Global Toys and Games Market Size, Share, Growth Analysis, By Product(Electronic Games, Outdoor & Sport Toys), By Application(Up to 8 Years, 9 - 15 Years and 15 years & above), By Distribution Channel(Offline and Online) - Industry Forecast 2024-2031

The Global Toys and Games Market size was valued at around 305.43 billion in 2022, and is expected to rise from USD 319.79 billion in 2023 to reach a value of USD 461.78 Billion by 2031, at a CAGR of 4.7% over the forecast period (2024-2031).

The market is booming due to a multitude of factors, including parents' increasing interest in eco-friendly toys, the comeback of classic toys and video games, awareness of the cognitive benefits of building toys, and the exponential spread of mobile gaming. The increased interest of younger generations in traditional recreational activities is also expected to stimulate the business. The anticipated period's market rise is likely to be driven by Millennials' growing inclination toward traditional games at social gatherings.

Online platforms have become an effective replacement for traditional marketing and sales strategies, and businesses are actively changing their product lineups by opening online stores and selling goods through e-commerce sites like Amazon, Walmart Online, and eBay, among other local platforms. During the lockout, several people stayed inside and searched online for indoor games.

In March 2020, Curtis McGill and Scott Houdashell's toy sales on Amazon surged 4000%, while Walmart's in-store sales increased 100%. Ravens Burger, a puzzle maker, also saw a rise in sales in March 2020.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Toys and 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 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.

Global Toys and Games Market Segmental Analysis

The global toys and games market is segmented based on Product, Application, Distribution Channel, and region. Based on product, the market is segmented into Electronic Games, Outdoor & Sport Toys, Dolls, Preschool Toys, Games and Puzzles, and Others. In terms of application the market is segmented into Up to 8 Years, 9 - 15 Years and 15 years & above. Based on Distribution Channel, the market is segmented into Offline and Online. Based on region the global Toys and Games Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.

Drivers of the Global Toys and Games Market

Globally, as disposable incomes rise, parents have more money to spend on games and toys for their kids. As a result, there is an increasing need for interactive, educational, and high-quality toys that support kids' growth.

Restraints in the Global Toys and Games Market

Inadequately designed or constructed toys and games can endanger children's safety, discouraging parents from buying them. This may hinder the market expansion for games and toys as a whole.

Market Trends of the Global Toys and Games Market

Digital and interactive toys: As technology develops, there is a sharp increase in demand for these kinds of toys. Consumers are getting more and more interested in toys and games that use augmented reality (AR) and virtual reality (VR) technologies, as well as those that are controlled by smartphones or tablets.

Toys that are STEM-related and educational: Parents are becoming more concerned with giving their kids toys that teach valuable lessons and aid in the development of critical abilities. Toys related to STEM (science, technology, engineering, and math) are particularly popular as parents try to find methods to spark their kids' interest in these subjects.

Sustainability and environmental friendliness: As consumers become more aware of how their purchases affect the environment, the market for toys and games is also being impacted by this trend. Consumer preference for environmentally friendly and sustainable toys and packaging is rising as a result of companies presenting these products more frequently.

Popularity of licensed items: As customers look for products with their favorite franchises, the market for licensed toys and games based on well-known films, TV series, and characters is expanding rapidly. Major media and entertainment companies are forming partnerships with businesses to produce and promote these goods.

Prioritize safety and quality: Businesses are putting more of an emphasis on safety testing and quality control procedures as a result of safety issues being a big problem in the toy and game industry. Additionally, customers are actively looking for items that adhere to strict safety requirements as they are become more conscious of safety concerns.