Dublin, April 19, 2024 (GLOBE NEWSWIRE) -- The "China Toys Market Report by Toys Segmentation, Sales Channel, End-Users and Company Analysis 2024-2032" report has been added to ResearchAndMarkets.com's offering.
China's Toys Market is anticipated to reach US$ 49.09 billion by 2032 from US$ 28.93 billion in 2023. The CAGR for the market from 2024 to 2032 is 6.05%
Toys are items designed for play. They maintain great cultural and economic importance in China. With speedy economic development, growing disposable incomes, and the relaxation of the one-child policy, Chinese families are investing more in their kids' growth and happiness, such as shopping for toys. The impact of global media and famous traditions has also introduced Chinese kids to various toys from international brands. As a result, the toy enterprise in China continues to thrive. This displays the state's developing patron market and evolving cultural landscape.
Electronic toys are propelling growth in the China toys market. They are gaining a reputation amongst parents in search of innovative options because of their interactive factors like lighting fixtures, sounds, and touch screens, which enhance children's creativity. A Hong Kong Trade Development Council survey stated that boys across all age groups choose digital toys. Rising incomes enable families to spend money on higher-priced electronic toys, boosting market growth. Ongoing technological innovation is expected to expand China electronic toy sector to satisfy the growing demand for digital enjoyment.
Growing Parental Concerns
Rising parental issues concerning child development, protection, and education drive the expansion of the China toys market. Parents increasingly seek toys that entertain and stimulate their children's cognitive, social, and physical skills. Safety issues and a competitive educational panorama prompt prioritizing high-quality, safe educational toys. A mainland toy consumption survey by the Hong Kong Trade Development Council determined that 98% of parents surveyed had bought or had been inquisitive about STEM toys. This parental focus fuels demand for various toy offerings in China, spanning academic, developmental, and safe play alternatives.
Robust Economic Expansion and Increasing Disposable Incomes
The escalating demand for toys in China stems from robust financial growth and growing disposable incomes. China's per capita disposable income reached 39,218 Yuan (about 5,511 U.S. dollars) in 2023, marking a 6.3 percentage nominal increase year-on-year increase, with a 6.1 percent upward thrust after adjusting for price factors, according to the National Bureau of Statistics (NBS) reported. With more financial resources, households allocate toward discretionary spending, consisting of toy purchases. This growing affluence fuels a burgeoning toy market as parents prioritize their kid's well-being and amusement. This, in turn, drastically drives domestic demand for the China toys market.
Increasing Enforcement of Government Policies
Government rules power China toys market's growth by promoting domestic consumption and helping economic improvement. This is done through tax incentives, subsidies, and investment projects to stimulate innovation, enhance product quality, and increase competitiveness globally. In February 2024, the World Trade Organization (WTO) introduced a draft of mandatory requirements for toys and jewelry from the Standardization Administration of China, aiming to satisfy modern-day compliance necessities. The protection requirements and intellectual property protection regulations, which include compliance with the country-wide standard 'GB 6675-2014 Safety of Children's Toys' for plush toys, also bolster patron confidence in locally made toys. This similarly propels market growth and fosters innovation for sustainable industry improvement.
China Toys Company News
The players in the China toys market include Mattel Inc., Hasbro Inc., LEGO, Spin Master Corp., Vtech, Manhattan Associates, Funko, and JAKKS Pacific.
- In April 2023 - Mattel and Hasbro collaborated to merge iconic toy brands through multi-year licensing agreements. This aims to produce co-branded toys and games. Notably, this partnership focuses on renowned franchises like Barbie, with Monopoly games set for fall 2023 release, and Transformers, featuring in upcoming UNO games, alongside Hot Wheels vehicles debuting in early 2024.
- In September 2023 - VTech will present its imaginative, discovery-focused product lineup at Toy Fair 2023. This features Turbo Edge RidersT and expanding award-winning lines like Go! Go! Smart Wheels, Switch & Go, and baby, infant, toddler, and preschool toys. VTech will also offer a preview of upcoming 2024 product releases.
- In November 2023 - LEGO unveiled fresh toy sets at the China International Import Expo (CIIE), drawing inspiration from Chinese culture.
- In December 2022 - The new MINDstyle Mission Control (MMC) store hosted a pre-opening celebration, unveiling a dedicated Funko section boasting larger-than-life statues and photo opportunities. Spanning 40,000 square feet, with the Funko area occupying 10,000 square feet, it offers an extensive array of Funko products, showcasing numerous licenses.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 120 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $28.93 Billion |
| Forecasted Market Value (USD) by 2032 | $49.09 Billion |
| Compound Annual Growth Rate | 6.0% |
| Regions Covered | China |
Company Analysis: Overview, Recent Developments, Revenue Analysis
- Mattel Inc.
- Hasbro Inc.
- LEGO
- Spin Master Corp.
- Vtech
- Manhattan Associates
- Funko
- JAKKS Pacific
Toys Segmentation
- Action Figures
- Board Games
- Card Games
- Construction Sets & Models
- Dolls & Stuffed Toys
- Plastic & Other Toys
- Puzzles
- Toys for Toddlers & Kids
Sales Channel
- E-commerce
- Specialty
- Discounters
- Department Stores
- Others
End-Users
- Unisex
- Boys
- Girls
For more information about this report visit https://www.researchandmarkets.com/r/gbsoso
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