Toy Gun Market Size, Share, Growth & Industry Trends [2031]

Report Description

Toy Gun Market Outlook

The Global Toy Gun Market was valued at USD 1980.0 Million in 2022 and is projected to reach USD 2897.7 Million by 2031, expanding at a CAGR of 4.5% during the forecast period.

A toy gun is a replica of a firearm or simulated weapon designed specifically for recreational purposes and play. These guns are created to resemble the real guns but they do not possess the functionality or capabilities of the real guns.

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Toy guns come in various forms such as rifles, pistols, and shotguns. They are made up of lightweight materials such as rubber, plastic, and foam to ensure the safety of the user, and they are mostly popular among kids and teenagers. The various types of toy guns include water guns, model guns, soft bullet guns, cap guns, and laser guns. The main purpose behind toy guns is to offer a fun and imaginative experience for children and enthusiasts without any risk or danger.

Macro-Economic Factors

Market Competition

The presence of a large number of domestic and international manufacturers is positively influencing the toy gun market. Players are making strategies to cope with the competition in the global toy gun market.

Numerous small-scale toy manufacturers are distributing their products through large e-commerce websites such as Amazon.com, Inc., Alibaba Group, eBay Inc., and others for increasing their customer base. The domestic players in the global toy gun market are expanding their presence across the globe by demonstrating their products on e-commerce websites.

Supply Chain Disruptions

COVID-19 has completely disturbed the global supply chain, which was highly depend upon China. China manufactures approximately 85% of toy products and generated USD 80 billion in the global toy industry.

This disruption of supply chain has forced the domestic toy industry to innovate their business strategy, invest in toy manufacturing, and supply the in-demand market of toys across the globe. India and Vietnam experienced the high growth in the toy manufacturing post-pandemic, which, in turn, drives the regional market growth.

Population

Increasing young population, especially in developing countries, affects the market growth positively. For instance, there are currently an estimated 2 billion children between the age 0 to 14 across the globe. This growth is expected to peak at 2.06 billion in 2050. It is estimated that the toy guns are highly in demand among children between the age of 3 to 12, which supports the market growth.

Technological Advancement

Developments in technology help in shifting preference of consumers towards technologically advanced products. Manufacturers are focusing on developing innovative toy guns that include realistic features, lightweight, sound & light effects, and integration with digital platforms.

For example, two-in-one Transforming Dinosaur Faced Gun Toy with flashing light and sound. Such technologically advanced toy gun offers several benefits such as hand-eye coordination, imagination, interest in music, and color perception.

Toy Gun Market Dynamics

Market Driver- Rise in Disposable Income

Growing disposable income among consumers is resulting in an increase in the standard of living of people as well as spending power for fulfilling the social needs of people. According to the Organization for Economic Co-operation and Development (OECD), GDP per capita increased by 5.1% annually in the OECD region in 2021 as compared to the previous year, exceeding real household income per capita by 1.7%.

Household income per capita increased in Italy, France, the UK, China, and the US in 2021. Disposable income in the US increased from USD 14,410.4 billion in 2018 to USD 16,115.7 billion in 2021. Moreover, in 2021, the change in per capita disposable income in China is registered at 7.1% as compared to the previous year.

High disposable income has resulted in changing consumer behavior, due to increasing requirements of consumers in terms of unique and customized experiences. Hence, several companies are widely investing in R&D for creating innovative and interactive toys for customers.

Market Driver- Growing Number of Manufacturers in the Market

Manufacturing units of toys across the world were shut down during the pandemic, which resulted in a decline in the trade of toys. It severely affected the manufacture of toys in various countries, such as China, which accounts for over 70% of toy manufacture in the world. This downfall created opportunities for domestic toy manufacturers to strengthen their position in the market.

Furthermore, various countries increased customs duty on toys, due to the pandemic. For instance, in 2020, the government of India increased the basic customs duty on toys from 20% to 60%, which reduced the availability of imported toys and increased the demand for local or domestic toys.

Market Restraint - Stringent Government Regulations

Several governments are imposing various regulations such as high customs duty and mandating quality certification on the import of toys. For instance, the government of India mandated domestic manufacturers to possess BIS (Bureau of Indian Standards) certification on imports of toys to ensure quality products and the safety of consumers.

This certification ensures that manufacturers invest in processes and equipment to improve their product quality, as they plan for global expansion. Implementation of BIS certification led to a decline in low-cost imports from China, which accounted for nearly 85% of global imports in 2020.

Similarly, various countries have imposed strict regulations on toy manufacturers for high-quality and safe toys. Such strict government regulations are restraining the toy gun market.

Market Restraint - Rising Adoption of Online Games

Online games are popular among children, as they these games are played on smartphones and tablets without the need of a separate play kit. This hinders the demand for toy guns in the market. Consumer preferences changed to online gaming than outdoor games during the pandemic. Adoption of online games is increasing, due to various factors, such as increasing internet penetration and rising adoption of smartphones & tablets.

Additionally, remote schooling has resulted in the increased use of smartphones and tablets for schooling as well as playing video games. 4.3 billion users across the world were using mobile internet by the end of 2021, registering an increase of about 300 million users since the end of 2020.

Market Opportunity - Rising Adoption of E-commerce

Rising trend of online purchases as a convenient method for customers to buy products is driving the toy gun market. Online sales channels have registered a boom in the market with the evolution of smartphones. Online platforms offer convenience, extensive product range, and competitive processes, attracting a large customer base.

Parents effortlessly browse through various toy gun options, read reviews, and make customized choices from the comfort of their homes. E-commerce giants such as Amazon and Alibaba have expanded their toy gun inventory, providing various options from classic Nerf guns to realistic replicas of airsoft guns.

Scope of Toy Gun Market Report

The report on the global Toy Gun market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Toy Gun Market Segmental Outlook

The global Toy Gun market is segmented on the basis of type and distribution channel.

On the basis of type, the global toy gun market is segmented into water gun, soft bullet gun, model gun, and others that include cap guns, toy laser guns, toy dart guns, and others. The water gun segment holds a significant market share 2022 and is projected to expand at a significant CAGR of during the forecast period, due to the rising popularity of water gun among young population and its popular use in festivals.

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Based on distribution channel, the toy gun market is segmented into supermarket, toy store, and others. The supermarket segment holds a significant share of the market in 2022 during the forecast period owing to an increasing number of purchases from offline channels. The supermarket segment is fueled by rising customer’s preference for first hand experiencing several brands of products in one place with all price ranges.

Regional Outlook

On the basis of region, the global toy gun market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific holds a significant share of the market in 2022 and is projected to expand at a significant CAGR during the forecast period.

Growing demand for products from countries including Japan, South Korea, China, and India fuels the market in the region. Additionally, rapid urbanization and increasing demand for outdoor games in the region are anticipated to drive the market in the region.

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Key Benefits for Industry Participants & Stakeholders

• In-depth Analysis of the Global Toy Gun Market

• Historical, Current, and Projected Market Size in terms of Value and Volume

• Potential & Niche Segments and Regions Exhibiting Promising Growth Covered

• Industry Drivers, Restraints, and Opportunities Covered in the Study

• Recent Industry Trends and Developments

• Competitive Landscape & Strategies of Key Players

• Neutral Perspective on Global Toy Gun Market