The toys and games industry must capitalize on drivers such as change in consumer behaviours and technology advancements as cultural norms adjust. From interactive smart-toys to widespread eSports recognition, promising horizons of innovative trends are appearing right around the corner.
Be prepared to welcome 2024 with the following toys and games trends:
Trend 1: Rise in Smart Toys
Today’s children are born into a world heavily centered on technology. As a result, smart-toys, which combine physical devices with interactive digital elements, are expected to dominate the market by 2024. According to Research and Markets’ 2020 report, the global smart toys market is expected to reach USD 34.2 billion by 2024, growing at a CAGR of 15.1% from 2019.
These figures indicate a shift in consumer behavior towards the adoption of products that provide an educational, immersive experience. For sourcing buyers, this suggests a need to align with suppliers that offer a blend of innovative technology and engaging play experiences.
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Trend 2: Sustainable Toys & Games
In the wake of environmental concerns, sustainability in toys is expected to become a significant trend. Evidenced by the Global Toys Market Report 2021, there’s a demand hike for eco-friendly, recyclable, and plastic-free games. Suppliers producing toys from organic, sustainably sourced materials are thus hypothesized to have a substantial edge.
For sourcing buyers, this equals an opportunity in associating with suppliers promoting green manufacturing processes and materials. A recent Nielsen survey indicated that 66% of global consumers, especially millennials, are willing to spend more on a product if it comes from a sustainable brand. This trend signifies a chance to capture a conscientious, eco-aware consumer base.
Trend 3: Experiences Beyond the Toy or Game Product
Following the success of role-play and immersive experience gaming platforms, such as Roblox and Minecraft, toys offering experiences beyond physical products are expected to remain on an upward trajectory by 2024. The global online game market size is anticipated to reach USD 196.4 billion by 2024, marking an impressive CAGR of 9.5% from 2020 to 2024 (Technavio, 2020).
The trend associates lesson-driven toys with memory-based experiences rather than object-driven ones. For sourcing buyers, it encourages collaborations with suppliers integrating augmented reality (AR), virtual reality (VR), and other technology to provide advanced, interactive gameplay experiences.
Trend 4: eSports Demand Surge
The boom in eSports, a form of sport competition using video games, is another trend shaping the gaming landscape in 2024. Statista estimates that the global eSports market will reach USD 1.79 billion by 2024, owing greatly to the surging popularity of competitive gaming amongst younger audiences.
Leveraging eSports’ growth, suppliers can focus on developing games aimed at competitive gaming. Sourcing buyers should follow this trend to align with these ground-breaking innovations.
The toys and games market in 2024 appears to be vastly propelled by innovation, experience, and sustainability. For sourcing buyers and suppliers, the future offers vast opportunities to adopt these trends, thereby attracting a wider consumer base. The foreseen success resides within staying amenable and adaptive to the unfolding demands of this dynamic marketplace.
Excel in the vast toys and games landscape by taking part in our upcoming Hong Kong Toys & Games Fair, in which you can try out STEM toys and gadgets yourself:
In the mean time, source other educational toys on our e-Marketplace:
