DUBLIN--(BUSINESS WIRE)--The "China Toys Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The China toys market reached a value of US$ 17 Billion in 2021. Looking forward, the market to reach US$ 31.4 Billion by 2027, exhibiting a CAGR of 10.77% during 2021-2027.
Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
China is one of the leading toy markets in the world and its potential growth has created a huge opportunity for domestic and international toy manufacturers. The demand for toys in China is changing from traditional and decorative toys to electronic or remote-controlled toys.
With inflating income levels of urban dwellers and rising standards of living, a shift has been witnessed from conventional toys to innovative electronic and plush toys. Moreover, the recent relaxation of the one-child policy in China has also added a large number of new-borns to the population, thereby expanding the consumer base of the toys market.
China Toys Market Drivers/Constraints:
- The increasing domestic demand for toys in China is currently being catalysed by the country's economic growth and rising disposable incomes. China has exhibited strong GDP growth rates for the last several decades and now represents the world's second largest economy. Owing to this fact, the middle-class population is increasing in the region. People have more disposable incomes and their spending patterns have also changed. This has resulted in a transition from traditional, low-end battery-operated toys, towards innovative electronic toys, intelligent toys as well as high-end plush toys and decorative cloth toys.
- The relaxation of the one-child policy in 2013 in favor of a two-child plan has brought an influx of newborns in China. In 2016, China implemented the two-child policy completely under the 13th Five-Year Plan (2016-2020). According to the Hong Kong Trade and Development Council, the two-child policy has resulted in adding 2.4 million newborns in China each year. This is expected to expand the consumer base for toys creating a positive impact on the market.
- There are large variety of toys currently available in the toys market in China. The diverse product category ranges from traditional plush toys, construction and building toys, dolls, board games and puzzles to high-end electronic toys, educational toys, ride-ons, up-market plush toys and dolls. There are toys which are domestically produced by small, medium and large manufactures and also there are products from renowned international brands. Each toy category has inexpensive and high-end versions. This large product portfolio along with their varied price ranges are able to cater to the consumers from different incomes groups, thereby bolstering the market growth.
- Online sales channels have recently witnessed a boom in China with the evolution of smartphones and other digital media. As the quality and features of products can be discussed among shoppers, and prices can be compared on various platforms, the online sales channels represents one of the fastest growing distribution channels for toys in China. Few of the major e-commerce platforms for toys are T-Mall, Taobao, jd.com etc. These online platforms provide an opportunity to international brands to open exclusive online stores and directly sell products to Chinese consumers without being physically present in the country. Evolution of these online sales channels has made various categories of products and brands easily accessible to consumers and catalyzed the growth of the market.
Key Questions Answered in This Report
- What was the size of the China toys market in 2021?
- What is the expected growth rate of the China toys market during 2022-2027?
- What are the key factors driving the China toys market?
- What has been the impact of COVID-19 on the China toys market?
- What is the breakup of the China toys market based on the product type?
- What is the breakup of the China toys market based on the end-user?
- What is the breakup of the China toys market based on the distribution channel?
- What are the key regions in the China toys market?
- Who are the key players/companies in the China toys market?
The toy market in China consists of both local and international manufacturers. The report provides a list of the key manufacturers across all major product types.
- Mattel, Inc.
- LEGO System A/S
- Hasbro, Inc.
- VTech Holdings Limited
- Hape International AG
- Silverlit Toys Manufactory Limited
- Sieper GmbH
- Micro Mobility Systems AG
- Ravensburger Ltd
- Shantou City Big Tree Toys Co., Ltd
Key Market Segmentation:
Breakup by Product Type:
- Plush Toys
- Electronic/Remote Control Toys
- Games and Puzzles
- Construction and Building Toys
- Sports & Outdoor Play Toys
- Infant/Pre-School Toys
- Activity Toys
Breakup by End-User:
Breakup by Distribution Channel:
- Specialty Toy Chain Stores
- Supermarkets and Hypermarkets
- Departmental Stores
- Online Stores
For more information about this report visit https://www.researchandmarkets.com/r/vv08np