A toy car is used for the entertainment of kids. It is the miniature depiction of an automobile and its working principle is simple. The car is pulled back so to wind the internal coil spring. When the car is freed, the spring unwinds and allows the car to move forward. These cars are designed to help the kids in learning, growing, and development.
On the basis of type, the toy car market is segmented as metal, plastic, and others. These toys are witnessing considerable growth rate due advancement of technology. Based on application, they are designed for families and kindergarten. These toy cars play a vital role in teaching the child balance & coordination, motor skills, learning names of objects, and identifying different motions.
Internet penetration and advancement of latest technology are the major factors escalating the demand for toy cars. These cars are consistently tested. It is expected that toy cars market is expected to grow at a substantial rate during the forecast period.
COVID-19 Scenario Analysis:
- The shutdown of industries affected the production of the market, thereby decreasing sales and revenue.
- The labours are not available due to social distancing prevailing in the world.
- Export-import is at halt.
- The cancellation of toy fairs across the globe affected the toy car market adversely.
- The online platforms limited their shipments to the essential products.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
In the present scenario, toy cars not only serve the purpose of entertainment, however, they play a vital role in the overall development and growth of a child. The increased disposable income, hectic schedules of parents, rise in the living standards, advancement of technology, refurbishment of products and easy availability of e-commerce websites are the major factors propelling the growth of toy cars market. In addition, the increase in the number of playschools, kindergartens, and day care centres is fuelling the growth of the market. Although, the price, safety issues, availability of substitutes, short lifecycle of toy cars, raw material suitability, availability of virtual video games,and high failure rates are the major concerns for the market. In contrast to this, intense research and development, diversifying distribution channels, investment in technology and innovation are paving the way for the toy cars market.
The Global Toy Cars Market Trends
The introduction of internet of things and swarm robotics in the toy cars is presenting new pathways for the market. It is a competitive market and this leads to consistent innovation in the products. Companies are coming up with remote control cars. These cars are easy to the control and easily navigated by controller.The key market players are introducing robotic cars with special music, enhanced speed, openable doors, and improved battery life to enhance the overall functionality of the product and to help the kids with hand, eye, and brain coordination. For instance, Hotwheels has introduced racing cars with attractive tracks to develop a feeling of team spirit and sportsmanship within the children.These kinds of new products with improved functions and their social media presence are helping to escalate the demand of toy cars and bring affluence in the market.
Key Benefits of the Report
- This study presents the analytical depiction of the global toy cars market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global toy cars market share.
- The current market is quantitatively analyzed to highlight the global toy cars market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global toy cars market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions Answered in the Toy Cars Market Research Report
- Which are the leading players active in the toy cars market?
- What would be the detailed impact of COVID-19 on the market?
- What are the current trends that would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the toy cars market?
- What are the projections for the future that would help in taking further strategic steps?
Toy Cars Market Report Highlights
Key Market Players
Tonka. Siku, CMC, Mattel, Takara Tomy, Amalgam, Autoart, Looksmart, MR Collection, Exoto, LEGO, Maisto, Hasbro, Bandai