Toys and Games Market Size -Industry Trends & Forecast Report 2027

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Toys and Games Market, By Product Type, Trend
Analysis, Competitive Market Share 2021-2027
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Industry Trends Forecast Report 2027 A study
recently conducted by the strategic consulting
and market research firm BlueWeave
Consulting revealed that the global toys and
games market was worth USD 276.1 Billion in
2020. The market is estimated to grow at a CAGR
of 5.7 , earning revenue of around USD 403.1
Billion by the end of 2027. The key strategy
implemented by toy manufacturers to entice
children is the commercialization of renowned
cartoon characters like Peppa Pig, Doraemon,
Superman, Spiderman, etc.  Moreover, the rising
disposable income is another major factor,
favoring the growth of the market. Additionally,
technological advancements have enabled video
games to gain exponential acceptance among
children.
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Growth drivers The influence of technology is
promoting video games Video game developers have
developed recurring revenue business models,
which has substantially contributed to expanding
the global toys and games market over the past
few years due to continual video game engagement
resulting in increased sales over time. The
expansion of technology has led to significant
growth in the global toys and games market as
consumers are spending more on video content,
virtual reality products, and video game
tournaments. Moreover, with the shift from
physical to digital distribution of software, as
well as the expansion of mobile and online
gaming, the market has experienced exponential
growth.
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Restraints The major restraint facing the global
toys and games market is the new threat of smart
phones and tablets. As a result, traditional toy
manufacturers are facing difficulties. It's no
wonder that kids are lured to electronics as
technology advances and the internet becomes more
widely available. This has posed a serious
challenge to the toy industry's profit margins,
particularly in Spain, forcing them to rethink
the entire market, as other countries such as the
United Kingdom and Germany are doing. Sample
Copy https//www.blueweaveconsulting.com/report/g
lobal-toys-and-games-market/report-sample
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Impact of COVID-19 Since the sudden emergence of
the COVID-19 pandemic, there has been a
disruption in the import and export of toys and
games due to the implementation of strict
lockdown regulations in many countries.
COVID-19's influence, on the other hand, has led
to significant growth of the toy and game market
among high- and middle-income customers. This is
mainly due to the launch of numerous stay-at-home
product ranges by the key players. During the
pandemic, sales of toys and games were driven
primarily by online retailers, such as Amazon
Toys, Walmart Toys, Fat Brain Toys, etc. Raw
material supplies have been severely affected as
a result of the lockdown restrictions imposed by
various nations. Furthermore, the lower
manufacturing volume resulted in lower sales
volume.
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Global Toys and Games Market  Regional Insights
Based on regions, the global toys and games
market is grouped into North America, Latin
America, Europe, Asia Pacific, Middle East, and
Africa. Among these regions, the Asia Pacific
holds the largest market share. India and China
considered being prominent players in the Asia
Pacific region as one of the major suppliers of
products and raw materials.  Factors responsible
for the growth of the global toys and games
market are rising in the number of retail outlets
along with the rising disposable income of
consumers. There is a high demand from emerging
countries like Singapore and India, which
influenced the toys and games market. The
increasing industrial and commercial sectors in
the developing countries are responsible for
increasing the demand for the product.
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Competitive Landscape The key players in
the global toys and games market are LeapFrog
Enterprises, Vivid Imaginations, Mattel,
Ravensburger, Lansay, PlaymatesToys, TOMY, The
LEGO Group, The ToyQuest, Hasbro, MGA
Entertainment, Funtastic, Funko, JAKKS
Pacific and other key manufacturers.   The key
players operating in the market are taking all
possible measures to gain a competitive edge by
launching announcing new toys and games in the
market to cater to the welfares of their target
consumers. New product launch is the most favored
marketing strategy in the toys and games
market.
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