Magnetic Tiles Market REPORT OVERVIEW
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The global magnetic tiles market size is expanded rapidly in 2021 and market is expected to generate substantial revenue by 2031, exhibiting a high compound annual growth rate (CAGR) from 2021 to 2031.
Towers, forts, and castles can be constructed using magnetic tiles. These are simple to put together on the ground or a tabletop. Magnetic tiles come in a variety of shapes, such as squares, triangles, rounds, and others. Although they don't come into direct contact with each other during the assembly process, these magnetic bricks have the enticing quality of being strongly drawn to one another. Despite this, they stick together well under normal circumstances without the use of tape or glue.
COVID-19 Impact: A Different Set of Laws and Regulations to Support the Market Growth
The COVID-19 epidemic has caused border restrictions, transit network breakdowns, and widespread lockdowns. The COVID-19 outbreak's economic uncertainty is far greater than that caused by previous outbreaks including the severe acute respiratory syndrome (SARS), avian flu, swine flu, bird flu, and Ebola due to the growing number of affected persons and the ambiguity around when the crisis will end. The COVID-19 epidemic has also reduced consumer purchasing power and caused a shift in consumer spending from wants to need. During the early phases of the pandemic, these variables had a negative effect on the sales of magnetic tiles. Nevertheless, once everything returned to normal.
LATEST TRENDS
"Expanding Toy Stores in Select Areas to Spur Market Expansion "
One of the main factors propelling this market's expansion is the rise in the number of toy retailers carrying magnetic building blocks. Other elements that influence children's demand for these toys include their accessibility and price. Because of their appealing qualities, they have grown in favour as preschool instructional tools that foster children's creativity and offer other advantages such being easily accessible at some places, which improves the shopping experience. Also, it makes playtime more enjoyable while fostering children's hand-eye coordination abilities through interactive play sessions.
Magnetic Tiles Market Segmentation
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- By Type Analysis
By type, the magnetic tiles market is segmented under Basic Shape Magnetic Tiles (Color Window, Hollow Frame), Pipe Magnetic Tile, Magnetic Tile with Moving Parts, Magnetic Tile with Electric Parts, and Other Building Magnetic Tile.
The Pipe Magnetic Tile type segment will dominate the magnetic tiles market in the coming years.
- By Application Analysis
Based on applications, the magnetic tiles market is online sale and offline sale.
The online sale segment will lead the global share through 2031.
DRIVING FACTORS
"An Increase in Per Capita Disposable Income Will Support Market Expansion "
Consumer buying habits have changed as a result of rising per capita disposable income. The personal income that households have available for spending and saving after income taxes is referred to as disposable income. The market for magnetic tiles is expanding due to increase per capita disposable income, particularly in emerging markets. Also, the rise in dual-income homes and the proportion of working women is contributing to an increase in per capita disposable income. As a result, spending on infant toys has increased as a result of changing lifestyles and rising per capita disposable income. The market for magnetic tiles is expanding as a result of rising annual disposable incomes of households in countries with dense populations and rising spending on infant products.
"Growing demand for Skill-Developmental Baby Toys is Expected to Fuel Market Growth"
To attract a larger customer base, the major market players are concentrating heavily on R&D activities for product innovations. As market trends change, industry companies are more likely to develop new products. For instance, producers are emphasizing the incorporation of education into magnetic tiles. Parents are investing more money in educational toys made expressly for learning in an effort to find novel approaches to assist infants in developing abilities. Playing with these magnetic tiles can help develop early spatial and math skills, cognitive abilities, and fine motor skills.
RESTRAINING FACTORS
"Unorganized Sector Prevalence Will Impede Market Expansion"
There are several competitors worldwide in the highly fragmented market for magnetic tiles. In terms of design, raw materials, price points, technology, and supply chain, there is fierce competition among the manufacturers. Nonetheless, the prevalence of the unorganized sector is the main issue impeding their development. Due to their widespread availability, reduced prices, and simplicity of customization, local sellers have been found to significantly hinder the sales of the key players. Because a sizable portion of the population is price conscious, organized businesses find it challenging to establish their dominance over the unorganized market.
Magnetic Tiles Market REGIONAL INSIGHTS
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"Asia Pacific to Grow at the Highest Magnetic Tiles Market Share During the Forecast Period "
Due to the region's great growth possibilities for the sales of magnetic tiles, Asia-Pacific is regarded as the world's largest market. An influx of foreign retailers has been seen in Asia-Pacific as a result of the region's rapid economic expansion, expanding middle-class population, and high rates of rural-to-urban migration. The market for regional magnetic tiles has grown as a result of this, encouraging the expansion of already-existing retail locations in many nations. In the region, online shopping is also popular. with quick access to pricing lists and catalogues. Purchase selections are made easier because customers have a comprehensive understanding of the products that are accessible. Due to consumers' growing preference for online shopping to cut down on shopping time, internet retailers are rapidly displacing brick and mortar merchants in terms of market share.
KEY INDUSTRY PLAYERS
"Key Players Focus on Partnerships to Gain a Competitive Advantage "
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.
List of Market Players Profiled
- Magformers (U.S.)
- Magna-Tiles（MVW Holding) (U.S.)
- PicassoTiles(U.S.)
- Connetix tiles (U.S.)
- Playmag (U.S.)
- Geomag (Switzerland)
- GeoSmart (New Zealand)
- Shape Mags (U.S.)
- MAGSPACE (U.S.)
- MAGFX (Dubai)
- AULDEY (U.S.)
- MING TA (China)
- Mideer (Philippines)
- ZBOND TOY (China)
- MAG-WISDOM (U.S.)
- Big Future Toys (Atlanta)
REPORT COVERAGE
The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services, or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes several other factors that have contributed to recent magnetic tiles market growth in some regions.
