In his Mann ki Baat radio address on August 30, 2020, Prime Minister Narendra Modi highlighted the significance of toys in children’s mental, physical and overall development and the potential for an Atmanirbhar Bharat to leave its mark on the global toy market, valued at Rs. 7 lakh crore. Encouraging the formation of toy clusters and supporting local artisans aligns with India’s diverse cultural heritage.
However, will these initiatives be sufficient to establish India’s presence in the global toy market? What can we do to amplify the Made in India movement? How can technology along with our unique cultural ingenuity further stimulate growth?
3D Printing offers promising solutions to these questions!
The Toy Association, a not-for-profit trade association based in the US, as reported by ‘Research and Markets’ revealed that the global toy sales reached $90.7 billion in 2019 and is projected to grow at a CAGR of 1.4% from 2020 to 2025, and India’s toy market estimated to surpass $3.3 billion by 2024, there’s ample room for expansion.
Here are three reasons why Indian toy manufacturers can leverage 3D Printing to capture a larger market share:
Addressing Price Sensitivity
The majority of toys in India are imported from China due to their affordability, indicating a price-sensitive market. 3D printing, particularly through reverse engineering, enables cost-effective production. A study by Michigan Technological University in 2017 suggests potential savings of up to $60 million through 3D-printed toys. By utilizing 3D scanning services and agile prototyping, Indian manufacturers can adapt quickly to market demands, avoiding the need for mass production to lower prices.
Embracing Customization and Innovation
3D Printing allows for unprecedented levels of customization, aligning with the rising trend of do-it-yourself (DIY) toys amongst consumers. With a toy design file, 3D printers can physically produce unique products, fostering creativity among children and consumers who can create design variations themselves. This presents a significant opportunity for Made in India 3D Printing to flourish.
Tapping into STEM Education
STEM toys, emphasizing Science, Technology, Engineering, and Mathematics, offer a practical approach to learning and are gaining popularity worldwide. With approximately 45% of the Indian population being under the age of 19, 3D-printed STEM toys represent a lucrative market. By leveraging 3D scanning services, manufacturers can produce affordable and customizable educational aids, fostering collaborations between educational institutions, research labs, and 3D printing workshops.
The dynamic landscape of 3D printing offers vast opportunities for the toy market. Collaborations between toy companies and designers for customized designs, as well as the growing interest in DIY printing, highlight the potential for innovation. Understanding the nuances of toy sub-categories is essential for developing tailored strategies that prioritize play, learning, and holistic development.
In summary, Made in India toys present an exciting opportunity to harness the creativity and versatility of 3D printing. Innovative partnerships and strategic collaborations can propel Indian 3D-printed toys onto the global stage. Carpe Diem!
