China’s Toys Market: Outlook & Forecast to 2024 - Plush Toys Dominate the $24.9 Billion-Projected Market - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--May 2, 2019--The “China Toys Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024” report has been added to ResearchAndMarkets.com’s offering.
The China toys market was worth US$ 13.4 Billion in 2018. The market is further projected to reach a value of US$ 24.9 Billion by 2024, exhibiting a CAGR of 10.8% during 2019-2024.
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.
Product Type Insights
On the basis of product type, plush toys are the most popular type of toys in China. Other major product types include infant/pre-school toys, activity toys, dolls, games and puzzles, construction and building toys, electronic/remote control toys, sports and outdoor play toys, ride-ons and others.
Based on the end-user, the report finds that unisex toys dominated the market. Unisex toys were followed by the girls’ and boys’ segments.
Distribution Channel Insights
On the basis of distribution channel, the market has been segmented into specialty toy chain stores, supermarkets and hypermarkets, departmental stores and online. Currently, specialty toy chain stores represent the largest distribution channel as these stores have well established networks and offer a wide range of products.
Based on the province, Guangdong enjoys the leading position in the market. Other major provinces are Jiangsu, Shandong, Zhejiang and Henan.
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.
- Hasbro Inc.
- Hape International (Ningbo) Ltd.
- Silver Lit Toys Manufactory Limited
- Sieper GmbH
- Micro Mobility Systems AG
- Ravensburger AG
- Shantou City Big Tree Toys Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/tj2vav
View source version on businesswire.com:https://www.businesswire.com/news/home/20190502005742/en/
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KEYWORD: ASIA PACIFIC CHINA
INDUSTRY KEYWORD: CHILDREN RETAIL SPECIALTY CONSUMER
SOURCE: Research and Markets
Copyright Business Wire 2019.
PUB: 05/02/2019 01:40 PM/DISC: 05/02/2019 01:40 PM