The Current Outlook of the Toy Industry in India
At present India is manufacturing a variety of toys that are capable to stand out in the global and the local market. The toy industry has observed a boom over the last few decades and now the toys have become more accessible as their prices have been reduced significantly. Many factors contributed to the growth of the toy industry in India like easily available raw materials, advanced manufacturing technology, e-commerce, and a lower tax rate. However, still India has to go long way to become a major global supplier in the toy industry.
Toy Industry in India and its Future
Toys have changed a lot in the last few decades India has observed significant changes in toys from conventional plastic toys to modern-day’s AI-based toys. Similarly, toy manufacturing in India has also observed many ups and downs during this period. However, toy making industry is quite profitable today when compared to it 2-3 decades back. With state-of-the-art technology, nanotechnology, and advanced manufacturing technology, the toys made are quite durable and smart. Also, innovation and technological advancement in the toy industry came up with a larger variety of toys which also increased the total sales volume of toys in India.
The total worth of the Indian toy industry was more than 1.35 billion US dollars.