Global TIC Market for Childcare Products & Toys Industry was USD 1.6 billion in 2020, registering a CAGR of 4% during the forecast period 2021-2027

TIC Market for Childcare Products & Toys Industry

The TIC market for childcare products & toys is expected to witness a CAGR of 4% during the forecast period. TIC services help improve the standards of the manufacturing process by conducting testing, inspections, and certifications in accordance with regulations around the world. This will help in the production of quality, safe, and reliable products/components in the childcare products & toys industry. The factor driving the growth of the TIC market in childcare products & toys is globalization which has provided standardization of products and goods that are used in childcare products & toys.

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Moreover, rapid urbanization, mandatory safety regulations, advancement in networking and communication technology, digitalization, need to have credibility and image, reduced turnover of employees, increased level of cost control improvement, and rapid improvement of various processes will fuel the growth of TIC in childcare products & toys. Nevertheless, the mounting awareness among consumers regarding risks and hazards in toys will provide promising opportunities for the growth of the TIC market in child care products & toys.

The COVID-19 outbreak has affected all the industries and there was a disruption in the supply chain and reduced workforce. There was the temporary closure of educational institutions to contain the spread of the coronavirus. However, there is a substantial growth in the sale of traditional toys like outdoor activity toys, construction and craft toys, board games, and puzzles as they are used for play and education. There is a need to comply with regulations such as EN71 European Product Safety Standard, et., so there is a need to provide testing and inspection to the toy and child care products industry to provide quality assurance resulting in the growth of the TIC market for childcare products & toys.

UL, a global safety science company announced the launch of the Bureau of India Standards (BIS) recognized testing services for domestic and foreign toy manufacturers in the country as per the Indian Standards (IS). Thus, Ul had set up a new testing facility in Gurugram, India.

Based on service type, the TIC market for childcare products & toys is segmented into testing, inspection, and certification. Testing is playing an important role in the effective production of quality and safe products. Moreover, authorities around the world are aware of the importance of toy safety, so they are implementing new standards and safety measures to ensure that toys do not pose a risk to children and consumers. Testing is done against a wide variety of standards which includes mechanical and physical properties, flammability, hazardous chemicals, electrical properties.

The Asia Pacific is anticipated to be the fastest-growing region during the forecast period owing to the rising brand penetration and a wide distribution network, resulting in the growth of child care products & toys. Moreover, manufacturers, importers, and retailers that are involved in child toy manufacturing in China and Asia are implementing robust supply chain management to have proper and timely delivery of finished goods to meet mandatory toy regulations and awareness regarding safety among consumers, resulting in the growth of TIC market for childcare products & toys.

Some of the key players operating in the TIC market in child care products & toys: Intertek Group plc, Bureau Veritas, UL LLC, SGS SA, Eurofins Scientific, TUV Rheinland, DEKRA SE, ALS Limited, Element Materials Technology, and TUV SUD.