Press release
Toys Market Size, Share, Trends | Global Industry Growth 2032
Global Toys Market
According to a new report by Expert Market Research titled "Global Toys Market Size, Share, Analysis, Report, Demand, Forecast 2024-2032", the global toys market experienced substantial growth, soaring to nearly USD 108.29 billion in 2023. Looking ahead, analysts anticipate a continued upward trajectory, with a Compound Annual Growth Rate (CAGR) of 4.1% projected between 2024 and 2032, culminating in a valuation of approximately USD 156.96 billion by 2032.
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Key Insights:
The surge in dual-income households and enhanced consumer incomes are fueling global toy purchases.
Major market players like Tomy Company Limited, Simba Dickie Group Gmbh, and Moose Toys Pty Limited are prominent figures in the industry.
The integration of electronic components into toys, featuring computer chips and sensors, is gaining momentum.
Delving into the intricacies of toys, these objects serve as primary instruments for children's play. Traditionally crafted from materials like wood, plastic, clay, or paper, modern toys now incorporate cutting-edge electronic elements. Engaging with toys not only fosters play but also nurtures children's logical and spatial reasoning skills while enhancing cognitive abilities.
Read Full Report with Table of Contents - https://www.expertmarketresearch.com/reports/toys-market
The rapid economic progress witnessed in regions such as the Asia Pacific, Latin America, and the Middle East and Africa presents lucrative opportunities for players in the toys market. Additionally, heightened environmental awareness among consumers and governmental regulations, such as the Consumer Products Safety Improvement Act in the United States, are driving the adoption of sustainable or green toys.
Several factors propel the growth of the toys market, including the influence of films and TV, which boosts demand for merchandise toys. Notably, revenue from toys based on movie characters witnessed a 19% surge in 2022 on a global scale. Moreover, the advent of box subscription services is revolutionizing the market by tailoring toy selections to children's preferences.
Key Trends and Recent Developments:
Technological advancements, eco-friendly toys, subscription services, and e-commerce penetration are key drivers of market growth.
Major players like Mattel, Inc. and Spin Master Corp. are making significant strides through strategic collaborations and innovative product launches.
Sustainability Initiatives by Leading Brands:
LEGO is committed to transforming toy packaging with sustainably sourced materials by the end of 2025.
Hasbro introduced a Climate Action Plan to reduce emissions and achieve net-zero greenhouse gas emissions by 2050.
Spin Master is dedicated to reducing emissions and waste, with goals to achieve zero waste by 2035.
Furthermore, toy manufacturers are leveraging virtual reality (VR) and artificial intelligence (AI) to meet the demands of tech-savvy children. In the USA, toy subscription services tailored to age groups and play types are gaining popularity.
Market Segmentation:
The Global Toys Market Report and Forecast 2024-2032 offers a comprehensive analysis based on product categories, age groups, distribution channels, and regions.
Product Categories:
Action Figures
Building Sets
Dolls
Games and Puzzles
Sports and Outdoor Toys
Plush
Vehicle
Others
Age Groups:
Up to 5 years
Between 5-10 years
Above 10 years
Distribution Channels:
Hypermarkets and Supermarkets
Toys Stores/Speciality
Online Channel
Others
Regional Analysis:
The Asia Pacific is poised to dominate the toys market, supported by collaborative efforts by regional associations and growing consumer demand.
North America is witnessing a surge in demand for educational toys, driven by self-care and social connection trends.
Europe showcases a strong preference for building and construction toys, alongside a growing demand for sustainable options.
Addressing Key Queries:
Global toys market value in 2023: Nearly USD 108.29 billion.
Growth rate of the market: Projected CAGR of 4.1% between 2024 and 2032.
Forecast outlook for 2024-2032: Estimated to reach around USD 156.96 billion by 2032.
Major market drivers: Increasing number of dual-income households and technological advancements.
Key trends: Growing adoption of sustainable toys, introduction of box subscription services, and rising demand for merchandise toys.
Types of toys: Spanning action figures, building sets, dolls, games and puzzles, sports and outdoor toys, plush, and vehicles, among others.
Major distribution channels: Hypermarkets and supermarkets, toys stores/speciality, and online channels, among others.
Key market players: Tomy Company Ltd., Simba Dickie Group, Moose Toys Ltd., Spin Master Corporation, Hasbro, Inc., Mattel, Inc., Funko, Inc., and LEGO System A/S, among others.
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