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The science, technology, engineering and mathematics toys market is projected to reach a value of USD 8.09 billion at a CAGR of 8.89% between 2023 and 2028. The market's expansion is driven by various factors, notably the rising importance of educational initiatives and the integration of digital platforms into STEM learning. Additionally, there's a growing emphasis on gender equality and inclusion, underscoring the significance of learning, creativity, and development for all children. These trends not only promote innovation but also advance technology, engineering, science, and math education. By leveraging digital platforms, educators can enhance interactive learning experiences, making complex concepts more accessible and engaging. Moreover, initiatives focusing on gender equality and inclusion ensure that all students have equal opportunities to explore STEM fields, fostering diverse perspectives and driving forward-thinking solutions. Ultimately, these developments contribute to a more dynamic and inclusive educational landscape, empowering future generations to excel in the increasingly technology-driven world. Our report examines historical data from 2018 - 2022, besides analyzing the current market scenario.
Science, Technology, Engineering and Mathematics (STEM) Toys Market Forecast 2024-2028
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The in-home segment is estimated to witness significant growth during the forecast period. This segment is 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 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 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 market growth in the region include China, Japan, South Korea, and India. In addition, the regional market will be bolstered by growing disposable incomes, increasing consumer awareness about various brands, and the growing willingness among end-users to spend money on the STEM toy industry 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.
The market is driven by a multitude of factors, including the growing emphasis on educational initiatives and the increasing recognition of the importance of STEM learning for children's development. This trend has led to a surge in demand for STEM toys that promote creativity, innovation, and problem-solving skills through hands-on and interactive play experiences. Toy companies are continuously innovating, incorporating technology, engineering, and science concepts into their products, including coding, robotics, and building kits. However, despite the market's growth, challenges remain, such as ensuring accessibility and affordability of STEM toys for all children, as well as addressing the gender gap in STEM participation. Additionally, there is a need to continually adapt to evolving educational trends and technological advancements, ensuring that STEM toys remain relevant and engaging for future generations. 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.
There has been growing traction and emphasis on education over recent years, increasing in the global 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 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 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 Artificial Intelligence (AI) and Machine Learning (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 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 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.
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 market report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments
Educational Toys Market: Educational Toys Market Analysis APAC, North America, Europe, Middle East and Africa, South America - US, Japan, China, Germany, UK - Size and Forecast
Entertainment Robots Market: Entertainment Robots Market Analysis Europe, APAC, North America, Middle East and Africa, South America - US, Germany, China, UK, Japan - Size and Forecast
Board Games Market: Board Games Market Analysis Europe, North America, APAC, Middle East and Africa, South America - US, France, Germany, UK, China - Size and Forecast
The market is experiencing rapid growth due to various factors, including the impact of urbanization and the influence of literate parents seeking unique learning experiences for their children. There's a notable emphasis on sustainability, reflected in the selection of toys found in supermarkets, hypermarkets, and departmental stores. Furthermore, the rise of specialty stores catering to educational curriculums has contributed to the market's expansion. The integration of educational robots and online platforms facilitates digital gaming and toy subscriptions, offering diverse learning opportunities.
One-day delivery services and online distribution channels cater to consumer demand for convenience, while logical reasoning and material impact are central to toy design, promoting fundamental thinking and personalized learning experiences. With digital transformations and emerging players offering niche offerings, the market exhibits a fragmented nature yet promises growth in the short, mid, and long term, underpinning business resilience and bottom-line management. The market is influenced by various dynamics, including the gravitational pull of consumer interest towards innovative learning experiences. With the advent of online platforms, toy distribution channels have expanded, catering to both the offline segment and the digital ecosystem.
Geographic segmentation and Geographic Analysis help market players understand regional preferences, guiding their inorganic strategies and outlook-based decisions for short, mid, and long-term growth. Effective vendor management and access to reliable research data are crucial for driving business expansions along the value chain. Moreover, analyst support aids in navigating the market landscape, identifying opportunities for personalized learning initiatives and leveraging consumer interest. Digital replicators and vivid imagery enhance the appeal of STEM toys, ensuring immersive and engaging educational experiences for children worldwide.
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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 Forecasting, 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 market forecast period. |
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Customization purview |
If our market growth analysis 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
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