The global educational toys market is expected to register a noteworthy CAGR from 2017 to 2025 (forecast period). Educational toys are designed with the objective of stimulating learning on a particular subject or developing a particular skill among children. Rising consciousness among parents to enhance cognitive development among their children is anticipated to drive the market. Vendors are paying attention to product innovation to meet the changing consumer preferences due to increased cautiousness among parents.
Emergence of STEM learning in K-12 schools is one of the key growth stimulants of the market. In recent times, science, technology, engineering, and mathematics (STEM) learning is being collaborated with experimental learning, which involves use of educational toys and dummies to deliver hands-on learning experience to students in K-12 schools. STEM toys, including simulation-based puzzles and games, promote several learning aptitudes such as problem solving, experimentation, logic, and creativity.
Schools are increasingly implementing innovative methods to demonstrate STEM projects to ease and enhance the learning process. In addition, market players are also coming up with advanced educational toys to promote technical skills among students. For instance, in January 2018, Sony Global Education launched an education toy kit, Koov, in China, which is able to teach coding to children.
Growing popularity of online sales channelis estimated to work in favor of the market for educational toys. Consumers, especially parents, use online platforms to compare prices, specifications, and other features, which affect their purchasing decisions. Vendors are increasing their presence on social media as it helps them in better communicating offers and advertising features of their products. On the other hand, high cost of educational toys due to usage of superior raw materials is poised to hamper growth prospects. However, increasing focus on use of eco-friendly raw materials is likely to create tremendous growth opportunities for the market.
The global educational toys market has been analyzed on the basis of product, end users, and geography. Based on product, the market has been categorized into games and puzzles, dolls and accessories, activity toys, construction toys, outdoor and sports toys, and others. In terms of end users, the market has been bifurcated into individual customers and wholesale purchasers. From a geographical standpoint, the educational toys market has been classified into Southeast Asia, Europe, North America, India, China, and Japan.
North America educational toys market is projected to command a sizeable share in the market throughout the forecast period. High adoption rate of new technology and substantial purchasing power of the populace in developed countries such as Canada and the U.S. are contributing to the growth of the regional market. High awareness among parents regarding the availability of educational toys is also supplementing the growth of North America.
Countries such as Japan and China will exhibit high growth potential during the forecast period. Rising disposable income along with increasing consciousness among parents to inculcate basic competence among children is supporting the growth of the regions. Rapid technological advancements are also playing an instrumental role in the growth of the market in these countries.
Some of the prominent competitors in the global educational toys market are MGA Entertainment, Goldlok Toys, Melissa & Doug, Simba-Dickie Group, and Lego.
No comments:
Post a Comment