The science segment is expected to pose an absolute growth of 44% during the forecast period. Europe and North America are likely to grow at impressive growth rates. Gravity, lighting, physical laws, chemical projects, and geographic exploration are the major themes contributing to revenue generation in the segment.
The 8–12 age group segment is estimated to be the fastest-growing segment during the forecast period. Vendors prioritize their offerings and promote products toward this age group because of the development of skills and diversified field of strategies. Parents consider 8–12 years as an ideal age for utilizing STEM education toys that support academics.
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.
STEM Toys Market by Age Group
STEM Toys Market by Categories
STEM Toys Market by Distribution
Supermarkets & Hypermarkets
STEM Toys Market – Dynamics
Sustainability can be an upcoming potential trendsetter in the STEM toys industry despite being more difficult to achieve them. It is a tougher scenario for the vendors in this industry than most other businesses as the majority of the toys are made up of plastic, which is not feasible for commercial and economical aspects. As the removal of plastic from the toys is not possible, the vendors are addressing the issue through certain aspects, as sustainability is a growing concern in today's consumer market. A sustainable vision is expected to be reflected in the company's ethos. Choosing sustainable STEM toys are also a great way to lead an ethical way of life by caring for the planet. Also, nowadays, parents are looking for toys that are less harmful, eco-friendly and chemical-free (toxin less). Toys like Detective Dot is a perfect coding adventure for the kids, which also enhances the concept of sustainability.
Key Drivers and Trends fueling Market Growth:
Tapping the Omnichannel Opportunity
Demand for Robotic Toys
Need for Motor Skills and Cognitive Development
Boom in Crowdfunding Platform
STEM Toys Market – Geography
In terms of revenue, North America accounted for over 33% market share in the STEM toys market in 2019. The region has historically represented a prominent level of enthusiasm toward toys and games, whereas the landscape for learning toys is rising. The toys market in North America is expected to witness traction and high demand, owing to the impact of COVID-19 post-2020. Moreover, an increase in annual savings of end-users and their enhanced spending sentiments due to the economic recovery have increased the demand for sophisticated and high-end toys in US households. However, factors such as declining birth rate, higher saturation level, high smartphone penetration, and the growing popularity of online games can be major challenges for the market growth during the forecast period.
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