The global educational toy market value is expected to rise from US$ 56,312.10 million in 2024 to US$ 1,39,554.3 million by 2034. This growth is expected to be driven by a rapid CAGR of 9.50% in the educational toy market over the next decade.
The educational toy market is driven by growing competition in the market by new startups. New entrants are deploying online platforms to promote learning through play. With an increasing number of parents seeking educational toys to boost their child’s learning abilities and foundational skills, value of the market is projected to increase.
According to a survey of parents by The Toy Association of the United States, 76% of parents wish their kids to join a STEAM (Science, Technology, Engineering, Arts and Mathematics) related profession later in life. Supporting this positive perception, STEM-related jobs are expected to expand 1.7X than non-STEAM jobs. Thus, a vast proportion of parents are seeking STEAM toys to encourage children in these fields.
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“Toy manufacturers are targeting emerging economies with strong birth rates and increasing income levels to expand their market reach. Toy makers are responding to consumer trends, that show a shift to greener and more sustainable toys. Further, with growing concerns about heavy screen time, manufacturers are coming up with innovative and engaging toys to drastically reduce children’s screen time,” says an analyst of Future Market Insights.
Key Takeaways from the Educational Toy Market Report
- The United States educational toy market is anticipated to register a CAGR of 9.30% through 2034.
- In Western Europe, Germany stands out from the rest, and is expected to record a CAGR of 9.70% from 2024 to 2034.
- India is projected to expand at a CAGR of 10.10%, whereas China is anticipated to expand at a CAGR of 9.90% through 2034
- Australia is anticipated to record a relatively higher CAGR of 10.40% through 2034, than the other studied markets.
- Based on the product type, the games and puzzles segment is expected to hold a share of 19.90% in 2024.
- By sales channel, the toy stores segment is anticipated to acquire a value share of 26.70% in 2024.
Leading Players Planning to Stay Ahead
Key players are leveraging the well-established distribution network covering several countries. Additionally, leading merchants are using their reserves to market their products on social media and other digital platforms to reach more customers. Players are also seen investing in digitalization of their businesses to boost their visibility and ease their operations. Increasing rivalry in this market is projected to compel innovation and market advancement.
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New Developments Shaping the Educational Toy Market
- LeapFrog Enterprises, Inc. which is a United States-based firm, announced in April 2022 that it is going to add a category of educational toys for infant and preschool children. New items include My Pal Violet Smarty Paws™, My Pal Scout Smarty Paws™, Ironing Time Learning Set™, and Clean Sweep Learning Caddy™. This offering is integrated with a unique touch-sensitive technology.
- Funphix Toys, which is the United States-based kid’s toys brand, optimized its website in December 2022, for better user experience in searching for new educational toys. The brand offers a 20% discount sitewide on its building sets, in celebration of its website launch.
- SkilloToys in Bengaluru is an India-based eCommerce firm, which opened its online store in April 2023. The site offers educational toys targeting kids between the age group of 0-8 years.
