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The novel COVID-19 is expected to impact the impact the growth of the sex toys market in positive way. As per current evidence, COVID-19 is not pass through sex; however, if the partner has symptoms of coronavirus then it can pass through close contact such as kissing, hugging and having sex. Also, there are several ways to have sexual enhancement without physical contact with partners such as lone masturbation, using sex toys, webcam sex and other ways. These factors are significantly driving demand for sex toys for sexual relaxation during this pandemic period, which will drive the market growth.
Moreover, many governments are continuously taking implementations to support the enterprises during this pandemic situation. For instance, in recent times, Australia government has introduced the payroll tax waiver for 2019-2020 financial year for enterprises with taxable pays up to $3 million. Also, hospitality, creative arts, entertainment and other SMEs will have a payroll tax waiver for six months from March to August 2020.
During this unexpected condition, we are helping our clients in understanding the impact of COVID-19 on the global sex toys market.
Our report includes:
As per a new report published by Research Dive, the global sex toys market is anticipated to account for $49,705.7 million and growing at a CAGR of 9.2% during the forecast time from 2019-2026. The global market segmentation has been done on the basis of end user, distribution channel and region. The report provides comprehensive insights about drivers, opportunities, restraints, segment analysis and significant players of the market.
As per our analysts predicts, growing awareness among the people about health benefits of using sex toys and growing number of retailers across the globe are major driving factors for the growth of the market. Nevertheless, risk of addiction along with chemicals utilized in making of sexual enhancement devices are significantly restraining the growth of the market.
The global market is segmented on the basis of distribution channel into E-commerce, specialty stores and mass merchandisers. Among these, the global market revenue share had dominated by E-commerce segment and is projected to reach up to a revenue of $29,276.6 million till 2026. Rapid growth in the E-commerce platforms along with most of the consumers are choosing online retailers because ease access for frequent purchase, this factor is driving the market growth during the projected period.
On the basis of end uses, the global market has been categorized into female and male. In both of these, female segment held the global sex toys market share in previous years, which was 63.2% and is projected to continue same dominance over the global market during the forecast years. This growth is attributed to wide utilization of sexual enrichment devices by females. Besides female, male segment will witness to grow at a moderate CAGR of 9.0% and projected to generate a revenue of $18,092.9 million by 2026. The rapid growth in the availability of portable, rechargeable and noiseless devices for both males and females, which will drive the market growth in the forecast timeframe.
Asia-Pacific region will experience a noticeable growth and is expected to dominate the global market revenue share by the end of forecast period. This expected dominance is owing to rapid growth online suppliers in the developing nations such as Australia, New Zealand and China and growing acceptance of sexual enhancement devices across the region. North America has dominated the global sex toys market size in 2018, it was valued at $7,428.8 million and is expected to experience a moderate growth throughout the forecast years. This dominance in the previous years is attributed to open-mindedness among the people about sexual involvement and growing acceptance of sex toys across the North America.
The significant players in the global sex toys market are:
among many others.
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