According to a recent report by Technavio, the global toys and games market is projected to grow by USD 70.12 billion from 2023 to 2027. The market is expected to have a compound annual growth rate (CAGR) of 8.1% during the forecast period.
However, the toy and game market is facing challenges from the emergence of 3D printing technology. This allows consumers to create their own versions of popular toys and games, raising concerns over copyright and trademark infringements. To address this issue, licensors such as Sesame Workshop and Hasbro have started granting licenses to 3D printing companies, providing access to specific assets and legitimizing DIY merchandise. This allows licensors to derive revenue from these products.
The toy market is evolving to embrace multi-functional toys featuring popular characters from cartoons, TV shows, and movies. Millennials and old-school gamers are engaging in social gatherings and purchasing products from e-stores and online platforms. Indoor games such as mobile-based gaming and construction sets are particularly popular. Emotions, creativity, cognitive skills, physical skills, and social skills remain at the heart of toys and games.
In the dynamic toys and games market, retailers face complex challenges in merchandise management. Green toys and building sets cater to millennials’ preference for sustainability and construction skills. E-stores and online platforms dominate retailing, offering a wide range of products. Kickstarter and tech-based toys are fostering innovation.
Overall, the toys and games market continues to grow and cater to a wide range of consumer preferences, with sustainability, digitalization, and innovation shaping the industry’s future.
According to a recent report by Technavio, the global toys and games market is expected to experience significant growth in the coming years. The market is projected to grow by USD 70.12 billion from 2023 to 2027, with a compound annual growth rate (CAGR) of 8.1% during the forecast period.
One of the challenges facing the toy and game market is the emergence of 3D printing technology. This technology allows consumers to create their own versions of popular toys and games, which raises concerns over copyright and trademark infringements. To address this issue, licensors such as Sesame Workshop and Hasbro have started granting licenses to 3D printing companies, allowing them access to specific assets and legitimizing DIY merchandise. This approach enables licensors to generate revenue from these products.
The toy market is also evolving to embrace multi-functional toys featuring popular characters from cartoons, TV shows, and movies. Social gatherings and online platforms have become primary channels for millennials and old-school gamers to engage in purchasing products. Indoor games such as mobile-based gaming and construction sets are particularly popular. Toys and games that stimulate emotions, creativity, cognitive skills, physical skills, and social skills continue to be at the heart of the industry.
In the dynamic toys and games market, retailers face complex challenges in merchandise management. The demand for green toys and building sets is driven by millennials’ preference for sustainable and eco-friendly options that also promote construction skills. E-stores and online platforms have become dominant in retailing, offering a wide range of products to consumers. Platforms like Kickstarter have also played a significant role in fostering innovation within the industry.
Overall, the toys and games market is poised for continued growth as it caters to a wide range of consumer preferences. The industry’s future is shaped by factors such as sustainability, digitalization, and innovation. These factors not only drive market growth but also influence the strategies adopted by major players in the industry.
For more information on the global toys and games market, you can visit Technavio.