April 19, 2024 05:39 ET | Source: Research and Markets Research and Markets
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% Musical Baby Toy Companies
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.
Company Analysis: Overview, Recent Developments, Revenue Analysis
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