The Indian Toy Industry is expected to grow at a CAGR of 20 per cent and be valued at Rs 248.83 billion by the year 2020. The main reason for the growth of the toy industry is the growing population of the country. The toy industry has changed after the advent of globalization and liberalization in India in the early nineties. With the melting of international trade boundaries, a free flow of Chinese toys accessed the Indian market, thus creating a dual impact on the local toy industry.
On one hand, the impact has been quite negative because the imported toys were cheaper in cost, versatile in features, attractive and handy in packaging and better in quality. On the other hand, the comparatively organized SMEs have transformed themselves into competitive units and are taking the Chinese challenge head on and are even exporting their toys now.
With the increasing use of gadgets like smart phones, laptops, tablets the scope for virtual games has increased in India. Children enjoy playing with graphical games rather than opting for traditional board games. Video games offer scope of outperforming your opponent and is designed with high graphics giving it a realistic look. Smart phones don’t only target children but also offer games for adults. These games are time engaging and popular. The video games are available in various genres like educational games, toddler games, informative games and creative exposure.
The leading companies in the space are Mattel Inc., Funskool, Lego Group, Pegasus Toy-Kraft, Zephyr, Chalk and Chuckles and many more. The Indian toy industry is a mix of domestic and international players. These companies have contributed to the industry in one way or another and are trying their best to revolutionize the industry to place themselves in one of the foremost toy industries globally.