USD 5.2 billion
STEM Toys Market Size, Share, Growth Analysis, By Age Group(0-3 years, 3-8 years, and 8-12 years), By Category(Science, Technology, Engineering, and Mathematics), By Distribution Channel(Online, Offline), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25J2072 |
Region:
Global |
Published Date: March, 2024
Pages:
223
|Tables:
90
|Figures:
79
STEM Toys Market Insights
Global STEM Toys Market size was valued at USD 5.2 billion in 2022 and is poised to grow from USD 5.66 billion in 2023 to USD 11.2 billion by 2031, growing at a CAGR of 8.9% during the forecast period (2024-2031).
The global demand for STEM toys is forecasted to be driven by increased urbanization and rising number of literate parents seeking innovative ways to promote learning among their children. Growing focus on education and increasing demand for unique learning methods are other factors that could promote the sales of STEM toys in the future. However, high costs of STEM toys and uncertainty around their efficacy are key factors that could impede STEM toys market development over the coming years. Some of the trends in the market are the incorporation of AR and VR into STEM toys and the rise in sustainability. The AR and VR integration into STEM toys helps in improving the learning of the students. On the other hand, the rise in the eco-friendly nature of consumers these days, results in the manufacturing of sustainable toys. Growing integration of technology in the education industry is also slated to open up new opportunities for STEM toys market players over the coming years.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Science
Fastest Growth
Technology
Growth Rate
8.9% CAGR
Global STEM Toys Market ($ Bn)
Country Share for North America Region (%)
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STEM Toys Market Segmental Analysis
The global STEM toys market is segmented by age group, category, and distribution channel. Based on age group, the market is segmented into 0-3 years, 3-8 years, and 8-12 years. Based on category, the market is segmented into science, technology, engineering, and mathematics. Based on distribution channels, the market is segmented into online, offline, supermarkets and hypermarkets, departmental stores, specialty stores, and others. Further, by regions, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Type
By category, the market is segmented into science, technology, engineering, and mathematics. The science category holds the majority of the global STEM toys market share. Science topics like gravity, laws, and chemicals are generating the maximum revenue for this category. Science is an essential part of almost all types of educational curriculums and this is why parents are continually focusing on educating their kids more about science via all means including STEM toys.
Further, the technology segment is projected to expand at a rapid CAGR and this can be attributed to the rising demand for educational robots, coding, etc. Rapid penetration of digital technologies in all walks of life has made technology an essential part of human life and this is why STEM toys promoting technological knowledge and expertise among kids are highly sought after on a global level.
Analysis by Distribution Channel
Based on distribution channels, the market is segmented into online and offline wherein the offline segment is further bifurcated into supermarkets and hypermarkets, departmental stores, specialty stores, and others.
The offline segment accounts for a dominant share of the global STEM toys marketplace. In this segment, specialty stores are considered as the dominant segment because the specialty stores provide personalized services to the customers and also these stores never run out of stock. Moreover, the appeal of experiencing the toy in person is what allows the offline segment to hold sway over global STEM toy demand.
On the other hand, the online platform is considered the fastest growing, this is driven by the acceleration in the digital gaming platforms and e-commerce industry. It has been noted that the feature of toy subscriptions on Amazon is the advancement in the online distribution model. One-day delivery and buy now pay later programs offered by online channels are also expected to bolster STEM toys market growth via this segment going forward.
Global STEM Toys Market By Category
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STEM Toys Market Regional Insights
North America dominates the global STEM toys market. This is attributed to the high-purchasing potential of this region, the early adoption of electronic gadgets, and the growing urbanization of this region. In North America, the US is considered the largest market for the STEM toys. Considering the strict standards of the country, the toy manufacturing units in Canada adhere to the production of toys that are safe, fun, and useful for the kids. The presence of key STEM toy providers and high awareness regarding the benefits of STEM toys for children among parents also contribute to the dominance of North America.
The Asia Pacific region is considered the fastest-growing regional market in the world for STEM toys. China is the largest market for STEM toys in the Asia Pacific region, due to the higher production as well as the usage of educational toys. Growing disposable income and increasing urbanization are other key trends that are slated to augment STEM toys market growth in this region. India, Indonesia, and South Korea are slated to be other lucrative markets in this region.
