Educational Toys Market Trends 2023- Global Industry Share, Revenue, Business Challenges, Key Manufacturers, Future Competition and Growth Opportunities Till 2033: SPER Market Research
A wide variety of items intended to support children’s learning and skill development are referred to as educational toys. To promote social interaction, improve cognitive capacities, nurture creativity, and improve fine motor skills are just a few of the educational objectives that are the focus of educational toys, as opposed to traditional toys. In order to accommodate various developmental stages and learning preferences, these toys are usually made to be interactive, captivating, and age-appropriate.
According to SPER market research, ‘Educational Toys Market Size– By Type, By Age, By Distribution Channel- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Educational Toys Market is predicted to reach USD 140.62 billion by 2033 with a CAGR of 10.41%.
The growing demand for local products among consumers is predicted to propel government measures to boost the regional toy manufacturing industry, which in turn will propel the worldwide educational toys market. STEM toys are becoming more popular, and the market for educational toys is expected to be driven by parents who are putting more of an emphasis on helping their kids develop their creativity and problem-solving skills so they are prepared for the future. The market for educational toys is being driven by educators’ and parents’ increased recognition of the importance of early childhood education. Enhancing cognitive growth is a major function of these toys. The market is expanding due in part to the increased interactivity and engagement that technological integration in educational toys has brought about.
However, the cost of raw materials needed in the creation of educational toys has been known to fluctuate due to the growing demand from parents and children for cutting edge digital toys. The unstable cost of raw materials is impeding the growth of the educational toy sector. The increasing prevalence and circulation of unbranded and counterfeit educational toys has impeded the growth of the global market. While many counterfeit products are easy to spot, there are a lot of other potentially dangerous items with complex imitations that buyers or retailers can miss, exposing children to dangerous chemicals or compounds (such cancer-causing plastics). While the issue of counterfeit educational and learning toys spreading across borders is becoming more pressing, the majority of these products are known to be made in Asian markets such as China and India.
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Impact of COVID-19 on Global Educational Toys Market
Furthermore, the COVID-19 epidemic affected the market for educational toys in a variety of ways. Lockdowns and school closings, on the one hand, raised the demand for educational toys as parents looked for ways to keep their kids interested in learning while at home. During this time, there was a notable increase in the online sales of educational toys. However, production difficulties, economic uncertainty, and disruptions in the supply chain had a detrimental impact on the market. The market saw a boom in demand as parents realised the continued advantages of educational toys once limitations loosened and schools reopened.
Educational Toys Market Key Players:
Geographically, North America occupies a substantial portion of the market thanks to its strong early childhood education system, high disposable incomes, and parents’ strong knowledge of the advantages of educational toys. Supported by a strong educational system and encouraging government efforts, Europe has a significant commercial presence as well. As a result of growing middle class and rising wages, emerging economies such as China and India are rapidly expanding their use of educational toys, which is driving growth in the Asia Pacific area. Additionally, some of the market key players are Fat Brain Toys, LLC, Hasbro, Mattel, Melissa & Doug, MindWare, Inc., Ravensburger, Sphero, Inc., Spin Master, The Lego World, VTech Holdings Limited, Others.
Educational Toys Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecast for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
| By Product Type: | · Art & Craft Kit
· Building & Construction Sets · Games & Puzzles · Musical Toys/Instruments · Role Play Toys · STEM Toys |
| By Age: | · Kindergarten (5 years & Above)
· Preschoolers (3-5 years) · Toddlers (1-3 years) |
| By Distribution Channel: | · Offline
· Online |
| By Region: | · Asia-Pacific
· Europe · Middle East & Africa · North America · Latin America |
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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Educational Toys Market Future Competition
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