April 20, 2022 08:02 ET | Source: The Insight Partners The Insight Partners
New York, April 20, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published the latest research study on Inflatable Toys Market to Forecast 2028 – COVID-19 Impact and Global Analysis – by End Use, Type, Distribution Channel, and Geography," The rising development of nontoxic and sustainable inflatable toys can open significant growth opportunities in the inflatable toys market over the coming years. These items are compact and simple to store. In addition, they are not difficult to introduce in more modest spaces, making them reasonable for private applications. Inflatable toys are delicate, versatile, and fun. Consequently, they are protected and liked by most of the guardians of their youngsters. The rising interest for different imaginative toys is projected to drive the inflatable toys market over the conjecture time frame.
Inflatable Toys Market: Competitive Landscape and Key Developments
The key players operating in the inflatable toys market include Intex Recreation Corp.; Bestway Inflatables & Material Corp.; Happy Inflatable Co. Ltd; LIttle Tikes; General Inflatables; Joyin; Omega Inflatables Factory; HearthSong; Waddle & Friends, Inc.; and Jet Creations Inc. These companies are making significant investments in research and development to launch innovative products that help in catering to specific consumer requirements. High R&D expenditure provides a competitive edge to these players over other companies operating in the market. Further, these companies are also focusing on enhancing product quality to ensure children's safety and cater to the emerging consumer trends in the market.
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Asia Pacific is projected to register the fastest CAGR in the inflatable toys market during the forecast period. The toy industry makes a significant contribution to the economies of various Asia Pacific countries. China is one of the leading exporters of toys. According to the China Toy & Juvenile Products Association, the retail sales of toys across China accounted for Yuan 77.97 billion (US$ 12.25 billion) in 2020. The demand for inflatable toys is also increasing in countries such as India, China, and Japan, owing to the rising middle-class population, increasing disposable incomes, surging expenditure on home-entertainment products for children, and growing preference for toys that cause no injuries to the children. The increasing sales of inflatable toys and expanding size of toys industry across Asia Pacific is propelling the growth of the inflatable toys market.
Development of Sustainable and Nontoxic Inflatable Toys to Provide Lucrative Growth Opportunities
Inflatable toys are often made of polyvinyl chloride (PVC), which is a harmful plastic. PVC causes potential harm to the environment and human health as it contains toxic compounds and carcinogens such as lead, phenol, and phthalates. Parents are highly concerned regarding the health implications of PVC on their children. As the awareness regarding the harmful impacts of plastic is growing, people are shifting toward sustainable plastic alternatives. The manufacturers of inflatable toys are also developing products that meet consumers' sustainability concerns and help minimize their carbon footprints. They are using materials other than PVC that have a low environmental impact and are not harmful to the children's health. For instance, DIPP, an Australia-based manufacturer of inflatable pools, developed a product (inflatable pool) using thermoplastic polyurethane, which is a sustainable alternative to PVC. Such developments are projected to provide potential opportunities in the inflatable toys market over the forecast period.
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Inflatable Toys Market: Segmental Overview
By end use, the inflatable toys market is segmented into residential and commercial. The residential segment held a larger market share in 2020 and is projected to register a faster CAGR during the forecast period. The inflatable toys designed for residential use are light in weight and provide kids with a wide range of entertainment applications. Since these inflatable toys are easy to transport and store when deflated, they are gaining popularity among parents. These are the most popular toys brought by parents on vacations at outdoor places. Inflatable animals, balls, chairs, pools, bouncers, and tents are some of the different types of residential inflatable toys. Inflatable toys such as inflatable pools and slides can be installed in small to medium spaces, making them highly suitable for residential spaces. The rising demand for inflatable toys for home entertainment for children is driving the residential segment.
By type, the inflatable toys market is segmented into inflatable pools, inflatable animals, inflatable balls, and others. The inflatable animal segment is expected to register the highest CAGR during the forecast period. Inflatable animals are significantly preferred inflatable toys by kids. The products included in this segment are animal-shaped inflatable floats, bouncy hoppers, and sand-filled inflatable animal toys, among others. The inflatable animals look realistic and cartoonish in appearance, which attracts children. With their brilliant colors and welcoming demeanor, inflatable animals can entice children. These animal toys are generally used for creating awareness and emotional connection between kids and animals.
Based on distribution channel, the inflatable toys market is segmented into supermarkets & hypermarkets, specialty stores, online retail, and others. The specialty stores segment accounted for the largest share of the inflatable toys market in 2020. Specialty stores are retail chains that sell a particular product category. They have a large variety of products from different brands. Specialty stores for inflatable toys include toy shops, gift shops, and multi-brand outlets. These stores have a staff of trained personnel that help consumers in choosing the right product. Moreover, these stores also provide playing platforms where children can play with different products. The rising popularity of specialty stores for buying inflatable toys is driving the segment.
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Impact of COVID-19 Pandemic on Inflatable Toys Market
The COVID-19 pandemic affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The consumer goods industry was one of the major areas suffering serious disruptions such as supply chain breaks and shutdowns of production plants. During the initial phases of the pandemic, various companies announced possible delays in product deliveries and a slump in future sales of their products. However, as the children stayed at home due to the shutdown of schools and lockdowns, the demand for inflatable toys increased across the globe. The demand and sales of the toys remained significant even during the lockdowns as consumers had access to the products through online retail platforms. Further, with emerging online shopping trends among consumers in the regions such as North America, Europe, and Asia Pacific, the inflatable toys market is expected to witness positive growth in the coming few years.
The development of sustainable and nontoxic inflatable toys can provide potential growth opportunities for the inflatable toys market in the coming years.
Based on the end-use, the residential segment accounted for the largest revenue share due increasing preference among the parents for lightweight inflatable toys for kids. Also, the product is cost-effective and provides a safe environment for kids while playing which attracts the demand from parents.
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North America accounted for the largest share of the global inflatable toys market due to the product's widespread acceptability across the region, particularly for outdoor recreational activities. Also, parents in these regions largely spend on entertainment products such as inflatable slides, pools, playhouses, and inflatable animals for their kids.
Based on type, an inflatable animal is the fastest-growing segment. The inflatable animals look realistic and cartoonish in appearance, which attracts children. The rising popularity of inflatable toys among children and the increasing demand for inflatable toys in preschools and kindergartens are some of the key driving factors for the inflatable toys market.
Based on end use, the market is segmented into residential and commercial. Based on type, the market is segmented into inflatable pools, inflatable animals, inflatable balls, and others. Based on distribution channel, the market is segmented into supermarkets & hypermarkets, specialty stores, online retail, and others. Based on geography, the inflatable toys market is segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South & Central America (SAM).
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