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Smart Toys Backed by Technology to Bode Well for the Educational Toys Market
New paradigm of knowledge transfer and learning has revealed that children’s ability to grasp in an interactive environment significantly increases. In this backdrop, learning by leveraging next generation technology has replaced books and blackboards, allowing children to critically think and learn creativity by using real time examples. Educational toys backed by internet connectivity that feature high-tech innovations are gaining high traction among tech savvy customers. With growing advancements in technology, advent of smart educational toys with embedded sensors and electronics has become possible. Albeit higher prices associated with smart educational toys, their demand is likely to grow in the market as they are easy to use and perceived to be instructive providing a personalized touch.
In this background, increasing inclination towards smart toys is expected to provide a wide scope of growth for STEM (Science, Technology, Engineering and Math) toys on the global front. These toys are specifically designed to instil problem solving attitude among children along with creativity in a much engaging and intriguing manner. By using such toys, children do not feel mental fatigue and thus do not refrain from gaining knowledge in their own personalized way. That said, growing inclination towards STEM toys integrated with technology is expected to bolster growth of the educational toys market worldwide.
As per study, the global educational toys market stood at around US$65 Bn in 2020 and is projected to grow at a rate of over 9% in the next 8 years to touch roughly US$130 Bn.
Government Support to Augur Well for Educational Toys Market Growth
Like any other industry, favourable government support remains instrumental in driving growth in the global market. Support of government authorities in the toy manufacturing sector is expected to give momentum to the growth of the educational toys market. For instance, in 2021, the government of India approved 8 toy manufacturing clusters valued at INR 2,300 crore. Off these, 3 clusters are approved in Madhya Pradesh, one in Karnataka, one in Uttar Pradesh, one in Tamil Nadu and 2 in Rajasthan. The Indian government aims at developing 35 toy clusters in a bid to boost the toy industry in the country in the coming years. Thus, supportive government initiatives and schemes are expected to augur well for the market.
Motor Skills to Witness High Demand among Customers
Demand for motor skills in educational toys is expected to increase at a higher rate in the coming years. The sales of motor skills promoting educational toys are estimated to account for a significant share in the market and the trend is expected to maintain status quo going forward. This is mainly due to advantages offered by motor skills such as hand-to-eye coordination, muscle coordination, colour recognition, shape identification and problem solving skills. That said, growing demand for motor skills is expected to significantly contribute to the growing sales of educational toys.
Asia pacific to Reflect High Growth Potential; Europe Likely to Account for a Significant Share in the Educational Toys Market
Demand for educational toys across emerging economies in Asia Pacific is expected to increase at a momentous pace in the coming years. This is mainly due to growing customer pool across countries such as China and India coupled with increasing inclination towards the concept of “learning while playing”. Moreover, favourable government support has encouraged the development of educational toys. For instance, in 2020, the Indian Government expressed its aim to focus on establishing India as a global hub for toys. For this initiative, Indian government has also sanctioned land and significant investments. In addition, being a manufacturing friendly region, Asian countries offer cheap labour and land along with business favouring aspects. Increasing middle class population across India and China has embossed a positive impact on the growth of the educational toys market by encouraging manufacturers to provide different varieties of pocket friendly educational toys.
On the other hand, developed counties across Europe and North America are expected to showcase steady growth in the market. Largely driven by the demand for eco-friendly educational toys integrated with technology, the valuation market in Europe is estimated to account for a significant share in the overall market.
Educational Toys Market: Competitive Landscape
Few of the players in the educational toys market include Mattel, LEGO System A/S, Melissa & Doug, WowWee Group Limited and Goldlock Toys.
