As per market research, the global games and puzzles market is expected to prosper at a considerable pace. Innovation and advancements in 3D printing technology are enabling board and card game manufacturers to improve formal game patterns, thereby facilitating the market to attain remarkable impetus over the forecast period. Educational institutes are focusing on developing efficient cognitive reasoning skills in students, as a result of which they have started involving board games and puzzles in their academic curriculums, which can help in improving critical thinking, logical reasoning, and problem-solving skills in children.
A shift in the preference of kids, teenagers, and adults towards toys, such as Rubik’s cube, gloomhaven, Sagrada, and Quantum for memory strengthening, are expected to fuel the demand for modern games and puzzles. Online retailing is emerging as a lucrative method of distribution for manufacturers of puzzles and toys. Collaboration between manufacturers and online retailers coupled with a rising number of campaigns and improving promotional strategies are expected to stimulate market growth during the forecast period. Sales at mortar stores tend to be high during vacations, especially due to seasonal demand.
However, sales at storefronts are falling as consumers are switching towards convenient e-commerce shopping platforms. Retailers selling their products online offer huge discounts and attractive deals to attract a large customer base. Considering the benefits of online retailing, a large number of manufacturers and retailers have started selling their products online, which has enabled them to serve a large pool of customers and expand their businesses with increased sales and revenue. Board Game makers are adopting modern technologies in order to attract more consumers in saturated markets. Their idea to incorporate modern technologies into board games has led to the development of mobile applications that can improve the player experience.
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Market Segmentation
The global games and puzzles market can be analyzed on the basis of the following factors-
Major product types-
- Licensed
- Non-licensed
The licensed games and puzzles segment has attained a lot of traction around the globe. Rising demand for multigenerational appeal and growing investments in revamping former license-characters are anticipated to offer a considerable push to the sales of licensed games and puzzles.
Major distribution channel-
- E-commerce
- Brick and Mortar
Distribution of games through e-commerce channels has been attaining traction with the proliferation of smart connective devices and improving internet connectivity across the globe. E-commerce portals provide a broad range of products as well as heavy discounts. Besides, these portals also enable customers to compare products based on several criteria, such as brands, prices, and discounts, among others.
Regional Analysis
North America, Europe, Asia Pacific, and Southeast Asia are the major regions driving the games and puzzles market. The Asia Pacific is the most prominent market for games and puzzles. The existence of low-cost manufacturing units in India and China is anticipated to fuel the growth of this regional market. Manufacturers and retailers operating in the region are either shifting their production plants to China or expanding product imports to avail low-cost products. Besides, in Europe and North America, the games and puzzles market is noticing moderately slow growth rates, as online and VR gaming continues to attract teenagers. Considering the fact that consumers are getting emotionally attached and fond of their favourite movie character, the demand for licensed toys is expected to increase gradually.
Important Facts
Kid Trax, a toy brand of Dorel Industries, Inc. has recently launched a wide portfolio of ride-on toys ahead of the vacation season. With the launch of three different 6-volt Rideamals, this category of toys is now available to even more kids than before. The best selling toys from this range include Ride unicorn and Josie play. Ride unicorn is a 12-volt riding gadget with advanced interactive game features. The Josie play comes with over 100 unique sounds and movements that will surely attract kids.
Continuous…
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