The global toy market is expected to reach USD 380.95 Billion by 2032
According the data announced, the demand for toys is increasing among preschool, outdoor and sports activities in the global toy market.
The global toys market was valued at USD 182.11 Billion in 2022 and grew at a CAGR of 7.66% from 2023 to 2032. The market is expected to reach USD 380.95 Billion by 2032. The demand for toys is increasing among preschool, outdoor and sports activities. Millennials also prefer to use recreational games in social gatherings, which positively impacts the market.
A toy is an item mostly used for amusement, especially for kids. Many types of toys are available today, some of which include board games, dolls, and toy blocks. Toys can encourage physical activity, cultural awareness, and mental stimulation, among other useful effects. Items intended for play can also be utilized as playthings, particularly if their intended use is no longer necessary. A fun method to prepare young children for life experiences is through toy play. Toys are made from various materials, including plastic, clay, paper, and wood. Smart toys and interactive digital entertainment are examples of more recent toy types. Certain toys are made mainly for collectors and are meant to be shown alone.
Drivers
Increasing use of toys in preschools: Preschool toys are crucial because they help young children learn a variety of abilities. For instance, these toys can support the development of physical abilities like fine and gross motor skills and cognitive abilities like critical thinking and problem-solving. Additionally, they can support the development of social and emotional skills, including empathy and communication. Toys for preschoolers allow kids to play inventively and creatively, which is important for their learning and development. In general, toys are essential for preschoolers’ learning and development. A child can practise many roles and emotions and learn about the world through toys. Additionally, toys can aid in children’s understanding of bigger concepts. There’s a lot of opportunity for toys to help kids grasp bigger ideas.
A key factor driving the market growth
The emergence of digital games has significantly affected the sales of toys. The demand for toys has drastically reduced after the rise in sales of smartphones, gaming devices, gaming PCs, etc. Consumers are hugely influenced by social media and digital endorsements, which promote digital games. Also, various features are infused in online games, such as enhanced vision, sound quality, etc. Therefore, these factors are hindering the market growth.
The global action figures market is predicted to witness monumental growth, exhibiting a CAGR of 8.8% from 2023 to 2033. According to the research report, the global market size is likely to hit US$ 9 billion in 2023 and US$ 20.91 billion by 2033. The increasing popularity of several animated series, Japanese anime content, and movies is predicted to be a key factor driving the market growth. The mushrooming adoption of smartphones, tablets, and laptops adds an upsurge to the market development. Furthermore, the growing popularity of action figure products amongst kids and adults is flourishing in growth for the market.
The rising numbers of viewers have generated lucrative opportunities for manufacturers operating in the market. Opportunities such as the launch of premium and customized action figures by key market players are likely to be a key trend bolstering market growth.
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