Regional Classification of the Global Educational Toys Market is Described Below:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
1. Executive Summary
1.1. Global Educational Toys Market Snapshot
1.2. Key Market Trends
1.3. Future Projections
1.4. Analyst Recommendations
2. Market Overview
2.1. Market Definitions and Segmentations
2.2. Market Dynamics
2.2.1. Drivers
2.2.1.1. Driver A
2.2.1.2. Driver B
2.2.1.3. Driver C
2.2.2. Restraints
2.2.2.1. Restraint 1
2.2.2.2. Restraint 2
2.2.3. Market Opportunities Matrix
2.3. Value Chain Analysis
2.4. Porter’s Five Forces Analysis
2.5. Covid-19 Impact Analysis
2.6. Government Regulations
2.7. Economic Analysis
2.8. PESTLE
3. Price Trend Analysis
3.1. Factors Affecting Prices
3.2. Average Selling Price, By Key Region, 2022
4. Global Educational Toys Market Outlook, 2018 - 2030
4.1. Global Educational Toys Market Outlook, by Toy Type, Value (US$ Mn), 2018 - 2030
4.1.1. Key Highlights
4.1.1.1. Motor Skill Enhancing Toys
4.1.1.2. Art & Craft
4.1.1.3. STEM Toys
4.1.1.4. Musical Toys
4.1.1.5. Games & Puzzles
4.1.1.6. Other
4.2. Global Educational Toys Market Outlook, by End Use Application, Value (US$ Mn), 2018 - 2030
4.2.1. Key Highlights
4.2.1.1. Indoor
4.2.1.2. Outdoor
4.2.2. BPS/Market Attractiveness Analysis
4.3. Global Educational Toys Market Outlook, by Distribution Channel, Value (US$ Mn), 2018 - 2030
4.3.1. Key Highlights
4.3.1.1. Online
4.3.1.2. Offline
4.3.2. BPS/Market Attractiveness Analysis
4.4. Global Educational Toys Market Outlook, by Region, Value (US$ Mn), 2018 - 2030
4.4.1. Key Highlights
4.4.1.1. North America
4.4.1.2. Europe
4.4.1.3. Asia Pacific
4.4.1.4. Latin America
4.4.1.5. Middle East & Africa
4.4.2. BPS/Market Attractiveness Analysis
5. North America Educational Toys Market Outlook, 2018 - 2030
5.1. North America Educational Toys Market Outlook, by Toy Type, Value (US$ Mn), 2018 - 2030
5.1.1. Key Highlights
5.1.1.1. Motor Skills Enhancing Toys
5.1.1.2. Art & Craft
5.1.1.3. STEM Toys
5.1.1.4. Musical Toys
5.1.1.5. Games & Puzzles
5.1.1.6. Other
5.2. North America Educational Toys Market Outlook, by Distribution Channel, Value (US$ Mn), 2018 - 2030
5.2.1. Key Highlights
5.2.1.1. Online
5.2.1.2. Offline
5.3. North America Educational Toys Market Outlook, by End Use Application, Value (US$ Mn), 2018 - 2030
5.3.1. Key Highlights
5.3.1.1. Indoor
5.3.1.2. Outdoor
5.4. North America Educational Toys Market Outlook, by Country, Value (US$ Mn), 2018 - 2030
5.4.1. Key Highlights
5.4.1.1. U.S.
5.4.1.2. Canada
5.4.2. BPS/Market Attractiveness Analysis
6. Europe Educational Toys Market Outlook, 2018 - 2030
6.1. Europe Educational Toys Market Outlook, by Toy Type, Value (US$ Mn), 2018 - 2030
6.1.1. Key Highlights
6.1.1.1. Motor Skills Enhancing Toys
6.1.1.2. Art & Craft
6.1.1.3. STEM Toys
6.1.1.4. Musical Toys
6.1.1.5. Games & Puzzles
6.1.1.6. Other
6.2. Europe Educational Toys Market Outlook, by Distribution Channel, Value (US$ Mn), 2018 - 2030
6.2.1. Key Highlights
6.2.1.1. Online
6.2.1.2. Offline
6.3. Europe Educational Toys Market Outlook, by End Use Application, Value (US$ Mn), 2018 - 2030
6.3.1. Key Highlights
6.3.1.1. Indoor
6.3.1.2. Outdoor
6.4. Europe Educational Toys Market Outlook, by Country, Value (US$ Mn), 2018 - 2030
6.4.1. Key Highlights
6.4.1.1. Germany
6.4.1.2. France
6.4.1.3. U.K.
6.4.1.4. Italy
6.4.1.5. Spain
6.4.1.6. Russia
6.4.1.7. Rest of Europe
6.4.2. BPS/Market Attractiveness Analysis
7. Asia Pacific Educational Toys Market Outlook, 2018 - 2030
7.1. Asia Pacific Educational Toys Market Outlook, by Toy Type, Value (US$ Mn), 2018-2030
7.1.1. Key Highlights
7.1.1.1. Motor Skills Enhancing Toys
7.1.1.2. Art & Craft
