Global Toy and Game Market – $100+ Billion Industry in 2020
06 March 2021: Global doll, toy, and game market is expected to grow from $97.99 billion in 2020 to $102.26 billion in 2021 at CAGR of 4.4%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $135.66 billion in 2025 at a CAGR of 7%.
Asia Pacific was the largest region in the global doll, toy, and game market, accounting for 32% of the market in 2020. North America was the second largest region accounting for 27% of the global doll, toy, and game market. Africa was the smallest region in the global doll, toy, and game market.
NFC (near field-communication) technology is increasingly being integrated with toys and games to enable interaction and improve engagement. NFC allows users phone to interact within a radius of about 4 cm and provides a wireless connection between devices.
For instance, Mattle introduced Hot wheels id, which enable kids to race their NFC-enabled Hot wheels on its smart track and scan their collections into a free iOS app. In the app, which acts as a virtual garage, kids can track speed and laps via infrared sensors in the Hot Wheels Race Portal, which scans your cars and connects to classic Hot Wheels tracks, Sphero, Anki Drive are some other companies offering NFC enabled cars.
The doll, toy and game manufacturing market are expected to benefit from steady economic growth forecasted for many developed and developing countries. The International Monetary Fund (IMF) predicts that the global GDP growth will be 3.3% in 2020 and 3.4% in 2021.
Recovering commodity prices, after a decline in the historic period is further expected to be a significant factor driving economic growth. The US economy is expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period.
https://www.researchandmarkets.com/r/r04y0w
