PUNE, India, July 17, 2024 /PRNewswire/ -- Toys Market Report (New Research published by Market Decipher) estimates Toys industry at $206.4 Billion in 2024, and forecasts $453.9 Billion by 2034, growing at 8.2% CAGR during 2024 to 2034. The surge in demand for educational toys that encourage learning in science, technology, engineering, and mathematics (STEM) is driving growth in the toys market. Furthermore, new technologies featured in toys, such as Bluetooth connectivity, artificial intelligence, and music, provide children with an immersive play experience.
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"The toy industry remains heavily influenced by pop culture. Demand for related toys, such as action figures, dolls, and playsets, is fuelled by popular franchises like Disney, Marvel, and Star Wars. There are many toy lines devoted to movies, TV series, and video games that profit on their popularity. Sales of related toys may soar in response to the premiere of a new film or the popularity of a television show."
- Gauri Garale (Research Head, Market Decipher)
Factors Fuelling Growth of the Market:
- E-commerce and online shopping trends accelerate toy market growth owing to availability of various products, affordable prices and ease as compared to the physical stores.
- Growing awareness of environmental issues drives consumer demand for eco-friendly toys made from sustainable materials such as wood, bamboo, and recycled plastics.
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Key Market Developments
- In June 2024, Mattel, Inc. has partnered up with Universal Pictures and Academy Award-winning producer/screenwriter Akiva Goldsman, under his Weed Road banner, to create Monster High, a live-action theatrical film.
- In June 2024, Spin Master Corp. has completed the acquisition of Melissa & Doug for $950 million.
- In May 2024, The LEGO Group has launched the latest additions to its LEGO Islands collection, a series of kid and family-friendly LEGO-themed experiences designed by the brand, within Fortnite.
- In April 2024, Nex and Hasbro are broadening their partnership to introduce a new range of interactive family games exclusively for the acclaimed Nex Playground console.
- In April 2024, Funskool India, the toy manufacturer, has expanded its Ranipet facility in Tamil Nadu by adding over 160,000 square feet. This addition doubles the plant's manufacturing capacity, the company announced in a statement.
- In April 2024, Goliath Games has revealed its acquisition of Lucky Duck Games, renowned for their innovative and award-winning digital hybrid board games like Chronicles of Crime and Destinies.
Toys Market Segment:
By Product Type:
- Dolls
- Outdoor & Sports
- Indoor Sports
- Action Games
- Action Figurines
- Activity Kits
- Construction & Building Toys
- Ride on Cycles
- Ride on Scooters
- Plush Toys
- Infant and Preschool Toys
- Vehicles and Remote-Controlled Toys
- Musical Toys
- Art and Crafts
- STEM Toys
- Water Toys
- Collectibles Toys
By Age Group:
- 0-3 Years
- 3-5 Years
- 5-12 Years
- 12-18 Years
- 18+ Years
By Sales Channels
- Online Manufacturers
- Online Marketplaces
- Brand stores
- Supermarket hypermarket
- Toy stores
- Others
Top Companies
- The LEGO Group
- Mattel, Inc.
- Hasbro, Inc.
- Playmates Toys Limited
- Tomy Company, Ltd
- Kenner Products
- Spin Master Ltd
- Jazwares, LLC
- Vtech
- Funko Inc
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