The Insight Partners published latest research study on “Sex Toys Market Size, Share, Revenue, Growth Strategy, Industry Trends and Forecast to 2028 – COVID-19 Impact and Global Analysis – by Material, Gender, Product, Distribution Channel, and Geography,” the global sex toys market size is projected to reach $55.64 Billion by 2028 and was valued at $30.97 Billion in 2020 and ; it is estimated to grow at a CAGR of 7.6% from 2021 to 2028.
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The increasing number of online sex toys retailers:
The increasing number of E-commerce platforms is other prominent reason for boosting the adoption of sex toys. Though sex toys in the region are getting normal, most customers in North America prefer hiding their identities while purchasing sex toys. Online or E-commerce platform allows customers to conceal their identity while buying such products, leading to increased purchase of sex toys. Moreover, considerable market players are actively entering the market due to substantial market potential.
E-commerce is common because it effectively protects customers’ privacy by not labeling items with their names and not revealing details about the customer during product delivery. The most diverse distribution channel platform is e-commerce, which includes company websites, mobile apps, and social media. Thus, owing to these advancements, the sex toys market is expected to grow rapidly in the forecast period.
Browse key market insights spread across 193 pages with 111 list of tables & 85 list of figures from the report, “Sex Toys Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Material (Silicone, Plastic, Metal, Glass, and Others), Gender (Female and Male), Product (Vibrators, Dildos, Anal Toys, Penis Rings, BDSM Toys, Masturbation Sleeves, Sex Dolls, Clothing and Others), and Distribution Channel (E-Commerce, Specialty Stores, and Others)” in detail along with the table of contents: https://www.theinsightpartners.com/reports/sex-toys-market
For instance, in 2021, Adam and Eve, a company with franchised locations across North America and an online store, reported a 30 percent increase in online sales in March and April 2020 based on the same time period last year. Other big companies that do most of their sales online also saw an uptick. Wow Tech Group, which owns We-Vibe and Womanizer, reported that online sales for both brands were over 200 percent higher in April 2020 compared to last year. In April 2020, online sales for products through Cotr Inc., the company behind B-Vibe, Le Wand, and the Cowgirl, were roughly three times higher in March 2020 than last year.
The sex toys market includes many small and big companies. Market players are adopting various strategies to increase their market shares; these include new product launches, regional expansion, and technological advancements.
Sex Toys Market: Competition Landscape and Key Developments
Crave, Lovehoney Group Ltd., BMS Factory, TENGA Co., Ltd., FUN FACTORY GmbH, WOW Tech International GmbH, LELO, LIFESTYLES HEALTHCARE PTE LTD, and UNBOUND are among the key companies operating in the sex toys market. The companies adopt product innovation strategies to meet the evolving customer demands globally, allowing them to maintain their brand name in the global sex toys market. A few of the recent developments in the sex toys market are mentioned below:
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In February 2021, TENGA Co., Ltd. Introduced the NEW TENGA Advisor to help choose the best choice in All-New TENGA CUP Series.
In December 2020, BMS Factory expanded its playing field with PalmPocket Extended – a set of 3 silicone attachment heads designed for use with none other than the PalmPower Pocket.
In September 2020, Lovehoney acquired a fellow Swiss online sex toy retailer after achieving strong growth internationally.
In October 2017, LELO launched its new clitoral stimulation sex toy, LELO SONA.
Sex toy is an object or device used for sexual stimulation or to enhance sexual pleasure. Sex toys can be used for multiple purposes alone or with a partner by people of all ages. The terms sex toy, sex product, sexual merchandise, and adult novelty have been used in previous research. This study’s products considered as sex toys are vibrators, dildos, anal sex toys, penis rings, rubber vaginas, masturbation sleeves, sex dolls, clothing, and BDSM gear.
The change in perception of sex toys among customers has encouraged the market players to develop advanced pleasure-giving products. Moreover, the change in perception also leads to the massive adoption of sex toys, especially by women. For instance, according to a research paper published by a group of researchers at the University of Kassel, Kassel, Germany in 2016, an estimated two third the women population in the US prefer to use sex toys for partnered sexual activities and masturbation. Further, the surging number of adult shops in the region is indicating a shift in attitude toward sexual products, which, in turn is likely to drive the market growth.
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