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The science, technology, engineering and mathematics (STEM) toys market size is estimated to grow at a CAGR of 8.89% between 2023 and 2028. The market size is forecast to increase by USD 8.09 billion. The growth of the market depends on several factors, such as the growing emphasis on STEM education, the integration of digital platforms in STEM education, and the growing focus on gender equality and inclusion. Our report examines historical data from 2018 - 2022, besides analyzing the current market scenario.
This report extensively covers market segmentation by application (in-home and in-school), age group (9-10 years, 6-8 years, and 11-13 years), subjects (science, engineering, mathematics, and technology), and geography (APAC, North America, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges.
Science, Technology, Engineering and Mathematics (STEM) Toys Market Forecast 2024-2028
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Our researchers studied the data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
There has been growing traction and emphasis on STEM education over recent years, resulting in an increase in the global STEM toy market. In addition, the growing recognition of the importance of STEM fields in preparing students for future careers has driven the demand for educational toys that promote STEM learning.
Moreover, this increasing emphasis on STEM education has had a profound impact on the market in focus, influencing consumer preferences and driving innovation in the design and development of STEM toys. In addition, factors such as the rise in demand for coding and robotics toys have also positively impacted the science, technology, engineering, and mathematics toys market. Therefore, it is expected to drive the market growth during the forecast period.
There has been a significant revolution in the global STEM toys market due to the integration of AI and ML technologies in STEM toys. In addition, these advanced technologies enhance the educational value of toys by providing personalized learning experiences, promoting critical thinking, and expanding the possibilities for experimentation and exploration.
Moreover, AI and ML technologies have facilitated the development of STEM toys that can adapt and respond to a child's unique abilities and learning style. For instance, the Cubetto Playset is a coding toy that incorporates AI technology to provide an adaptive learning experience. Furthermore, the toy utilizes ML algorithms to analyze the child's interactions and adjust the difficulty level accordingly. Hence, such factors are positively impacting the science, technology, engineering, and mathematics toys market. Therefore, it is expected to drive the market growth during the forecast period.
There is a significant availability and attractiveness of alternative products and activities that offer similar educational benefits that can divert consumer attention and resources away from traditional STEM toys. Therefore, it limits the market demand and growth potential.
Moreover, screen-based technology and digital applications are some of the major substitutes for STEM toys. In addition, with the increasing ubiquity of smartphones, tablets, and computers, children can access a wide range of educational apps, games, and interactive content that promote STEM learning. Furthermore, these digital substitutes offer interactive experiences, engaging visuals, and instant feedback, all of which can rival the hands-on engagement that STEM toys offer. Hence, such factors hinder the market growth during the forecast period.
The in-home segment is estimated to witness significant growth during the forecast period. This segment comprises STEM toys that are designed for children to use within the comfort of their own homes, either independently or with the guidance of parents or caregivers. In addition, the rise in demand for in-home STEM toys can be attributed to several factors, such as the increasing recognition of the importance of early STEM education, the need for educational entertainment at home, and the convenience of learning opportunities within a familiar environment.
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The in-home segment was the largest segment and was valued at USD 7.26 billion in 2018. Moreover, the main factor that is fuelling the growth of this segment is the growing emphasis on early STEM education. In addition, as parents and educators recognize the significance of building a strong foundation in STEM fields, there is a greater inclination to introduce STEM concepts and activities to children at an early age. Furthermore, in-home STEM toys provide an accessible and engaging way for children to explore and learn about STEM without the need for formal classroom instruction. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
Based on the age group, the segment is classified into 9-10 years, 6-8 years, and 11-13 years. The e 9-10 years segment mainly focuses on offering educational resources that promote STEM learning and skill development, targeting the cognitive abilities and curiosity of children between the ages of 9 and 10. In addition, the increasing complexity of cognitive abilities in children of this age is contributing to the growth of this segment. Moreover, between the ages of 9 and 10, children experience significant development in their critical thinking, problem-solving, and analytical skills. Furthermore, they are able to grasp more abstract concepts and engage in more advanced reasoning. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
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APAC is estimated to contribute 42% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. Some of the leading revenue-generating countries in APAC that contribute to the STEM toys market growth in the region include China, Japan, South Korea, and India. In addition, the regional STEM toys market will be bolstered by growing disposable incomes, increasing consumer awareness about various STEM toy brands, and the growing willingness among end-users to spend money on STEM toys for their children for educational purposes. Furthermore, due to higher purchasing potential among consumers, many toy retail chains are entering APAC. Hence, such factors are driving the market growth in the region during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global science, technology, engineering, and mathematics (STEM) toys market witnessed a significant slowdown due to the shutdown of offline distribution channels such as specialty stores, hypermarkets, and department stores in APAC. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the restoration of operations in these stores. Such factors are expected to drive the market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Elenco Electronics Inc: The company offers science, technology, engineering and mathematics toys such as 2 In 1 Ultimate Candy Science Kit, Architectural Engineering, Bouncing Planets.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Building Blocks Learning Solutions Pvt. Ltd., Dilly Dally Kids, Elation Edtech Pvt. Ltd., Evollve Inc., Fat Brain Toys LLC., Franckh Kosmos Verlags GmbH and Co. KG, Fun Express LLC, Funvention Learning Pvt. Ltd., GoldieBlox Inc., Hape International Inc., Hasbro Inc., Innovation First International Inc., Learning Resources Ltd., LEGO System AS, Makeblock Co. Ltd., Makey Makey LLC., Mattel Inc., MobilizAR Technologies Pvt. Ltd., MVW Holdings Inc., Nesta Toys, Piper Learning Inc., PlanToys.com, PlayMonster LLC, Ravensburger AG, Scientifics Direct Inc., SmartGurlz, Smartivity Labs Pvt. Ltd., SND Digital Retails LLP, Sphero Inc., Spin Master Corp., Thimble, Timbuk Toys, Tinkering Labs Inc., and Xinxiang Alpha Manufacturing Ltd.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The science, technology, engineering, and mathematics (STEM) toys market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
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Science, Technology, Engineering And Mathematics (STEM) Toys Market Scope |
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Report Coverage |
Details |
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Page number |
190 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8.89% |
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Market Growth 2024-2028 |
USD 8.09 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
7.87 |
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Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 42% |
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Key countries |
US, Canada, China, Japan, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Building Blocks Learning Solutions Pvt. Ltd., Dilly Dally Kids, Elation Edtech Pvt. Ltd., Elenco Electronics Inc., Evollve Inc., Fat Brain Toys LLC., Franckh Kosmos Verlags GmbH and Co. KG, Fun Express LLC, Funvention Learning Pvt. Ltd., GoldieBlox Inc., Hape International Inc., Hasbro Inc., Innovation First International Inc., Learning Resources Ltd., LEGO System AS, Makeblock Co. Ltd., Makey Makey LLC., Mattel Inc., MobilizAR Technologies Pvt. Ltd., MVW Holdings Inc., Nesta Toys, Piper Learning Inc., PlanToys.com, PlayMonster LLC, Ravensburger AG, Scientifics Direct Inc., SmartGurlz, Smartivity Labs Pvt. Ltd., SND Digital Retails LLP, Sphero Inc., Spin Master Corp., Thimble, Timbuk Toys, Tinkering Labs Inc., and Xinxiang Alpha Manufacturing Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Age Group
8 Market Segmentation by Subjects
9 Customer Landscape
10 Geographic Landscape
11 Drivers, Challenges, and Trends
12 Vendor Landscape
13 Vendor Analysis
14 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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