Bureau of Labor Statistics data, the spending on entertainment-related devices touched USD 3.05 million in the U.S. Evolving consumer preferences and increased spending on the product. The region registered a growth of USD 43.76 billion in 2020. North America is projected to dominate the toys market share because of the increased spending on entertainment and play kits. Increased Spending on Toys & Entertainment Devices to Boost Market Growth in North America Geographically, the market is grouped into North America, Europe, Asia Pacific, and the rest of the world.
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By distribution channel, it is categorized into offline and online. Based on age group, it is classified into 18+ years, 12-18 years, 5-12 years, 3-5 years, and 0-3 years. However, rising smartphone sales and the emergence of online games are expected to hinder market progress.īrowse Detailed Summary of Research Report with TOC:īy product type, the market is segmented into games & puzzles, infant and preschool toys, dolls, outdoor and sports toys, building and construction sets, and others. This factor is expected to boost the market growth. It was a 1.8% rise compared to the previous year. youth electronic game sales touched USD 470 million in 2020. As per the information provided by the Toy Association, U.S. Additionally, manufacturers aim at providing educational games such as computing kits, remote-controlled cars, and cubetto & dash robots. Furthermore, manufacturers aim at incorporating multiple colors in the product to attract pre-school children to their products and boost the product's demand drastically. This strategy is expected to boost the company's brand image. For example, Zuru and Fanbyted engaged in a partnership with each other to promote Zuru's products on social media in September 2020. Companies invest heavily in partnership strategies to improve their brand image. This strategy enables manufacturers to improve their brand image and boost the product's adoption. Major toy manufacturers focus on social media promotion to boost the product's adoption. Manufacturers Focus on Social Media Marketing to Propel Industry Progress Additionally, it observes the regional developments and the approaches commenced by the crucial players present in the market. It expansively debates the driving as well as constraining aspects and the impact of COVID-19 on the market. The report provides a detailed analysis of the top segments and the latest trends in the market. Lindsay & Company (New South Wales, Australia) Rising Number of Wealthy Population to Boost Market Expansionįortune Business Insights™ lists out all the toys market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market: Increasing Demand from High-income Groups to Favor Growth
Toys Market Report Scope & Segmentation: Report Coverageīy Product Type, By Age- Group, By Distribution Channel, By Region Further, the incorporation of reduced capacities and part-time shifts enables producers to mend damages. For example, as per Mattel Inc.'s third quarterly presentation, the company reported a spike of 10% in the third quarter of 2020.
The rising demand for activity and construction-related games is expected to fuel market progress. As people are confined in their homes, the demand for big-sized play kits is projected to boost the product's demand drastically.
This market is anticipated to develop affirmatively amid the COVID-19 pandemic owing to the increasing demand for play kits and dolls from children. Increased Indoor Activity to Fuel Market Progress These factors are likely to fuel the market growth during the upcoming years. For example, in August 2021, Lego System A/S introduced a sailboat adventure set as a gifting item for its LEGO VIP members. Manufacturers incorporate gaming items to surprise kids while unboxing packed items. announced New Rainbow High Fashion Dolls during the autumn season in the U.S. Manufacturers focus on developing play kits aimed at festivals. Increased consumer spending and evolving lifestyles lead to the adoption of high-quality products that help in the development of children's brains. Rising demand for toys that boost mental training such as Rubik cubes, educational boards, wordplay games, and others is expected to boost demand. Increasing demand for brain training cubes and educational boards are likely to fuel market growth, shares Fortune Business Insights ™ in its report titled " Toys Market, 2021-2028". The market stood at USD 129.45 billion in 2020. 16, 2022 (GLOBE NEWSWIRE) - According to Fortune Business Insights, the global toys market size is projected to reach USD 230.64 billion by 2028, exhibiting a 7.30% CAGR during the forecast period.
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