Board games play a crucial role in the growth and development of the children. It is an important aspect of brain development as they help acquire logical and reasoning skills, boost critical thinking, and gain spatial reasoning. The rise in demand for strategy-based & educational board games among the children propels the growth of the market.
According to a new report published by Allied Market Research, titled,“China Playing Cards & Board Games Market by Product Type and Competition Type: Opportunity Analysis and Industry Forecast, 2018 – 2025,”The China playing cards & board games market size was valued at $583.8 million in 2018, and is projected to reach $1,675.4 million by 2025, registering a CAGR of 16.3% from 2018 to 2025. In 2017, the board games segment accounted for approximately two-thirds share in the China playing cards & board games market and is projected to grow at the highest CAGR of 19.2%.
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Playing cards & board games are very popular and common products known by every age of person from child to adults. They are used by end users for leisure as well as for learning. However, playing cards have high demand in the gambling industry than household as these are mainly used for playing various games such as Rummy, Blackjack, Bridge, Roulette, and Sweeps in casinos, clubs & other places. On the other hand, board games are very popular among kids, millennials, and adults which is also an important factor affecting the China playing cards & board games market size.
These games play a crucial role in the growth and development of the children. It helps to enhance the creativity and self-confidence. It also helps to improve problem solving, critical, and logical reasoning skills. It is proven fact that playing board games regularly will help to reduce the risk of mental diseases such as Dementia and Alzheimer’s to a great extent. Apart from this, playing cards & board games are effectively utilized by game bars & cafes to increase social interactions. All these factors boost China playing cards & board games market growth.
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According to the China playing cards & board games market forecast in 2018, the playing cards segment have occupied 33% of China playing cards & board games market share due to exponential popularity and rise in number of live casinos. By competition type, Tier 1 was the highest revenue generator for China playing cards & board games market grabbing the share of 46.0% in market and estimated to grow at CAGR of 16.0%. The expertise, strong infrastructure, and financial resources help tier 1 companies to account for maximum share in the market. For instance, Shanghai Yaoji Playing Cards Co Ltd. is of the major company of playing cards holding significant share in the China playing cards market. These companies are capable to adopt technological advancements for the development of innovative products and hence covers most of the market in terms of revenue and volume.
However, Chinese board games such as Weiqi (Go), Xiangqi, Jungle, Chinese Checkers, Mahjong, Chinese Chess, and others have high demand from the U.S. and Europe, and thus experiencing positive growth during the forecast period. However, rise in related tariffs have encouraged the major importers to switch to other cost effective options such as India and Vietnam for production impacting the China playing cards & board games industry negatively.
The playing cards & board games manufacturers in China are majorly OEMs but now the manufacturers are focusing on R&D and adopting technological advances to develop new products. Thus, offering variety of new and innovative products to consumer. All of the above will open avenues for growth in China playing cards & board games market.
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Key findings of the China Playing Cards & Board Games Market:
- In 2017, board games segment dominated the China playing cards & board games market with 66% share in market
- Playing cards segment occupied around 34% in the overall China playing cards & board games market share and is expected to grow at moderate CAGR of 7.3% through the forecast period.
- By competition type, Tier 1 segment has occupied the largest share in the market and is estimated to grow at CAGR of 16.0%.
- Tier 2 companies of the market are expected to grow at 17.3% CAGR during the forecast period.
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