LONDON--(BUSINESS WIRE)--The global educational toys market size is expected to grow by USD 24.30 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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The adoption of smart toys in the childcare sector is gaining traction with the advent of Internet-connected devices and digital toys. Smart toys and AI-based smart toys not only interact with children through movement or speech but also allow users to download and install bundles from the app store. The preference for these toys is increasing as it helps in improving the academic, motor, and cognitive skills of students. Thus, the increasing demand for smart toys will boost the growth of the learning toys market during the forecast period.
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As per Technavio, the growing popularity of green toys will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Educational Toys Market: Growing Popularity of Green Toys
Many vendors, educators, and parents are opting for eco-friendly educational toys due to growing concerns about the safety of the raw materials used in the educational toys industry. Green toys manufacturers offer sustainable and eco-friendly toys. For instance, Luke’s Toy Factory is a start-up that offers eco-friendly educational toys. Thus, with the growing demand for green toys, the market for educational toys is expected to showcase a positive outlook during the forecast period.
“Factors such as the increased emphasis on STEM toys, and the increasing number of investments in the market will have a significant impact on the growth of the learning toys market value during the forecast period,” says a senior analyst at Technavio.
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Educational Toys Market: Segmentation Analysis
This market research report segments the educational toys market by product (academic toys, cognitive toys, motor skills toys, and other toys), age group (0-4 years, 4-8 years, and above 8 years), and geography (APAC, North America, Europe, South America, and MEA).
The APAC region led the educational toys market share in 2019, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the high demand for smart and interactive toys, and the popularity of eco-friendly and sustainable products.
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Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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