Kids Toys Market Developments by 2031
The Kids Toys Market size is projected to reach US$ 192.49 billion by 2031 from US$ 129.18 billion in 2023. The market is expected to register a CAGR of 5.1% in 2023–2031. Emerging technologies such as augmented reality, virtual reality, and artificial intelligence are transforming children's play and learning experiences, which has a significant impact on the Kids Toys market.
Growing Awareness about Child Development through Toys
Kids Toys Market Analysis
The growing awareness about child development through toys. Toys increase children's imagination, creativity, and problem-solving skills, which are crucial for cognitive development while enhancing their social and emotional skills through exploration, experimentation, and learning about their environment. Playing with toys helps children develop social skills such as sharing, cooperating, and emotional expression. It also helps to navigate social situations and nurtures lasting friendships by allowing children to express their feelings through play.
Kids Toys Market Overview
Increasing disposable income in many regions allows parents and their families to spend more on toys for their children. Innovations in toys, such as smart toys and augmented reality games, attract tech-savvy parents, other family members, and caretakers. Parents' emphasis on educational toys that promote learning and development among children is a significant driver fuelling the kid's toys market. The rise of e-commerce platforms provides a convenient way for consumers to purchase toys globally. Also, toys based on popular movies such as Spiderman, the Hulk, Barbie, Transformer, and Marvel movies, TV, and game franchises attract a broad customer base. Thus, a rising preference for character-based toys is expected to become a significant trend during the forecast period in the kids toys market.
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Kids Toys Market: Strategic Insights
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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Kids Toys Market: Strategic Insights
Shejal
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Shejal will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
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Kids Toys Market Drivers and Opportunities
Technology Advancement Leading to Innovative Toys
The emergence of interactive and smart toys is a significant development in the toy business. Modern features such as sensors, Bluetooth connectivity, and artificial intelligence are built into these toys, giving kids interactive play experiences. Interactive toys are transforming the way kids play. Examples include voice-activated robotic pets and learning tablets that adjust to a child's learning style.
Rising Focus on Educational and STEM-Based Toys
Increased urbanization and the number of literate parents looking for creative ways to encourage learning in their kids are expected to fuel the global market for STEM toys. Other elements that can encourage the sales of STEM toys in the future include the growing emphasis on education and the rising need for innovative teaching techniques. Students' learning is enhanced by incorporating AR and VR into STEM toys.
Kids Toys Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Kids Toys Market analysis are type, cause, disorder type, category, and end user.
- Based on product type, the market is segmented into building blocks, figurines and dolls, soft toys, puzzles and board games, and others.
- In terms of distribution channels, the market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. The specialty store segment dominated the market in 2022
Kids Toys Market Share Analysis by Geography
The geographic scope of the Kids Toys Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
North America has dominated the Kids Toys Market. North America’s toy manufacturing companies adhere to strict standards, producing safe, fun, and useful toys for children. Kids toys providers and parental awareness contribute to North America's dominance, with high awareness of the benefits of the market. Its tech-savvy population, influenced by advanced technologies, is embracing connected toys for interactive play experiences, ensuring North American consumers stay at the forefront of digital technology. Asia Pacific is anticipated to grow with the highest CAGR in the coming years.
Kids Toys Market News and Recent Developments
The Kids Toys Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for speech and language disorders and strategies:
- MRF’s Funskool India Ltd. has rolled out more than 15 new products for this summer from its home-grown brand Giggles, Games, Fundough, Handycrafts and Play & Learn. These entertaining and educational toys include Betty the Butterfly, My First Pony – Ride On, Rummikub, Tateru, Word Build, Nail Design Studio, Little Florist, Foam Vehicles, and Noodle Party, the leading toy maker said in a statement. These toys have been designed keeping in mind the new-age requirements of children – physically and emotionally. The toys will increase the physical abilities, better balance and coordination, and motor skills of the children, apart from encouraging creativity, the company said. “The new range of toys are indigenously developed and manufactured in line with the Atma Nirbhar vision of India. Funskool will continue to play a key part in the development of children through the launch of these new high-quality toys and games,” said CEO R. Jeswant. (Source: Funskool India Ltd, Newsletter, 2023)
- Reliance Retail, which owns British toy brand Hamleys and home-grown toy brand Rowan, has entered into a joint venture with a Haryana-based firm for local manufacturing to meet the growing demand. The company has entered into a joint venture with Sonipat, Haryana-based Circle E Retail to vertically integrate its toy business.
Kids Toys Market Report Scope
Kids Toys Market Report Coverage and Deliverables
The “Kids Toys Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
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- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
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Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
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- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
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Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
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