The techniques for a regular Rubiks cube can be used to solve the compact, 3D puzzle known as the pocket Cube. And no parts need to be removed to solve it. The most widely used kind of Rubiks cube is the pocket version. So that people can choose according to their preferences, they come in a variety of sizes, shapes, and colors. The rise in demand for pocket Rubiks cube as toys and puzzles among both children and adults can be credited with the market expansion. This industry is expanding as a result of the increased demand for personalized or customized pocket Rubiks cube. The need for promotional materials is also rising in the corporate sector, driving the market growth. Additionally, the market is expanding due to the growing interest in pocket Rubiks cube among individuals of all ages as a hobby. Additionally, the market's growing selection of pocket Rubiks cube in various sizes and colors boosts demand. The millennial generation is known for having an adventurous attitude, stimulating their interest in challenging puzzles and other activities.
The governments of all the countries have set limits on the market for pocket rubik's cubes, such as quarantine and working from home. All of the manufacturing facilities have been shut down as a result of the lengthy lockdown. Disrupting the distribution channel had a detrimental impact on the market. Because of a lack of raw materials, production and the supply chain were stopped. Additionally, because of the lockout, toy and gift shops could not sell their merchandise or replenish their shelves with fresh items. However, online retailers could not fulfil the demand due to a stock shortage.
Use of Pocket Rubik's Cubes in Educational Settings to Boost Problem-Solving Abilities is Driving Market Growth
A mechanical puzzle with enormous popularity called the Pocket Rubik's Cube has garnered interest from people all over the world due to its distinctive qualities. Many academics used the pocket rubik's cube, a well-known and traditional brain-training tool, for technological research and development. Since children between the ages of 2 and 7 have embraced the pocket Rubiks cube as a toy, its popularity has increased significantly since it was introduced there more than 20 years ago (Preschoolers). Preschoolers are recognized for being spongy toy consumers. They have a high memory capacity, making them perfect consumers for any toy or puzzle, delivering educational benefits like teaching colors and patterns or solving puzzles, among other things. Children can develop their brainpower by making several moves with the pocket Rubiks cube so that each face appears in one color. Additionally, the child will gain from the pocket Rubiks cube's the benefits of a sharper mind that results from strong eye-hand coordination. Your child's modest triumph while playing with the puzzle boosts their confidence. Thus all these benefits are anticipated to drive market growth.
Rising Popularity of Online Gaming to Pose Challenges to Industry Growth
The primary problem impeding the pocket Rubiks cube market growth is consumers' growing preference for cellphones and computer games over conventional toys and games. Kids enjoy playing online games since they don't require a separate play set and can be played on smartphones and tablets. This will probably provide difficulties for the development of the pocket Rubiks cube, which will slow the expansion of the sector. In addition, issues like increased product development and marketing expenses and industry competitiveness present difficulties for the leading players' businesses to expand. As a result, the market's expansion over the projected period is anticipated to be hampered by the growing threat posed by online gaming platforms.
Based on type, the pocket Rubiks cube market is segmented into PVC, ABS plastic and others. The PVC category dominated the market in 2022. PVC coating has many advantages on a pocket Rubiks cube, including eliminating surface blemishes and foreign particles. It also makes it easier to grip the cube. The pocket Rubiks cube maintains its excellent appearance and feels because of its amazing resilience and scratch resistance. The PVC coating may be cleaned and maintained quickly and easily.
Based on application, the pocket Rubiks cube market is segmented into entertainment, competition and others. The competition category dominated the market in 2022. Since its creation, the Rubik's cube has become a well-liked toy and puzzle for both kids and adults. Since the 1980s, several organizations have held contests based on the speed, difficulty, and correctness of completing problems. Due to the growing number of competitors and their desire to develop their skills, these tournaments are gaining popularity with time. Additionally, the entertainment category is anticipated to grow at the fastest rate during the forecast period due to the frequent use of pocket Rubiks cube in movies, television programs, plays, live performances, etc., particularly during occasions like World Cube Day (April 27) or the National Puzzlers League.
The Asia Pacific is projected to hold the largest share of the pocket Rubiks cube market over the forecast period. This is due to puzzles being increasingly popular with kids and teenagers and their parents in nations like China, Japan, South Korea, and India. Cubes sales have increased due to the rising demand in these nations, which is anticipated to expand the regional market further. On the other hand, North America pocket Rubiks cube market is anticipated to grow significantly over the forecast period due to rising spending in North America on items associated with entertainment, including toys, hobbies, and playground equipment. The U.S. Bureau of Labor Statistics reports that, on average, Americans spent USD 3.05 million on entertainment-related equipment in 2019. Additionally, expanding gift-giving patterns among the populace is promoting industry expansion in the area.
LIST OF KEY COMPANIES PROFILED:
- GAN Cube
- Mo Fang Ge
- Speed Stacks
|Unit||Revenue (USD Million) and Volume (Kilo Tons)|
|Segmentation||By Type, By Application and By Geography|