Yahoo Finance Toys and Games Market - Growth, Trends, and Forecast (2020 - 2025)
Toys and Games Market is projected to grow at a CAGR of 9. 91% during the forecast period (2020- 2025). - In recent years, a rise in the popularity of interactive and multi-functional toys and games has been observed among children, which has been positively impacting the toys and games market.
New York, Aug. 03, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Toys and Games Market - Growth, Trends, and Forecast (2020 - 2025)" - https://www.reportlinker.com/p05948960/?utm_source=GNW
- Due to the rise in consumer spending, there is an increasing demand for toys, such as action figures, plush toys, puzzles, sports equipment and pre-school products. The sales of toys and games based on cartoon characters, TV shows, and movies are escalating, which is further promoting the growth of the market.
Key Market Trends
Influence of Technology is Promoting Video Games
Globally, the video game industry has developed a recurring revenue model over the past few years, due to continuous video game engagement. As technology is expanding, consumer spending on video content, virtual reality products, and video game tournaments have witnessed significant growth. The market is observing exponential growth due to factors, such as the expansion of mobile and online gaming and the shift from physical to digital distribution of software. Furthermore, the factors governing the success of the market are local leagues and the franchising approach, the arrival of new game formats and competition, the approval of content rights sales, team profitability, and the impact of industry convergence involving traditional media, entertainment, telecom, and sports companies, this in turn boosting the market growth.
Asia-Pacific holds the Largest Market Share
The major factor driving the prosperity of the Asia-Pacific toys and games market is the rising preference for educational toys beyond the core skills. These toys have been witnessing high demand. For instance, among the pre-school toys, Code-A-Pillar from Fisher-Price, a developmental toy, which was launched in 2016 in China, allows children to do domestic computer programming and problems. Furthermore, an industry report from the China Toy and Juvenile Products Association (CTJPA) shows that China’s toy market’s volume reached CNY 75.97 billion in 2019, up by 7.8%. According to the association’s survey of over 13,000 consumers, more of them are planning to reduce their spending on toys and juvenile products in 2020. This will also impact the growth of the toys and games market in Asia-Pacfic region and specifically in China.
Competitive Landscape
Major players are focusing on introducing new products in the market to cater to the interests of the consumers. New product development is the most preferred strategy in the global toys and games market. The key players are embarking on mergers and acquisitions as one of their key strategies to achieve consolidation and optimize their offerings. Moreover, these players merge with local players to gain dominance in the local markets. Some of the major players included in the market studied are Mattel Inc., Hasbro Inc., and Spin Master Ltd, among others.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
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Read the full report: https://www.reportlinker.com/p05948960/?utm_source=GNW
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