The global toys and games market is set to experience significant growth, with an estimated increase of USD 70.12 billion from 2023 to 2027, according to Technavio. This growth is expected to be driven by a CAGR of 8.1% during the forecast period. However, the industry is facing challenges from the rise of 3D printing technology, which allows consumers to create their own versions of popular toys and games. This trend poses risks of copyright and trademark infringements, particularly for licensors like Sesame Workshop and Hasbro.
To address these challenges, licensors are granting licenses to 3D printing companies, enabling them to access specific assets and distinguish their merchandise. The toy market is evolving to incorporate multi-functional toys featuring popular characters from various media, appealing to both Millennials and old-school gamers who engage in social gatherings or purchase products online. The market emphasizes emotional, creative, cognitive, physical, and social skills through a wide range of toys and games, from dolls like Barbie to action figures and building toys.
In response to consumer preferences, retailers are offering environmentally friendly toys and building sets that cater to Millennials’ sustainability concerns. Mobile-based gaming, puzzles, and traditional games remain popular for social interactions, with e-stores and online platforms dominating the retail landscape. Technology-driven toys, Kickstarter projects, and educational toys cater to evolving consumer demands. The market is also witnessing a shift towards service-oriented models that provide cognitive benefits through board games and traditional toys.
In conclusion, the Toys and Games market is dynamic and diverse, offering a wide range of products to cater to consumers of all ages. From educational toys for infants to collectible action figures for older kids, the market ensures endless entertainment options. With key players like Hasbro, LEGO, and Mattel leading the industry, innovation, sustainability, and digitalization are shaping the future of the market. As the industry continues to evolve, opportunities for growth and market expansion remain promising.
For more information on the global Toys and Games market, download a FREE sample report from Technavio to stay informed on the latest market trends and insights.
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