Technavio Forecasts Worldwide Board Games Market to Reach USD 2.15 Billion | Driven by Rapid Improvements in Content and Gameplays

The sales of board games through online channels have also increased significantly. This can be attributed to the rising adoption of smartphones and the increased penetration of the internet. Besides, the convenience, multiple payment options, and easy return policies offered by e-commerce retailers are increasing the sales of board games through online distribution channels.

Key Board games Market Report Highlights:

1. Market growth 2020-2024: USD 2.15 Billion
2. Growth momentum & CAGR: Accelerate at a CAGR of almost 7%
3. YoY growth (%): 3.99% in 2020
4. Performing region: North America at 30%
5. Key consumer countries: The US, France, Germany, the UK, and China

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Regional Market Analysis

With 30% of the growth originating from North America, the market will record maximum growth in the region during 2020-2024.

The increasing number of game bars and cafes offering board games is driving the growth of the board games market in North America.

Apart from the proliferation of game bars and cafes, the two key reasons for the increasing board games market growth in North America are:

• Improvements in gameplay design and storyboarding by vendors operating in the region.
• Launch of innovative products by vendors to remain competitive in the market.

As a result of these factors, the demand for board games in North America is expected to increase during the forecast period.

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Key Vendors and Vendor Strategies

Asmodee Holding, Atlas Games, Clementoni Spa, CMON Ltd., and Goliath Games LLC are some of the key vendors listed in the board games market report.

The established players in the market are enjoying a competitive advantage through product differentiation and strong investment capabilities. This is driving other vendors in the market to focus on new product launches made of superior materials at competitive prices. Some vendors are focusing on expanding their presence by forming strategic alliances and acquiring other vendors. Here are examples of some vendors who were involved in M&A activities recently.

• In February 2021, Asmodee Holding announced the acquisition of Board Game Arena that hosts more than 260 board games in a digitized form. Prior to this in September 2020, the company had announced its licensing partnership with CMON Ltd to bring two of the most famous board game universes to the pages of a comic book series.
• In May 2020, Ravensburger Group announced its partnership with Taco Bell to create a new easy-to-learn board game, Taco Bell Party Pack Card Game.

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Key Market Drivers

Our analysts have extensively outlined the information on the key market drivers and their impact on the board games market.

• Rapid improvements in content and gameplays:
  
  The growing popularity of board games is encouraging vendors to introduce superior immersive experiences in their products to increase user engagement as well as sales. Vendors are developing story-driven board games that allow users to interact with other players in an easy and non-superficial manner.  For instance, Hasbro launched The Risk Vikings Edition in 2018. The game allows players to imagine themselves as one of the five Viking tribes. The game also allows players to hire independent mercenaries to assist them in battles and give special powers to participants while undertaking new conquests. Many such improvements by vendors in terms of content and gameplay are fueling the growth of the global boardgames market.

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SOURCE Technavio