PUBLISHER: SkyQuest | PRODUCT CODE: 1133465
PUBLISHER: SkyQuest | PRODUCT CODE: 1133465
The Global Board Games Market was valued at USD 13.75 Billion in 2021, and it is expected to reach a value of USD 30.93 Billion by 2028, at a CAGR of 13.70% over the forecast period (2022 - 2028).
Board games are extremely popular among both adults and children worldwide. Students in high school frequently play strategy theme-based board games to hone their critical and analytical skills. Furthermore, increasing parental focus on their children's brain development through such board games is likely to reduce demand. The growing popularity of tabletop games among the higher-income population is anticipated to open up new market prospects. Nowadays, linked companies are pursuing long-term activities to reduce the environmental impact of garbage caused by various types of toys such as gaming consoles, board games, dolls, and so on. For example, Hasbro Inc., a toy manufacturer, teamed with TerraCycle, a US waste management firm, in June 2020 to expand its toy and game recycling programme in the United Kingdom. Toys used in such a recycling programme include board games, dolls, action figures, and plush toys.
Top-down and bottom-up approaches were used to estimate and validate the size of the Global Board Games Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
The Global Board Games Market is segmented on the basis of Game Type, Distribution channel, Game theme, and region. Based on Game Type, the market is segmented into Monopoly, Scrabble, Chess, Puzzles, Tabletop, Card & Dice, Collectible Card, Miniature, and RPGs. Based on Distribution Channel, the market is segmented into Specialty Stores, Online Stores, Hypermarkets & Supermarkets, and Other convenience stores. Based on the Game theme, the market is segmented into Strategy & War, Educational, Fantasy, Sports, and Others. Based on region, the global Board Games market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
One of the primary driving factors for the business is the growing customer base and market share of board games around the world, which is being driven by global e-commerce expansion. During the forecast period, eCommerce is expected to increase at a CAGR of 9%. Rapid development in online media consumption, combined with an increase in working population in developing nations such as India and China, is predicted to offer growth prospects for the category.
The board game industry will face strong competition from the growing share of online multiplayer games and fun activities driven by the rapid growth of virtual games.
The recent development of board gaming events and tournaments by connected companies is anticipated to entice players to purchase such games, increasing market growth. In August 2019, Ravensburger AG, a German toy company, sponsored a 3D printing design competition for their Labyrinth board game in collaboration with MyMiniFactory, a London-based 3D content platform. This aided the company in developing innovative ideas for its 3D printed board game category and expanding its consumer base. Furthermore, increased indoor recreational activity trends among the worldwide population are anticipated to reduce demand for such indoor games.