Science, Technology, Engineering, and Mathematics (STEM) Toys Market to grow by 8.09 billion from 2023 to 2028; Growing emphasis on STEM education to boost market growth - Technavio

NEW YORK, Dec. 7, 2023 /PRNewswire/ -- The science, technology, engineering and mathematics (STEM) toys market size is expected to grow by USD 8.09 billion between 2023 and 2028. However, the growth momentum of the market will progress at a CAGR of  8.89% during the forecast period. The market is segmented by application (in-home and in-school), age group (9-10 years, 6-8 years, and 11-13 years), subjects (science, engineering, mathematics, and technology), and geography (APAC, North America, Europe, Middle East and Africa, and South America). 

Growing emphasis on STEM education is the key factor driving market growth. The demand for toys that support STEM learning has increased as more and more people recognize the importance of this area in getting students ready for future careers. Moreover, the market was also strongly influenced by factors such as increased demand for coding and robotics toys.

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Key Higlights:

• The report recognizes the following as some of the key players in the science, technology, engineering and mathematics (STEM) toys market: Building Blocks Learning Solutions Pvt. Ltd., Dilly Dally Kids, Elation Edtech Pvt. Ltd., Elenco Electronics Inc., Evollve Inc., Fat Brain Toys LLC., Franckh Kosmos Verlags GmbH and Co. KG, Fun Express LLC, Funvention Learning Pvt. Ltd., GoldieBlox Inc., Hape International Inc., Hasbro Inc., Innovation First International Inc., Learning Resources Ltd., LEGO System AS, Makeblock Co. Ltd., Makey Makey LLC., Mattel Inc., MobilizAR Technologies Pvt. Ltd., MVW Holdings Inc., Nesta Toys, Piper Learning Inc., PlanToys.com, 
• Science, Technology, Engineering and Mathematics (STEM) Toys Market is fragmented in nature.
• Market to observe 7.87% YOY growth in 2024.

Market Dynamics:

Key Trend- 

• Integration of artificial intelligence (AI) and machine learning (ML) technologies in STEM toys is the primary trend in the market. 
• By providing personalised learning experiences, support for fundamental thinking, and expanding possibilities of experimentation and exploration, artificial intelligence and machine learning technology will enhance the educational value of toys.
• The development of STEM toys that are capable of adapting and responding to a child's special ability and learning style has been aided by the technologies of artificial intelligence and machine learning.

Significant Challenge- 

• Threat from substitutes for STEM toys is a challenge that affects market growth.
• Alternative products and activities that provide similar educational benefits can be a great source of consumer interest and resources, making them more attractive than traditional STEM toys.
• The digital replicators offer a variety of interactive experiences, vivid images, and instant feedback which can rival the hands-on experience offered by STEM toys.

The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report

Keg Segments:

• The in-home segment is estimated to witness significant growth during the forecast period. This segment includes STEM toys that are developed for children to utilize within the comfort of their own homes, either independently or with the guidance of parents. 

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The educational toys market size is estimated to grow by USD 16,043.98 million accelerating at a CAGR of 8.7% between 2022 and 2027.

The inflatable toys market size is estimated to grow at a CAGR of 6.02% between 2022 and 2027. The market size is forecast to increase by USD 2,043.78 million.

ToC:

Excustive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Application

Market Segmentation by Age Group

Market Segmentation by Subjects

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

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SOURCE Technavio