Toys Market Report, SWOT Analysis, Current Scenario, Growth Prospects 2024-2032

According to IMARC Group latest report titled "Toys Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032", offers a comprehensive analysis of the industry, which comprises insights on toys market. The report also includes competitor and regional analysis, and contemporary advancements in the global market.

The global toys market size reached US$ 183.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 326.0 Billion by 2032, exhibiting a growth rate (CAGR) of 6.5% during 2024-2032.

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Factors Affecting the Growth of the Toys Industry:

• Technological Integration and Innovation:

The incorporation of technology into toys has been a significant driver in the market's growth. Modern toys often feature advanced technologies, such as AI, robotics, and augmented reality (AR), which not only make toys more interactive and engaging but also add educational value. For example, coding toys teach basic programming skills, while AR-infused toys blend physical play with digital experiences, expanding the play possibilities and attracting tech-savvy children and parents. These toys can adapt and respond to the child's actions, offering a personalized play experience.

• Changing Consumer Preferences and Demographics:

Shifts in consumer preferences and demographics play a crucial role in shaping the toy market. Today's parents, many of whom are millennials, place a high value on educational and developmental toys, driving demand for products that promote STEM (Science, Technology, Engineering, and Mathematics) learning and cognitive development. This has led to an increased market presence of educational toys, craft kits, and puzzles. Furthermore, there's a growing demand for inclusive and diverse toys that reflect a wider range of ethnicities, abilities, and family structures. Parents and educators are seeking toys that offer positive representation and foster an understanding of diversity and inclusion from a young age.

• Global Economic and Supply Chain Dynamics:

Economic growth in emerging markets has opened new opportunities for the toy industry. Rising middle-class populations in these regions are increasing consumer spending on toys, driving market expansion. The toy industry is also heavily reliant on global supply chains, with many toys manufactured in countries with lower production costs. Disruptions in these supply chains, such as those caused by global events, including the COVID-19 pandemic or trade disputes, can significantly impact the availability and cost of toys. This has led some companies to explore reshoring or nearshoring manufacturing to reduce dependency on distant suppliers and to respond more quickly to market demands.

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Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

• Clementoni Spa
• Funskool Ltd.
• Hasbro Inc.
• Lego A/S (Kirkbi A/S)
• Mattel Inc.
• Playmobil (Brandstätter Group)
• Pressman Toy Corporation (Goliath B.V.)
• Simba Dickie Group
• Spin Master
• Talicor Inc.
• Thinkfun Inc. (Ravensburger North America Inc.)
• Tomy Company Ltd

Toys Market Report Segmentation:

By Product Type:

• Action Figures
• Building Sets
• Dolls
• Games and Puzzles
• Sports and Outdoor Toys
• Plush
• Others

Outdoor and sports represented the largest segment as they cater to children's physical activity and recreational needs, aligning with the importance of active play in child development.

By Age Group:

• Up to 5 Years
• 5 to 10 Years
• Above 10 Years

5 to 10 years accounted for the largest market share as this age range is crucial for cognitive and physical development, during which children are highly receptive to learning through play.

By Sales Channel:

• Supermarkets and Hypermarkets
• Specialty Stores
• Department Stores
• Online Stores
• Others

Specialty stores represent the market since they often offer a curated selection of high-quality and unique toys, attracting consumers looking for specialized and well-crafted products.

By Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
North America leads the market due to high disposable income levels and rising parental concerns.

Global Toys Market Trends:

The growing consumer awareness and concern for the environment have become significant drivers in the toy market. There is an increasing demand for toys manufactured from sustainable, non-toxic, and eco-friendly materials. This shift is largely augmented by parents seeking safe and environmentally responsible products for their children. In response, manufacturers are adopting sustainable practices, including using recycled plastics, biodegradable materials, and wood from sustainably managed forests. The packaging of toys is also undergoing a transformation, with a focus on reducing plastic use and increasing recyclability.

Additionally, the rise of mobile gaming and digital toys is shaping the market. Interactive apps, online games, and digital experiences are increasingly being integrated with physical toys, offering a hybrid play experience that resonates with the tech-savvy younger generation.

Key highlights of the report:

• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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This release was published on openPR.