Toys Market: China and India Virtual Reality Gaming Market

China is currently one of the fastest growing toys market in the world. From the production of toys, such as roly-poly figures, noise-making toys, yo-yos, dolls, knitted-animals and handicrafts, to the development of innovative intelligent, plush and decorative cloth toys, the Chinese toys market has flourished over the past few years. Moreover, several technological advancements have helped toy manufacturers to produce interactive and digitally entertaining toys in China. According to IMARC Group, the toys market in China reached a value of US$ 13.4 Billion in 2018, exhibiting a CAGR of nearly 11.6% during 2011-2018.

Moreover, the China Toy Association conducts training seminars and provides information on toy designing, safety, and market development to the manufacturers. It also organizes international toy fairs annually to help promote the China toy industry. Apart from this, toy manufacturers in China are investing in extensive R&D to improve the quality of existing products and designing new gaming products that cater to the changing consumer requirements.

The market has been segmented on the basis of product types into plush toys, infant/pre-school toys, activity toys, dolls, toys and games, construction and building toys, electronic/remote control toys, sports and outdoor play toys, ride-ons and others. According to the China toys market report, plush toys are the most popular type of toys in China as they are one of the first toys owned by children, especially girls. Toys depicting Chinese TV and cartoon characters are slowly gaining popularity in the country and are often used for decorative purposes.

The strong presence of e-commerce platforms, such as T-Mall, Taobao and jd.com, has provided international virtual reality gaming brands with opportunities to expand across China through exclusive online stores. However, the ongoing US-China trade war has affected the China toys industry as nearly 85% of the toys sold in the United States are imported from China. By 2024, the China toys market is expected to reach a value of US$ 24.9 Billion, exhibiting a CAGR of 10.8% during 2019-2024.

About IMARC Group: IMARC Group is a leading market research and consulting company that offers management strategy and market research worldwide. The company has done multiple projects on the China toys industry and Indian Toys Industry, which has enabled its clients to set up and expand their businesses successfully. Some of the company’s offerings include:

• Market Research
• Plant setup
• Plant Expansion
• Marketing and sales
• Procurement and Distribution
• Innovation and Product Development