Toys and Games Market size to record USD 70.12 billion growth from 2023-2027, Emergence of three-dimensional (3D) printing is one of the key market trends, Technavio
NEW YORK, April 12, 2024 /PRNewswire/ -- The global toys and games market size is estimated to grow by USD 70.12 billion from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 8.1% during the forecast period. The toy and game market faces challenges from 3D printing technology, allowing consumers to produce their favorite characters. This trend increases the risk of copyright and trademark infringements. Affordable 3D printers are on the rise, prompting licensors to offer licenses to legitimize DIY merchandise and derive revenue. Keywords: 3D printing, toys, games, licensors, Sesame Workshop, Hasbro, assets, collectibles, counterfeits, Millennials, online platforms, retailing products.
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Innovation Sparks Market Growth:
The toy industry faces a new challenge with the emergence of 3D printing technology, allowing consumers to create their own versions of popular toys and games, such as Chutes and Ladders or Exploding Kittens, using playing cards or even educational and interactive toys. This trend raises concerns over copyright and trademark infringements, particularly for licensors of toy vehicles, skipping ropes, jigsaw puzzles, and more. To mitigate this issue, licensors like Sesame Workshop and Hasbro grant licenses to 3D printing companies, providing access to specific assets and distinguishing their merchandise. The toy market continues to evolve, embracing multi-functional toys featuring popular characters from cartoons, television shows, and movies, as well as action figures, accessories, and green or building toys. Millennials and old-school gamers alike engage in social gatherings or purchase products from e-stores and online platforms, playing indoor games like mobile-based gaming or construction sets. Emotions, creativity, cognitive skills, physical skills, and social skills remain at the heart of toys and games, with dolls like Barbie from Mattel continuing to captivate audiences.
Addressing Challenges:
In the dynamic Toys and Games Market, retailers face complex challenges in merchandise management. Green toys and building sets cater to millennials' preference for sustainability and construction skills. Mobile-based gaming, puzzles, and old-school games are popular for social gatherings. E-stores and online platforms dominate retailing, offering a wide range of products from dolls like Barbie by Mattel to STEM concept-based toys. Kickstarter and tech-based toys foster innovation. Sustainability and digitalization shape the industry, with video games, mobile apps, and virtual reality (VR) leading technological developments. Companies focus on service-oriented models, providing cognitive benefits through board games and traditional toys. Parents seek recreational activities for children, younger adults, and senior-friendly games. Pentagram, Scrabble, electronic games, and video content fuel the market's growth. Video game tournaments and content production continue to drive consumer engagement.
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Analyst Review
In the dynamic and evolving Toys and Games Market, traditional Building Toys like Green Toys and Construction Sets continue to thrive alongside Tech-based Toys and Mobile-based Gaming. Millennials, with their affinity for Old-school Games and STEM Concepts, are driving the demand for Board Games and Puzzles. E-stores and Kickstarter have disrupted the conventional market, allowing for easier access to brands like Mattel, Barbie, and Pentagram. Sustainability and Digitalization are key trends, with parents recognizing the cognitive benefits of educational toys and e-commerce platforms. Content production and service-oriented models are shaping the future of the industry, ensuring a diverse range of offerings from Video games to Scrabble and beyond.
Market Overview
In the bustling Toys and Games market, a diverse array of products captivates consumers. Consumers can find a multitude of toys and games from various categories. Puzzles, for instance, challenge the mind, while construction toys build creativity and problem-solving skills. Board games offer social interaction and fun for the whole family. Tech-savvy parents may opt for educational apps or interactive toys. Older kids might prefer collectible action figures or sports equipment. The market also caters to infants with rattles, teething rings, and soft toys. With a focus on safety and quality, the Toys and Games market ensures endless entertainment for all ages.
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Key Companies:
Toys and Games Market is fragmented ; the companies are competing with competitors and are trying to get greater market share. The market is growing, and the chances of new entrants cannot be overlooked. The major companies have well-established economies of scale and market presence and generally rely on positioning technological advances, and the price of the products. Toys and Games Market report includes information on the product launches, sustainability, and prospects of leading vendors including 4M Industrial Development Ltd., Atlas Games, Clementoni Spa, Elenco Electronics Inc., Franckh Kosmos Verlags GmbH and Co. KG, Goliath Games LLC, Hasbro Inc., JAKKS Pacific Inc., Kids2 Inc., Learning Resources Ltd., LEGO System AS, Mattel Inc., MGA Entertainment Inc., Playmates Holdings Ltd., Ravensburger AG, Simba Dickie Group GmbH, Smartivity Labs Pvt. Ltd., Spin Master Corp., TOMY Co. Ltd., VTech Holdings Ltd.
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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Website: www.technavio.com/
SOURCE Technavio
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