Pune, India, June 27, 2023 (GLOBE NEWSWIRE) -- The global educational toys market size was USD 64.91 billion in 2020 and is expected to grow from USD 68.81 billion in 2021 to USD 132.62 billion in 2028 growing at a CAGR of 9.83% during the 2023-2028 period. The global educational toys market size is projected to grow substantially in the forthcoming years. The growth can be attributed to the increasing adoption of Science, Technology, Engineering, and Math (STEM) toys by parents for their kids. Fortune Business Insights published this information in its latest report, titled, “Educational Toys Market, 2023-2028.”
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Educational toys refer to toys designed for children that help stimulate learning. They are designed for educational purposes or for teaching kids to develop a particular subject or skill. The popularity of these toys is increasing as parents explore innovative solutions for their children to make learning more fun. STEM toys are thus experiencing robust demand across the world. These toys are designed to encourage children to learn more about these subjects by applying each of them to the real world. They help make learning more exciting for children and develop key skills. Stem toys are built to focus on creativity and problem-solving skills. They present clear goals that help kids to learn and have fun at the same time.
List of Key Players Profiled in the Educational Toys Market Report:
- The Simba Dickie Group (Fürth, Germany)
- TOMY (Tokyo, Japan)
- JAKKS Pacific, Inc. (California, U.S.)
- GoldLok Toys (Guangdong, China)
- WowWee Group Limited (Quebec, Canada)
- CocoMoco Kids (New Delhi, India)
- Mattel (California, U.S.)
- LEGO System A/S (Billund, Denmark)
- Melissa & Doug (Connecticut, U.S.)
- Ravensburger (Ravensburg, Germany)
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2023-2028 |
| Forecast CAGR | 9.83% |
| 2028 Value Projection | USD 132.62 Billion |
| Market Size in 2020 | USD 64.91 Billion |
| Historical Data | 2017-2019 |
| No. of Pages | 182 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
|
| Educational Toys Market Growth Drivers | Government Support is Encouraging New Players’ Entry |
| Increasing Popularity of Smart Toys to Stimulate Educational Toys Market Growth |
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/educational-toys-market-106324
Report Coverage-
The research report provides in-depth coverage of granular and actionable data. It focuses on major aspects such as key industry players, products, demanding technologies, and applications. The report offers comprehensive insights into the notable recent developments in the educational toys space. Additionally, it covers several direct and indirect factors that have contributed to the market growth in the past few years.
Drivers & Restraints-
Favorable Government Initiatives to Propel Market Growth
Active initiatives undertaken by the respective governments are likely to drive new developments in the toys manufacturing space in the coming years. Led by India, the educational toys market growth will be influenced by various government efforts to accelerate local manufacturing and minimize dependence on foreign companies. For example, in February 2020, the Government of India approved the launch of eight new toy clusters in the states of Rajasthan, Madhya Pradesh, Uttar Pradesh, Tamil Nadu, and Karnataka. This step by the government highlights its intent to bolster the domestic toy manufacturing sector in the forthcoming years.
However, the growing circulation of unbranded and counterfeit products could impact the market dynamics to some extent.
COVID-19 Impact: Nationwide Lockdown Restrictions to Boost Online Product Sales
Strict containment measures enforced to curb the spread of the coronavirus outbreak have caused a steep decline in the distribution of learning-purpose toys through the physical/online channel. On the other hand, online product sales have experienced an upsurge, with the vast majority of parents spending on new innovative educational technologies amid the temporary closure of schools. However, supply chain uncertainty caused by the COVID-19 pandemic had a negative impact on the overall market growth. Since China is a leading supplier of learning-purpose toys worldwide, lockdown and trade restrictions have significantly affected product sales.
Factors Affecting the Growth of the Educational Toys Market:
- Increasing focus on early childhood development: There is a growing recognition of the importance of early childhood education and development. Educational toys are designed to stimulate cognitive, motor, and social skills in children, making them a valuable tool for parents and educators. As a result, there has been a rising demand for educational toys that support early learning.
- Parental awareness and involvement: Parents are becoming more actively involved in their children's education and are seeking toys that offer educational benefits. They are increasingly conscious of the impact toys can have on their child's development and are willing to invest in educational toys that promote learning and skill-building.
