According to the latest report by IMARC Group, titled "Indian Toys Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the Indian toys market reached a value of US$
1.5 Billion in 2022. Toys refer to miniature playing objects, models and tools that are especially designed for children. Some of these toys include puzzles, cards, dolls, action figurines, board games, rattles, and mechanical cars. Toys assist in ensuring the brain and motor skills development of infants and young children by enhancing intelligence quotient (IQ), improving concentration and creativity, and promoting their logical and spatial reasoning skills. This, in turn, aids in providing emotional support and refining the problem-solving and cognitive capabilities of children, while cultivating their social and physical attributes. On account of these properties, toys are extensively used in various educational institutions and residential sectors to facilitate overall child development. At present, toys are commercially available in varying sizes and sizes and are manufactured from various materials, including cloth, plastic, and wood.
Indian Toys Market Trends:
The growing population, inflating disposable incomes, and rising spending capacities of consumers are primarily influencing the Indian toys market growth. This is further supported by the increasing demand for various high-quality, entertaining, and science, technology, engineering, and mathematics (STEM)-based toys, such as blocks, puzzles, Rubik’s cubes, and wordplay to ensure optimum brain development in children. In line with this, the emerging trend of online gaming and the introduction of mobile-based video games due to the proliferation of smartphones, the easy availability of high-speed internet connectivity, and the introduction of various state-of-the-art gaming consoles are acting as other growth-inducing factors. Moreover, the launch of innovative product variants integrated with advanced technologies, such as artificial intelligence (AI), machine learning (ML), speech and voice recognition properties to help keep children challenged and entertained, while enhancing their cognitive, motor, and physical capabilities are propelling the market growth. Other factors, such as strategic collaborations amongst key players for deploying innovative marketing strategies, such as celebrity endorsements and packing toys in eye-catchy, colorful packaging with hidden surprises, are creating a positive outlook for the market across the country. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 3.0 Billion by 2028, growing at a CAGR of
12.2% during 2023-2028.
- On the basis of the toy type, the market has been classified into infant/pre-school toys, electronic toys, games and puzzles, construction and building toys, dolls, ride-ons, sports and outdoor play toys, plush toys, activity toys, and others. Amongst these, infant/pre-school toys are the most popular segment.
- Based on the gender, unisex toys dominate the Indian toys market, accounting for the majority of the overall market share.
- Based on the distribution channel, the market has been bifurcated into specialty stores, supermarkets and hypermarkets, online and others.
- On a regional basis, the market is dominated by Maharashtra.
- The competitive landscape of the industry has also been examined, along with the profiles of the key players being Funskool, Lego, Mattel and Hasbro.
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