Global STEM Toys Market By Region
- Largest
- Fastest
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STEM Toys Market Dynamics
Drivers
Emphasis on STEM Education
- Parents and children around the world are growing more aware about the importance of STEM education and this is a key factor promoting sales of STEM toys. STEM education also encourages problem-solving, critical thinking, and logical reasoning among children, which are all highly beneficial traits for the development of any individual.
Growing Use of Technology in Education
- The education industry around the world is undergoing some major changes as technology redefines the way everyone studies and gains knowledge. STEM toys equipped and integrated with advanced technologies could improve learning among individuals and also create interest among children.
Restraints
Affordability
- STEM toys are usually much more expensive as compared to their traditional counterparts and this is what is inhibiting market growth especially in developing countries where spending potential of consumers is limited. Coming up with affordable products will be crucial for success of STEM toys market players in the long run.
Concerns About Effectiveness
- While STEM toys are extremely educational their efficacy depends on a number of factors such as teacher and parent guidance. This uncertainty around the efficacy of STEM toys as a standalone educational aid is predicted to impede STEM toys market growth going forward.
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STEM Toys Market Competitive Landscape
The global STEM toys market is characterized by intense competition among key players striving to gain a significant market share. Established companies and new entrants are focusing on product innovation, research and development, and strategic partnerships to stay ahead in the market. Key players are also emphasizing the development of customer-specific and region-specific training programs to cater to diverse requirements of organizations around the world. Mergers and acquisitions are common strategies employed to expand market reach and enhance market presence on a global scale. The competitive landscape is dynamic, with players striving to meet evolving consumer demands and gain a competitive edge in the market.
Top Player’s Company Profiles
- LEGO (Europe)
- Mattel (US)
- Hasbro (US)
- Learning resources (US)
- Melissa and Doug (US)
- Spin Master (Canada)
- K’NEX (US)
- Ravensburger (US)
- Goliath (Europe)
- V tech electronics (China)
- LeapFrog Enterprises (US)
- ThinkFun (US)
- WowWee Group Limited (China)
- ELENCO ELECTRONICS (US)
- Digital Dream Labs (US)
- Sphero (US)
- Johnco (Australia)
- Smartivity (India)
- Magna-Tiles (US)
- OWI (US)
- Thames & Kosmos (US)
- SmartLab (US)
- Klutz (US)
Recent Developments
- In January 2024, Team Genius Squad, a toy brand started by an 11-year-old entrepreneur, announced the launch of its new range of STEM toys. The new product range was made available in Whole Foods market stores.
- In January 2024, Spin Master acquired the Melissa & Doug organization, to create extraordinary plays and toys for children.
- In November 2023, VTech launched the new infant, toddlers, and pre-school toys such as story time with sunny, style and glam on unicorn, drill and learn workbench, and race and discover driver.
STEM Toys Key Market Trends
Integration of AR and VR Tech
- STEM toy companies can focus on integrating their products with augmented and virtual reality technologies to improve their appeal and effectiveness. Growing focus on gamification of education is an excellent opportunity for STEM toy companies to utilize the aforementioned technologies and boost their business potential on a global level.
STEM Toys Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global STEM toys market analysis, the market is witnessing significant growth driven by a prominent factor which is an increase in urbanization. The urban population is considered highly educative, due to which they seek toys or plays that can foster learning among their children in a fun way. The major restraint for the market is the safety regulations, as it can hamper the entrance of the SMEs in the market, due to the long certification processes. Apart from this, some of the trends that have been analyzed are the incorporation of AR and VR into STEM toys, as this integration helps provide an enhanced and practical learning experience to the children. Another trend is the rise in the sustainability and the eco-friendliness of the consumer these days. Due to this, the manufacturers are crafting toys that are sustainable and eco-friendly in nature.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 5.2 billion |
| Market size value in 2031 | USD 11.2 billion |
| Growth Rate | 8.9% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on STEM Toys Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on STEM Toys Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the STEM Toys Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the STEM Toys Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the STEM Toys Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the STEM Toys Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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