Project Report For Toys Manufacturing
Project report for Toys Manufacturing is as follows.
There is a wide range of toys available on the market right now. Traditional plush toys, construction and building toys, dolls, board games and puzzles, as well as high-end electronic toys, educational toys, ride-on, and so on, are all part of the broad product category. There are toys made in the United States by small, medium, and big manufacturers, as well as those made by well-known foreign companies. Each toy category contains both low-cost and high-end variants.
With the advent of smartphones and other digital media, online sales channels have lately experienced a surge in India. Because customers can debate the quality and features of items and compare pricing on multiple platforms, online sales channels have emerged as one of the fastest expanding distribution methods for toys in India.
Market potential & Strategy
In 2020, the Indian toy market is expected to be worth $1.23 billion USD. Toys first appeared in India approximately 5000 years ago, during the Indus Valley Civilization. Whistles fashioned like birds, toy monkeys that could slide down a rope, and tiny carts constructed from natural materials like wood, clay, and rocks were among the earliest toys. The introduction of improved technology and machinery in recent years has pushed producers to create modern and creative toys. According to IMARC Group, the Indian toys market would expand at a CAGR of 12.2 per cent between 2021 and 2026. India has one of the world’s greatest youthful populations, which has resulted in a significant expansion in the country’s toy sector. The market is bursting at the seams with both classic and contemporary toys.
However, as tastes change, there has been a shift away from traditional toys and toward creative and high-tech electronic toys. For example, Lego has supplanted wooden construction blocks, and Barbie dolls have supplanted traditional fabric dolls. India is a significant market for toys, owing to its large customer base. Furthermore, the country has a sizable young population, with almost half of the entire population under the age of 25. The country’s robust economic development and rising disposable incomes are also driving up domestic demand for toys in India. For the past several years, India has experienced rapid GDP growth.
Over the previous few years and is currently one of the world’s major economies. As a result of this tendency, the region’s middle-class population has grown rapidly. Consumers now have more discretionary income, and their shopping habits have shifted.
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