Global Toys And Games Market 2020-2024 | Increasing Children's TV and Internet

Posted by sarahbennu on April 6th, 2020

The toys and games market is expected to grow by USD 54.72 billion during 2020-2024, according to the latest market research report by Technavio

Toys and Games Market by Product, Distribution Channel, and Geography - Forecast and Analysis 2020-2024

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The demand for children's merchandise and toys is increasing with an increase in the number of entertainment programs and children’s TV channels. New cartoon and comics characters introduced by channels like Disney Junior, Cartoon Network, POGO, Nickelodeon, and Fox Kids boost the sales of licensed merchandise and toys. It is also noted that most children spend a minimum of three hours every day watching TV. As children account for a major share of the total retail sales of licensed toys and related merchandise, the growing number of children’s programs and TV channels is expected to drive the market during the forecast period.

As per Technavio, the rise in online sales will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.

Toys and Games Market : Rise in Online Sales

E-retailing is the fastest-growing sector of the global retail market. In 2019, the overall revenue of this sector was more than trillion and grew by 17%-18% as compared with 2018. The growing number of online websites offering a wide range of toys and games has increased the demand for these products, especially among working parents who seek easy accessibility and convenience. Furthermore, online websites also provide detailed information on products including quality specifications, safety measures, and user guidance. Online shopping of various products including toys and games through smart devices or m-commerce has also gained popularity over the years because of the high penetration of Internet services, improved economic conditions in many parts of the world. In addition, the ease of upgrading purchases and delivery options available on this channel are expected to drive the growth of the market.

Toys And Games Market: Segmentation Analysis

This market research report segments the toys and games market by product (activity and ride-on toys, infant and pre-school toys, plush toys, games and puzzles and others), distribution channel (offline distribution channel and online distribution channel), and geography (APAC, Europe, MEA, North America and South America).

The APAC region led the toys and games market in 2019, followed by North America, Europe, South America and MEA. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the rapid economic development, increase in disposable income, and rise in online sales.

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