Toys Market to Grow with Technological Advancement at the CAGR of 4.13% During Forecast Period
United
States Toys market is driven by various factors such as technological
advancements, changing consumer demographics, and the growth of e-commerce.
According
to TechSci Research report, “United States Toys Market – By Region,
Competition, Forecast and Opportunities, 2018-2028F”, the United States Toys Market stood at USD 24.34 billion in
2022 and is anticipated to grow with a CAGR of 4.5% in the forecast period, 2024-2028.
The United States toys market is a vibrant and dynamic
industry that plays a significant role in the lives of children and families
across the nation. With a history dating back over a century, this market has
evolved and expanded in numerous ways, reflecting changes in society,
technology, and consumer preferences.
The history of the toys market in the
United States is rich and varied, reflecting the changing times and tastes of
society. In the late 19th and early 20th centuries, traditional toys such as
dolls, wooden blocks, and trains dominated the market. These toys were often
handmade and held great sentimental value. However, with the advent of mass
production techniques, the industry saw a shift towards more affordable and
widely accessible toys.
One of the most iconic moments in the
history of the U.S. toys market occurred in 1959 with the introduction of the
Barbie doll by Mattel. This revolutionary toy sparked a new era of consumer
culture by creating a strong brand identity and fueling the rise of dolls as a
dominant market segment. Additionally, the 1960s witnessed the explosion of
action figures, led by G.I. Joe and later the immensely popular Star Wars
figures. These toys blurred the line between play and collectibles and helped
shape the future of the market.
There is a growing emphasis on
environmentally friendly and sustainable toy manufacturing. Consumers are
becoming more conscious of the materials used in toys and the impact of
production on the environment. The rise of e-commerce, led by platforms like
Amazon, has transformed the way toys are marketed and sold. Online retail
allows for a broader selection of products and easy access for consumers, but
it also presents challenges to physical toy stores. The influence of popular
media franchises on toy sales is undeniable. From Disney princesses to
superheroes, these franchises drive a significant portion of the market.
Collectible toys have surged in
popularity, with brands like Funko Pop! creating a fervent following. These
items bridge the gap between toys and collector's items, appealing to adults as
well as children. There's a growing demand for toys that reflect diverse
cultures, races, and genders. Toy companies are responding by expanding their
product lines to be more inclusive. The integration of technology, such as
augmented reality and interactive features, continues to enhance the play
experience and keep toys relevant in the digital age.
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Product safety is a critical concern,
especially with the increasing use of technology in toys. Ensuring that toys
are free from harmful materials and designed to prevent accidents is a top
priority. The market is highly competitive, with numerous companies vying for
consumer attention. Established players and newcomers are constantly innovating
to maintain or gain market share. Traditional toy stores have faced challenges
in the digital age, with many experiencing declining sales. However, physical
retail stores still offer unique advantages, such as hands-on experiences and
immediate gratification. Understanding the ever-changing preferences of
children and parents is a continuous challenge for manufacturers. Staying
attuned to societal shifts is crucial for remaining relevant.
The toys market is ripe for innovation,
with opportunities for companies to develop new and exciting products that
captivate young minds and offer unique experiences. The U.S. toys market
presents opportunities for expansion into international markets, capitalizing
on the appeal of American pop culture and iconic brands. Embracing sustainable
practices and materials can not only help companies meet consumer demand for
eco-friendly products but also reduce long-term production costs. Digital
technologies offer opportunities for enhancing toy experiences, from
interactive apps to educational content.
The United States Toys market is segmented
into product type, sales channel, and region.
Based
on product type, the market is segmented into outdoor and sports toys, dolls,
vehicles toys, plush toys, others (action figures, construction toys, games
& puzzles, etc.). Among these, vehicles toys has a significant share in the
United States toys market. Vehicle toys have a timeless and universal appeal.
Children are naturally drawn to objects that move, and toy vehicles offer an
interactive and engaging play experience. This appeal spans generations, making
vehicle toys a staple in the market.
Based
on region, the market is segmented into South, West, Mid-West, North-East. Among
these, South has a significant share in the United States toys market. The
South boasts a wide array of retail outlets, including toy stores, department
stores, discount retailers, and specialty shops. Major cities like Atlanta,
Dallas, Houston, and Miami are retail hubs with a strong presence of toy stores
and chains. This provides ample opportunities for toy manufacturers to reach
consumers in the South.
Key
market players in the United States Toys market include:
- Hasbro
Inc.
- Mattel
Inc.
- Spin
Master
- MGA
Entertainment Inc.
- Radio
Flyer
- K’Nex
Industries Inc.
- Funko
Inc.
- LEGO
Group
- Vtech
- Ravensburger
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“The
United States toys market is a dynamic and evolving industry that continues to
capture the imaginations of children and adults alike. From the historical
roots of traditional toys to the modern integration of technology, this market
has adapted to changing consumer preferences and societal trends. As it faces
challenges related to competition, safety, and shifting retail landscapes, it
also presents ample opportunities for innovation, sustainability, and global
expansion. The U.S. toys market will likely continue to play a vital role in
the lives of families for generations to come, bridging the gap between
traditional play and the digital age.” said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based Global management consulting firm.
“United States Toys Market Segmented By
Product Type (Outdoor and Sports Toys, Dolls, Vehicles Toys, Plush Toys, Others
(Action Figures, Construction Toys, Games & Puzzles, etc.)), By Sales
Channel (Supermarkets/Hypermarkets, Specialty Stores, Online, Others
(Stationery Stores, Gift Shops, Kiosks, etc.), By Region, Competition, Forecast
and Opportunities, 2018-2028F”,
has evaluated the future growth potential of United States toys market and provides
statistics and information on market structure, size, share, and future growth.
The report intends to provide cutting-edge market intelligence and help decision-makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in the United States toys market.
Contact
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Ken Mathews
Techsci
Research LLC
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