The board games market is set to continue growing at CAGR of 7.31%, a new report on Technavio explains. The report covered several key markets, including US, China, France, Germany and the United Kingdom and profiled a number of established companies in the board gaming sector, to name Atlas Games, CMON, Goliath Games, Grey Fox Games, Hasbro, and Ravensburger Group among others.
Dynamic Market and Frequent Gameplay and Theme Updates
The report took into consideration market dynamics and the impact COVID-19 has had on the industry. Despite the logistical and societal challenges of the past years, the period between 2021 and 2026 should see the board games market share increase to $3.2 billion.
According to the report, 34% of the growth will originate from Europe with the year-over-year growth rate of 2022 set at 6.52%. Board games have remained an important social and recreational phenomenon, citing the rapid improvements in content and gameplay.
Although some challenges such as new and emerging gaming platforms may still upend the market, the consensus is that the board games market should continue to grow. Story-driven board games have had success with audiences, and even traditional games such as “Monopoly,” “Scrabble,” “Clue,” and “Life” undergo frequent updates to provide consumers with a more relatable experience, responding to market dynamics.
The report specifically points out to the success of licensing deals that bring together TV and movie franchises together with developers. Most recently, asmodee announced a similar partnership with Netflix. Technavio is confident that the rapid developments and updates in content and gameplay will translate into stronger uptake with audiences.
Mobile Applications Driving Board Games
Another emerging trend is the use of dedicated mobile applications as part of the board gaming experience. This is cited as a positive trend by the company with more players responding positively to these additions.
Many publishers are beginning to shift towards digital tabletop experiences, with Asmodee and Ravensburger leading the way. Even though not in the scope of the report, Dire Wolf Digital has also developed a number of games that are now available as online games, and most recently “Everdell.”
This trend should not be looked with suspicion, Technavio assured, and argues that it is going to only help and encourage the adoption of board games. The digital trend is going to be a pivotal part of the further market growth and adoption.
What Challenges Does the Market Face?
There are challenges to the market, Technavio argues. For one, there could be alternate gaming platforms that could vie with board games for consumer interest and thus suppress the popularity of tabletop gaming.
Technological advances could enable new forms of entertainment, most likely referring to virtual reality and augmented reality solutions. In the coming years, the board games market will have to navigate a friendly but still challenging environment.