Published November 20, 2020
By : Staff Writer
It is the festival season, and despite the challenges we face, kids are thinking about friendly holiday toys.
A just in time analysis of the science, technology, engineering, and math (STEM) toys market forecasts market growth because of STEM courses, robotics, the need for cognitive and mental development, and the rise in millennial spending for nostalgia.
Manufacturers, distributors, retailers, and buyers are paying attention, the study said.
The 8-12 age group segment is estimated to be the fastest-growing. Parents consider 8-12 years as an ideal age for utilizing STEM education toys that support academics.
LEGO, Hasbro, and Mattel are major vendors in the STEM education market catering to this group by developing blocks, engineering sets, scientific and electronic toys.
The 3-8 years segment accounted for over 31% of the total share in 2019. Coding and programming toys are also increasingly aimed at 3-5 years aged children.
Gravity, lighting, physical laws, chemical projects, and geographic exploration are the major themes contributing to revenue generation in the segment.
Like board games, engineering toys are used for the development of strategic and building skills among teenagers. The rise in the number of theme-based construction kits is driving the demand in western countries.
The construction segment is highly preferred for developing engineering and building skills. Sustainability and eco-friendliness can be a major trendsetter and considered as the next big opportunity in the segment.
The mathematic segment is expected to account for over 7% of the global revenue by 2025. The interest in numerical and analytical toys is generally high.
The 0-3 years segment is expected to grow during the forecast period. China is expected to dominate the market, with Malaysia, Thailand, and Singapore expecting to lead the STEM toys market growth.
Basic math sets, science kits, subject-based exploration STEM kits for kids, and simple construction sets are major revenue generators in the segment.Online channels consist of websites and third-party sellers that sell games via online stores. They are estimated to be the fastest-growing distribution channels during the forecast period.
The growth in digital gaming platforms has indirectly influenced the growth of the online purchase of games. Moreover, the concept of toy subscription features from Amazon has been a gamechanger in online distribution models.
