Time to Play
There was a time when the Indian toy market was flooded by foreign toys, especially China made. As the China made products are more infamous for their poor quality raw materials and harmful chemicals resulting in several health issues for kids, it was time for Indian toy companies to grow beyond the usual baby dolls and mini cars to create world class products that could stand strong among the international brands. Also, while the market is still flooded with some international designs like Barbie dolls and racing cars, it is time that the industry looks beyond this usual stuff and starts producing educational toys, which means fun and learn at the same time.
The Indian toy industry is projected to grow to over $3.3 billion by 2024, growing at a CAGR of 13.3 percent during 2019-2024. Thanks to the rising disposable income and the strong economic growth, the demand for quality toys is on the rise in the country. On the other hand, parents are looking more of a 2-in-1 solution for their kids, where they can learn and have fun at the same time. While the growth looks tremendous, the corona virus breakout in China is very much impacting the Indian toy market negatively. On the other hand, the 200 percent rise in the import duty on toys will empower the local manufacturers to bug-up and start producing world class products that are not just in-demand in the country, but globally as well.
Looking at this growing market we at siliconindia Magazine bring to you ‘10 Most Promising Toy Companies – 2020’. With an aim to give wings to the Indian toy manufacturers, we have shortlisted 10 companies who are producing indigenous toys based on the foundation of quality and comfort. Read to know more about them.
Do let us know what you think!
The Indian toy industry is projected to grow to over $3.3 billion by 2024, growing at a CAGR of 13.3 percent during 2019-2024. Thanks to the rising disposable income and the strong economic growth, the demand for quality toys is on the rise in the country. On the other hand, parents are looking more of a 2-in-1 solution for their kids, where they can learn and have fun at the same time. While the growth looks tremendous, the corona virus breakout in China is very much impacting the Indian toy market negatively. On the other hand, the 200 percent rise in the import duty on toys will empower the local manufacturers to bug-up and start producing world class products that are not just in-demand in the country, but globally as well.
Looking at this growing market we at siliconindia Magazine bring to you ‘10 Most Promising Toy Companies – 2020’. With an aim to give wings to the Indian toy manufacturers, we have shortlisted 10 companies who are producing indigenous toys based on the foundation of quality and comfort. Read to know more about them.
Do let us know what you think!
