Lego A/S grabbed more market share from its biggest competitors last year, cementing its positions as the world’s largest toymaker, after revenue grew to a record.
The Danish maker of the colorful toy bricks expanded annual sales by 13% to $10.8 billion in 2024, driven by strong demand in the Americas, Europe and the Middle East. The company reported the results in its earnings report on Tuesday. Its largest competitors, Mattel Inc. and Hasbro Inc., both registered sales declines in 2024, according to a report from Bloomberg.
“It has been a fantastic year, where we’ve taken lots of market share around the world,” Chief Executive Officer Niels B. Christiansen told Bloomberg in a phone interview. “What’s interesting is that it’s not just one country or one product. It’s very broad-based.”
Lego has in recent years invested heavily in expanding its portfolio and its number of products reached an all-time high of 840 last year, Bloomberg reported. The company is also building new factories, including one in Virginia in the U.S., and is pushing into gaming and digital toys. During 2025, the toymaker expects to introduce its first sets in a partnerships with Nike Inc. and Formula 1 to tap into the sports segment.
“The U.S. is by far the largest market for toys, and also for Lego,” Christiansen told Bloomberg. “A lot of our IPs, from Star Wars to sports with Nike and other trends come from the US, so it’s fully integrated into everything we do.”
