Global Toy Market Shifting from Regular Toys to STEM Toys

 The global Toy Market has been long dominated by video games, consoles, and Legoes and it somewhere still does but also the shift of the global Toy Market towards Science, Technology, Engineering, and Mathematics (STEM) Toys should be noted. The major reason behind the change is the growing awareness of education while playing. With the help of STEM Toys, a kid can learn important science/math concepts while enjoying it. In a report by OMR, the Global STEM Toy market is projected to grow by a solid CAGR of 7.1% during 2021-27.

STEM toys are not just being limited to home but also schools are encouraging their usage to engage students during the learning process. Organizations like The Toy Association have launched a new series of STEM toys including 30 new products to build skills in science, technology, engineering, arts, and math from an early age.

https://www.omrglobal.com/articles/global-toy-market

Drivers of Change in the Global Toy Market for STEM Toys

The COVID-19 pandemic brought major changes in the Toy Market since kids were staying at home and needed something which can entertain them as well as teach them. That’s where the growth of STEM toys started happening. Demand for robotics toys and the need for cognitive development of the children is another driver for increasing demand for STEM toys. All these changes are encouraging the sale of STEM toys globally. A report by Flipkart reported that they have recorded 150% Year-on-Year (YoY) growth in sales of STEM toys in 2021.

Major Players and Investments in STEM Toys Market

There are many players in the global toy market but for the production of STEM toy market, brands like LEGO, Hasbro, and Mattel are dominating the global market. Though many local manufacturers in China, Japan, Korea, and India are manufacturing STEM toys at a more economical cost. Many other companies are investing in research and development for the creation and production of new-age STEM toys, such as-

·        PlayShifu raised $17 million in series B funding led by Inventus for the creation and production of STEM toys in 2021.

·        New ventures like Skillmatics have grown by 200% by 2021 from last year from $60.88 million to $182.67 million because of their creative STEM toys.

·        Smartivity Labs generated revenue of $11.8 million in 2022 by creating and selling STEM toys.

·        Amazon also partnered with various STEM toys manufacturer for the production.

·        Creative Kids Group and Little Tikes announced a partnership for the production of STEM toys.

Additionally, many brands like LEGO have increased their production of STEM toys. Governments around the world are also encouraging STEM toys for learning. It would require aggressive production and marketing to increase the sale of STEM toys globally leading to the conduct of custom research.

https://www.linkedin.com/pulse/global-toy-market-shifting-from-regular-toys-stem-mahesh-mukati

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