- Technological advancements: The integration of technology into educational toys has transformed the market. Interactive and electronic toys, such as tablets, coding kits, robotics, and augmented reality toys, have gained popularity. These toys offer a blend of entertainment and education, leveraging technology to engage children in interactive and immersive learning experiences.
- Emphasis on STEM education: With the growing importance of science, technology, engineering, and mathematics (STEM) subjects, there has been a surge in demand for toys that foster STEM skills. STEM-based educational toys enable children to develop problem-solving, critical thinking, and analytical skills from a young age, preparing them for future careers in these fields.
- Growing disposable income: Increasing disposable income levels, especially in emerging economies, have enabled parents to spend more on their children's education and development. As a result, there has been an expansion in the market for premium educational toys, which offer advanced features and higher quality materials.
- Online retail and e-commerce: The rise of online shopping platforms and e-commerce has significantly contributed to the growth of the educational toys market. Online platforms offer a wide variety of educational toys, making it easier for consumers to access a broader range of products and compare prices. The convenience and accessibility of online shopping have driven the market's expansion.
- Focus on inclusive and diverse toys: The demand for educational toys that promote diversity, inclusivity, and cultural representation has been growing. Manufacturers are developing toys that showcase different races, ethnicities, genders, and abilities, allowing children to learn and appreciate diversity while playing.
- Government initiatives and regulations: Some governments have implemented initiatives and regulations to promote educational toys and early childhood education. These policies aim to support the educational development of children and create a favorable environment for the growth of the educational toys market.
Segments-
Type, Age Group, Distribution Channel, and Region are studied for the Market
Based on type, the market is classified into arts & crafts, games & puzzles, STEM toys, musical toys, motor skills, role play, and other toys.
In terms of age group, the market is divided into 0-4 years, 4-8 years, and above 8 years.
On the basis of distribution channels, the market is segmented into specialty stores, supermarkets & hypermarkets, e-commerce, and others.
Geographically, it is studied across North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
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Regional Insights-
North America to Dominate Led By Heavy Preference for ‘Made in USA’ Products
North America accounted for USD 24.98 million in the worldwide educational toys market share in 2020. The regional market is largely driven by emerging demand from consumers and retailers for ‘Made in USA’ products. For retailers, buying and selling locally manufactured toys is beneficial as it translates into faster and cheaper product shipment compared to shipment to other countries. Due to these factors, the U.S. could be a highly profitable revenue ground for educational toys manufacturers over the projected period.
The Europe market is driven by the increasing penetration of eco-friendly products. Led by the U.K. and Germany, educators and parents are increasingly adopting greener products to minimize the risk of health issues involved with the use of hazardous and synthetic materials. The growing popularity of green products is anticipated to increase the number of startups in the region. In 2020, the U.K. accounted for the largest regional share.
Asia Pacific is expected to witness robust growth in the market in the next few years. China is considered an internationally renowned manufacturer of consumer products globally. The rise in the middle-class population in India and China fuels the demand for affordable educational toys. India is poised to exhibit a notable CAGR in the regional market during the forecast period. The regional growth will also be propelled by active government efforts to bolster the toys manufacturing sector and the proliferating e-commerce channel.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Overview of the Parent/Related Markets
- Industry SWOT Analysis
- Supply Chain and Regulatory Analysis
- Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Qualitative Analysis Related to COVID-19
- Impact of COVID-19 on the Market
- Supply Chain Challenges amidst Pandemic
- Potential Opportunities due to this Global Crisis
- Global Educational Toys Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type
- Arts & Crafts
- Role Play
- Games & Puzzles
- Motor Skills
- Musical Toys
- STEM Toys
- Other Toys
- By Age Group
- 0-4 Years
- 4-8 Years
- Above 8 Years
- By Distribution Channel
- Supermarkets & Hypermarkets
- Specialty Stores
- E-commerce
- Others
- By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Type
TOC Continued...!
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Industry Developments-
- May 2021 –S.-based toymaker Mattel introduced a new toy takeback program called PlayBack. The program is aimed at reusing old Mattel toys once they are discarded. This strategic initiative is part of the company’s efforts toward achieving 100% recyclable materials across all its product offerings by 2030.
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