EDUCATIONAL TOYS INDUSTRY INSIGHTS
The global educational toys market size was valued at USD 19.2 billion in 2020 and is expected to reach USD 31.62 billion by 2026, growing at a CAGR of 7.12% during the forecast period. The process of quick learning among children with the help of educational toys is easier, which is expected to fuel the growth of the educational toys market across the globe. The recent trend towards Augmented Reality (AR) learning toys is likely to boost the demand for educational toys year on year.
The learning toys market is witnessing an increase due to the influence of digital consumerism on the sale of learning toys. Vendors are accepting e-commerce distribution channels to boost the profit of the market. Amazon, eBay, Tmall, and JD are some of the most prominent vendors in the online retail segment. With the rising awareness about toy safety, the authorities introduce new regulations to ensure that the materials are safe for the end-users. Educational games that improve cognitive skills are expected to see the fastest growth with a CAGR of 9.25% during the forecast period.
The continuous government efforts of several countries to reduce plastic usage is likely to shift the consumer’s spending from plastic to sustainable materials that can be easily recycled. There are various retailers such as Frida & Fritiof focusing on providing eco-labeled non-toxic products which are environmentally friendly.
- In July 2020, Alex brands were acquired by Out There First to form a new company Alex Global Products. Alex Global Products offers products under a wide brand portfolio, including Alex Toys, Ideal, backyard Safari, ZOOB, and Others.
- In September 2020, Vtech announced the expansion of its Go-Go Smart Wheels product line to launch new interactive STEM toys for infants and toddlers. These help children to boost their imagination and promote joy and fun.
- APAC region is projected to witness the highest growth rate of 10.92% and holds the largest educational toys market share of 28.10% in 2020.
- The growth of the STEAM category in Japan leads to the rising share of educational toys in the country.
EDUCATIONAL TOYS GROWTH FACTORS
- Inspirational and aspirational toys are rapidly growing as parents want their children to learn about various career options. Thereby, this segment is surging the growth of learning toys across the globe.
- Playing with action figures and vehicles can develop the child's imagination, which allows them to think out of the box, which is not so effective in online and video gaming. Therefore, the sale of these games is booming in the global educational toys market.
- Brand loyalty is a significant aspect for retail providers to grow in the learning toys market.
- Smart toys are increasingly gaining momentum to enable children to learn about the latest technologies and their functions. Vendors are expected to develop smart models to achieve growth opportunities in the global market.
EDUCATIONAL TOYS MARKET SEGMENTATION
This research report includes a detailed segmentation by
- Educational Toy Type
- Educator Type
- Age Group
- Distribution Channel
INSIGHTS BY EDUCATIONAL TOY TYPE
Academic toys hold the highest share of 36.69% in educational toys.
The rising awareness in APAC, Latin America, and Arab countries for children's education boosts the demand for educational toys across countries such as South Korea, Brazil, India, South Africa, and others. The development of STEM toys that make learning complex concepts easy and fun is expected to boost the demand for academic toys across countries. During COVID-19, when most of the population was locked inside their homes, several vendors were working on finding ways to improve their product lines and expand their offerings in the market.
INSIGHTS BY EDUCATOR TYPE
Classroom games hold a sizable share of 21.39% in the educational toy market.
Classroom toys promote learning in a playful manner which prevents children from getting bored. The institutions are increasing the usage of board games and toys to foster regular education. This is expected to boost the demand for classroom games from various schools ranging from kindergarten to secondary schools across the countries.
INSIGHTS BY AGE GROUP
3-8 years of age group is leading the educational toy market, holding a share of 34.47%.
The children in this age group are required to develop several social and emotional skills. Games such as kitchen sets, doctor sets, ice cream shops, mechanic tools, and others remain popular among children. These encourage physical activity and promote activeness among children. Hence, the demand for such toys is projected to support market growth in the upcoming years.
INSIGHTS BY DISTRIBUTION CHANNEL
The offline distribution channel dominates the educational toy market share and is expected to witness an incremental growth of USD 5.99 billion during the forecast period.
Visual merchandising plays a prominent role in boosting the offline sales of toys as it tempts the children and influences them to convince their parents to purchase them. Offline sales hold a high market share in India, Turkey, and others, where reliability on online channels and e-commerce websites is less due to the prevalence of various perceptions.
High penetration rates are expected for online multichannel platforms during the forecast period. Vendors are expected to grow their online presence through their e-commerce platforms and collaborations with other e-commerce firms. The emergence of the COVID-19 pandemic is boosting the demand for educational toys across the globe.
INSIGHTS BY CATEGORY
Indoor Educational Toys leads the market with a share of 62.03%
These help to improve the IQ level and knowledge base of children. The rising awareness among parents regarding the importance of quick and innovative minds thereby contributes to the growth of the indoor educational games segment. The products free from harmful toxins and environment friendly are likely to boost the demand for indoor educational toys.
INSIGHTS BY GEOGRAPHY
The US and Canada are the major countries driving the demand in North America.
Most of the population in the US belongs to the age group of below 20 years, which is the major contributor towards the educational toys market. The people in this region are early adopters of any new technology that is introduced. The continuous innovation and development of new games with the latest technologies by the vendors are becoming popular among children. The US holds the highest share of 58.94% in the global market due to the increased focus on child’s education. The country has a high literacy rate, and parents focus more on enhancing their children's critical thinking.
The key vendors in the global educational toys market include LEGO, Mattel, Hasbro, Vtech, Spin Master, Bandai Namco, and more. The present scenario forces vendors to alter and refine their unique value proposition to achieve a strong presence in the learning toys market. The focus is heavily shifting toward the use of eco-friendly raw materials in the manufacturing of educational toys. Vendors are expected to shift their manufacturing from plastics to recycle toys. The competition will intensify further with an increase of technological innovations worldwide.
The educational toys market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
- Educational Toy Type
- Cognitive Thinking
- Motor Skills
- Educator Type
- Stem Activities
- Classroom Games
- After School
- Brain Breaks
- Gifted & Talented
- Lesson Plans
- Age Group
- 3-8 Years
- 8-12 Years
- 12+ Years
- 0-3 Years
- Distribution Channel
- North America
- South Korea
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa