The global traditional toys and games market is anticipated to grow at a moderate growth rate during the period of assessment 2017-2027. According to XploreMR, this market is poised to reflect a CAGR of 4.5% throughout the forecast period and is likely to be valued at US$ 133.74 Bn by the end of 2027 from an estimation of US$ 86.3 Bn in 2017.
Outdoor and Sports Segment to Dominate the Global Traditional Toys and Games Market
By product type, the outdoor and sports segment is anticipated to dominate the global market during the period 2017-2027. As of 2016, the outdoor and sports segment dominated the global market in terms of high revenue of more than US$ 11 Bn and this trend is more likely to continue during the assessment period. By the end of 2027, it is poised to reflect a value of about US$ 20.5 Bn. The outdoor and sports segment also grows at a higher growth rate compared to other segments. During the forecast period of 2017 to 2027, this segment is poised to reflect a robust CAGR of 5.7% and outpace other segments by product type during the projected period.
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Construction Set Segment Shows Significant Potential
Construction set segment by product type is expected to grow at a high CAGR of 5.6% and shows high potential in the coming years. However, the market value of this segment is low as compared to the model vehicle segment and ride on vehicles segment. But the high growth rate can promise a better future for this segment. The construction set segment is poised to reflect a value of about US$ 11.5 Bn by the end of 2027
APEJ to Represent High Market Attractiveness; North America to Dominate the Global Market
By region, the global traditional toys market is sub-segmented into North America, Western Europe, Eastern Europe, Asia Pacific excluding Japan (APEJ), Japan, Latin America and Middle East and Africa (MEA). With respect to product types, the Asia Pacific excluding Japan (APEJ) region is anticipated to grow at the highest growth rate to reflect a steady CAGR of 5% throughout the period of assessment 2017-2027. This region is driven by factors such as high disposable income, rise in online shopping etc.
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Considering the population, social, economic and other demographic factors, APEJ region offers vast opportunities for the traditional toys and games market. However, North America region dominates the global market by reflecting a high market value followed by Western Europe. By the end of 2027, North America is poised to show value of about US$ 42 Bn with a moderate growth rate to register a CAGR of 4.5% during the assessment period.
Western Europe stands next to North America, but both these regions are poised to grow at a similar growth rate throughout the period of assessment. With respect to market value, North America is followed by Western Europe, which is followed by Asia Pacific excluding Japan (APEJ) region. With respect to product types, these are the main three regions, if you consider from an investment standpoint. Following these, are Eastern Europe, Latin America, Japan and Middle East and Africa (MEA).
Dynamics Influencing the Global Traditional Toys and Games Market
Increase in licensing activities, which plays an important role in traditional toys and games, has contributed to the growth of the global market. The rapid growth of internet platform has enabled the manufacturers to sell and market their toys and games on a large scale, within a short period of time. This has led to increased awareness regarding products, features etc. With internet and online publicity, the manufacturers can target their consumers as well as position their products according to age groups.
The disposable income of people, or the “would-be” potential customers, is rising. With higher income, people are able to afford games and toys for their children on a global scale. In emerging economies, such as China and India, the population is high and so is the birth rate. With higher birth rate coupled with high disposable income, the consumption of toys and games is rising, thus contributing to the growth of the global traditional toys and games market.
New innovations in traditional toys and games, higher spending on games for children of different age groups and easy branding and licensing have fuelled the growth of the global traditional toys and games market. Also, there are few aspects which have a negative impact on the growth of the global traditional toys and games market. Factors such as seasonal demand for toys, rising use of mobile phones, age compression and falling birth rate in few regions pose challenge to the global traditional toys and games market growth.
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This post was originally published on Space Market Research