7.1.1.3. STEM Toys
7.1.1.4. Musical Toys
7.1.1.5. Games & Puzzles
7.1.1.6. Other
7.2. Asia Pacific Educational Toys Market Outlook, by Distribution Channel, Value (US$ Mn), 2018 - 2030
7.2.1. Key Highlights
7.2.1.1. Online
7.2.1.2. Offline
7.3. Asia Pacific Educational Toys Market Outlook, by End Use Application, Value (US$ Mn), 2018 - 2030
7.3.1. Key Highlights
7.3.1.1. Indoor
7.3.1.2. Outdoor
7.4. Asia Pacific Educational Toys Market Outlook, by Country, Value (US$ Mn), 2018 - 2030
7.4.1. Key Highlights
7.4.1.1. China
7.4.1.2. Japan
7.4.1.3. South Korea
7.4.1.4. India
7.4.1.5. Southeast Asia
7.4.1.6. Rest of Asia Pacific
7.4.2. BPS/Market Attractiveness Analysis
8. Latin America Educational Toys Market Outlook, 2018 – 2030
8.1. Latin America Educational Toys Market Outlook, by Toy Type, Value (US$ Mn), 2018 - 2030
8.1.1. Key Highlights
8.1.1.1. Motor Skills Enhancing Toys
8.1.1.2. Art & Craft
8.1.1.3. STEM Toys
8.1.1.4. Musical Toys
8.1.1.5. Games & Puzzles
8.1.1.6. Other
8.2. Latin America Educational Toys Market Outlook, by Distribution Channel, Value (US$ Mn), 2018 - 2030
8.2.1. Key Highlights
8.2.1.1. Online
8.2.1.2. Offline
8.3. Latin America Educational Toys Market Outlook, by End Use Application, Value (US$ Mn), 2018-2030
8.3.1. Key Highlights
8.3.1.1. Indoor
8.3.1.2. Outdoor
8.4. Latin America Educational Toys Market Outlook, by Country, Value (US$ Mn), 2018 - 2030
8.4.1. Key Highlights
8.4.1.1. Brazil
8.4.1.2. Mexico
8.4.1.3. Rest of Latin America
8.4.2. BPS/Market Attractiveness Analysis
9. Middle East & Africa Educational Toys Market Outlook, 2018 - 2030
9.1. Middle East & Africa Educational Toys Market Outlook, by Toy Type, Value (US$ Mn), 2018 - 2030
9.1.1. Key Highlights
9.1.1.1. Motor Skills Enhancing Toys
9.1.1.2. Art & Craft
9.1.1.3. STEM Toys
9.1.1.4. Musical Toys
9.1.1.5. Games & Puzzles
9.1.1.6. Other
9.2. Middle East & Africa Educational Toys Market Outlook, by Distribution Channel, Value (US$ Mn), 2018 - 2030
9.2.1. Key Highlights
9.2.1.1. Online
9.2.1.2. Offline
9.3. Middle East & Africa Educational Toys Market Outlook, by End Use Application, Value (US$ Mn), 2018 - 2030
9.3.1. Key Highlights
9.3.1.1. Indoor
9.3.1.2. Outdoor
9.4. Middle East & Africa Educational Toys Market Outlook, by Country, Value (US$ Mn), 2018 - 2030
9.4.1. Key Highlights
9.4.1.1. GCC
9.4.1.2. South Africa
9.4.1.3. Rest of Middle East & Africa
9.4.2. BPS/Market Attractiveness Analysis
10. Competitive Landscape
10.1. Company Market Share Analysis
10.2. Competitive Dashboard
10.3. Company Profiles
10.3.1. Mattel, Inc.
10.3.1.1. Company Overview
10.3.1.2. Product Portfolio
10.3.1.3. Financial Overview
10.3.1.4. Business Strategies and Development
(*Note: Above details would be available for below list of companies based on availability)
10.3.2. Lego A/S
10.3.3. Chicco
10.3.4. Vtech holdings
10.3.5. Funskool (India) Ltd
10.3.6. ATLAS GAMES
10.3.7. Hasbro, Inc.
10.3.8. Goliath Games
10.3.9. Other
11. Appendix
11.1. Research Methodology
11.2. Report Assumptions
11.3. Acronyms and Abbreviations
Considering the volatility of business today, traditional approaches to strategizing a game plan can be unfruitful if not detrimental. True ambiguity is no way to determine a forecast. A myriad of predetermined factors must be accounted for such as the degree of risk involved, the magnitude of circumstances, as well as conditions or consequences that are not known or unpredictable. To circumvent binary views that cast uncertainty, the application of market research intelligence to strategically posture, move, and enable actionable outcomes is necessary.
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