NEW YORK, Jan. 19, 2022 /PRNewswire/ -- There has been a constant rise in the demand for product premiumization in toys market which is influenced by the expansion of the product portfolio, as per the latest research report of "Toys Market in Europe - Forecast and Analysis".
If we look back at the historic data, the sales through online shopping platforms accounted for almost 11% of the revenue of the toys market in the UK in 2020.
Key Toy Market in Europe Report Highlights:
Market growth 2020-2025: USD 8.75 billion
Growth momentum & CAGR: Accelerate at a CAGR of 5%
YoY growth (%): 4.53%
Performing market contribution: Rest of Europe at 41%
Key consumer countries: UK, Germany, France, Italy and Rest of Europe
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Regional Market Analysis
With 41% of the growth originating from the Rest of Europe, this region will record a fast growth rate during 2021-2025.
The growing e-commerce market is expected to boost the growth of the toy market in the Rest of Europe.
Apart from the growth in the e-commerce market, the two key reasons for the increasing toys market's growth in Europe are:
The UK market is mainly driven by the adoption of toys as a gifting item and the increase in the number of occasional purchases during Black Friday and Cyber Monday, as well as traditional festivities such as Christmas and Easter.
In addition, increased purchases through online shopping platforms drive the growth of the market in the UK.
Despite a difficult trading year for many industries, the toys market in the UK remained buoyant and resistant as overall sales increased by 5% in terms of value, with the biggest spike in sales that came during the first lockdown of 2020, maintaining the UK's position as the largest toys market in Europe and fourth-largest globally.
Moreover, toys such as board games constitute a key source of entertainment not only for children but also for customers of all age groups, brick-and-mortar retail stores and toy and board game cafes, such as Draughts (UK), offer people avenues to convene and play.
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Key Vendors and Vendor Strategies
Atlas Games, Clementoni Spa, Franckh Kosmos Verlags GmbH and Co. KG, Hasbro Inc., LEGO System AS, Mattel Inc., Ravensburger AG, The Goliath Games LLC, TOMY Co. Ltd., VTech Holdings Ltd. are few of the key vendors in the toys market in Europe.
The key players operating in the market mainly focus on introducing new products to cater to the interests of consumers. Vendors such as Hasbro, Mattel, and LEGO are engaged in continuous product innovation and portfolio expansion.
In addition, the majority of players in Europe are commencing and initiating mergers and acquisitions as one of their key strategies to achieve consolidation and optimize their offerings.
Moreover, the construction toys segment was the largest of all the other toys market in Europe in 2020. Construction toys include various toys and sets used for constructing different models. They are usually made of plastic, metal, or wood.
Some major macroeconomic factors that have a prominent impact on the construction toys market in Europe include the expansion of the middle-class population and its growing disposable incomes, the declining child mortality rates, and the increasing birth rates. The growth in the child population (0-14 years) increases the target audience base for construction and activity toys, thereby creating growth opportunities for the vendors in the market.
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Key Market Drivers
Our analysts have extensively outlined the information on the key market drivers and their impact on the toys market in Europe.
Expanding product portfolio influencing product premiumization:
For instance, the detailed LEGO interpretation of the motorcycle captures the features of the real-life machine, with elements replicating the full-size Harley-Davidson Fat Boy. The model will be equipped with additional features such as solid-disc wheels, a teardrop fuel tank, an integrated speedometer, and dual-exhaust pipes.
Furthermore, branding is the key to attracting and retaining customers in the toys market, as product premiumization is critical as most vendors offer similar products that have relatively similar features. Hence, product differentiation through effective branding initiatives enables the vendors to retain and broaden their customer base and helps the brand strengthen its market position.
To know about a few other market drivers, trends, and challenges.
Toys Market Scope in Europe
Growth momentum & CAGR
Accelerate at a CAGR of 5%
Market growth 2021-2025
$ 8.75 billion
YoY growth (%)
Performing market contribution
Rest of Europe at 41%
Key consumer countries
Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled
Atlas Games, Clementoni Spa, Franckh Kosmos Verlags GmbH and Co. KG, Hasbro Inc., LEGO System AS, Mattel Inc., Ravensburger AG, The Goliath Games LLC, TOMY Co. Ltd., and VTech Holdings Ltd.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period
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