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The toy industry is at a critical juncture, with traditional toy sales projected to see a CAGR of just 1%. To thrive, companies must innovate by embracing digitalisation, experiential play, and new business models. These strategies will help capture new revenue streams, enhance consumer engagement, and ensure sustainable growth in a dynamic market.
Heat pumps are set to lead the future of heating and cooling, with a rapidly growing market in Europe and a global opportunity worth USD 3 trillion for manufacturers.
Heat pumps are the low-carbon heating and cooling systems of the future. The EU has identified them as a sustainable solution to reach its goal of energy independence and decarbonisation. In the long term, heat pumps have the potential to replace air conditioners and boilers, becoming the all-in-one air treatment appliance.
The wearables market is poised to hit USD50 billion by 2029, driven by advancements in computing and entertainment functionalities. The wearables market is evolving beyond health and fitness, with computing and entertainment emerging as key growth drivers. This shift generates new use cases and revenue streams for companies, prompting innovation in new form factors like smart glasses and rings.
Sales of traditional toys are projected to see a low CAGR over the forecast period. Toy companies must embrace innovation and explore new business models and reimagine toys to grow their revenues streams.