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Games and puzzles are embracing a steady growth over the years as it helps to entertain, educate, and relieve boredom of the users. Its capability to help sharpen the memory, train eye, and hand coordination, and improve problem-solving ability is assisting to increase the market growth. The rising number of dual-income families possessing the ability to spend more on playing and entertainment products, including games and puzzles, has resulted to surge the demand. As per the data issued by the United States Bureau of Labor Statistics, in 2019, the dual-income household in America is assessed to be 64.2 percent.
The upsurging enrolment of children to primary education led to increasing utilization of the product for educational purposes is acting as a driving factor for the market growth. For instance, according to the data issued by the World Bank.Org, in 2018, the school enrollment in primary education is 89.41 percent globally. Furthermore, the increasing popularity of the utilization of the product for bonding purposes in various forms of gatherings such as birthday parties, camping, youth meetings, and others has a positive impact in generating traction.
Nevertheless, the popularity of the usage of technological devices such as smartphones, tablets, laptops, and others acts as a hampering factor for the market growth.
Key Market Driver -
The increasing enrollment of children to primary education act as a driving factor for the market growth.
Key Market Restraint -
The popularity usage of technological devices is acting as a restraining factor for the market growth.
Mattel, Inc., Ravensburger AG, Hasbro, Inc., Ceaco, Inc., Buffalo Games, and others are the key companies operating in the games and puzzle market.
The games and puzzle market is segmented into by licensing, type, distribution channel, and geography.
On the basis of licensing, the market is divided into licensed and non-licensed. Non- licensed is estimated to be the dominant owing to the presence of a broader range of similar products or games at reasonable costs. Similarly, the segment targeting customers of every economic background boosted its demand.
Based on type, the market is bifurcated into games and puzzles. Games are anticipated to be the leading segment due to the attractive themes and designs, which provide a more immersive experience to users as compared to puzzle help to escalate its preference rate.
By distribution channel, the market is divided into e-commerce and brick& mortar stores. Brick and mortar stores are projected to be the prominent market on account of the store, providing customers a sense of refuge concerning the authenticity and quality of the product.
On the basis of region, the market is divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
North America is estimated to hold a dominant share and is projected to continue throughout the forecast period of 2021-2028. The rising growth of theme parks propelling the consumption of the product for their gaming activity or reward is acting as a driving factor for the market growth. For instance, according to the data issued by Themed Entertainment Association, in 2018, the top 20 North American Theme Park has witnessed an attendance rise of 4 percent, which represents 6.1 million visits. Furthermore, the puzzle championship of this region, such as the North America Jigsaw Puzzle Championship, US Puzzle and Sudoku Championship, and others increasingly inspiring people to pursue puzzle games, is thus assisting to generate traction.
Asia Pacific is assessed to display a vital impact in the games and puzzles market, owing to the gradual reduction of youth un-employment rate led to surge their expenses made on entertainment products. For instance, according to the data released by the International Labor Organisaton in March 2020, in 2018, the youth unemployment rate in Asia Pacific was assessed to witness a decrease of 0.1 percent from its prior year. Additionally, the domestic brands of the region such as Awals Creations India, Plaza Japan, Brothers Box Factory China, and others offering products at a reasonable cost to local consumers has a positive impact in escalating the demand.
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