquisition, collaboration, and partnership during the forecast period.
November 2020 – Luki Lab, a division of Strottman International, introduced two creative toy series, Gojo Adventure and Pinxies during Christmas holidays. The company is focusing on leveraging the festive occasion to boost their sales revenue by catering to the demand for entertainment products amongst the kids.
List of the Companies Profiled in the Market:
- 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.)