Science, Technology, Engineering and Mathematics (STEM) Toys Market: 35% of Growth to Originate from APAC | Market Size to Grow by USD 964.09 Million from 2020-2025
NEW YORK, June 30, 2022 /PRNewswire/ -- The introduction of subscription services for STEM toys is expected to be a key trend of the Science, Technology, Engineering and Mathematics (STEM) Toys Market share growth. Many online retailers provide subscription services for STEM toys in addition to retail services. The shift toward context-based education has increased the adoption of STEM toys in the learning environment. Amazon launched its STEM toy club subscription service with a focus on working parents. The company provides a STEM toy that encourages learning about core STEM aspects, for a chargeable monthly subscription fee. STEM toys are handpicked by STEM experts to ensure safety and compatibility to age groups (3-5 years, 5-7 years, and 8-13 years). Subscription services for STEM toys are expected to increase awareness about them and educational toy products. This will offer vendors the potential to expand their customer base. For instance, in September 2019, JOANN and GoldieBlox offered a plan to sign up for the GoldieBlox Box, a monthly craft subscription box to encourage the development of STEM skills in kids.
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The STEM Toys Market value is set to grow by USD 964.09 million, progressing at a CAGR of 5% from 2020 to 2025, as per the latest report by Technavio.
STEM Toys Market: Advancement of Collaborative Environment in Educational Institutions to Drive the Market Growth
The shift in learning approaches from traditional exam-based education toward a context-oriented approach in educational institutions significantly contributes to the growth of the market. The adoption of STEM toys in classrooms enables teachers and students to link core concepts such as critical thinking, statistics, creativity, and argumentation with game-based learning and practical examples. This enables students to sync their education and learning activities with industry-specific and job-oriented learning. The education sector has witnessed a shift towards an example-oriented, context-based learning approach. Students are encouraged to understand the subject better through practical examples and illustrative designs in classrooms, as opposed to rote memorization. Thus, emphasis on context-based education is expected to continue to drive the market during the forecast period.
STEM Toys Market: Intense Competition from Mobile Games to Challenge the Market Growth
The penetration of mobile devices such as smartphones and tablets has resulted in the emergence of several game-based learning software and applications targeted at kids of different age groups. Technological advances allow these applications to offer user-friendly interfaces, thereby enabling better engagement and operability for students. The use of easy applications, better graphics, and content interactivity, and a range of gaming options will help mobile game manufacturers attract and retain their consumers at a higher rate than traditional toy manufacturers. Many mobile application developers provide a range of interactive learning software for STEM and other disciplines at competitive prices. The prominence of mobile applications and software in STEM learning is expected to hamper the growth of the market.
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STEM Toys Market Distribution Channel Outlook (Revenue, USD mn, 2020-2025)
STEM Toys Market Geography Outlook (Revenue, USD mn, 2020-2025)
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STEM Toys Market: Vendor Landscape
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
The STEM toys market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
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Smart Toys Market by Service and Geography - Forecast and Analysis 2022-2026: The smart toys market share is expected to increase by USD 4.27 billion from 2021 to 2026, at a CAGR of 11.5%. 32% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for smart toys in APAC. Find More Exclusive Research Insights Here
Educational Toys Market by Product, Age, and Geography - Forecast and Analysis 2021-2025: The educational toys market share is expected to increase by USD 28.40 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 14%. The outbreak of COVID-19 led to the closure of schools in various countries, owing to encouraging parents to opt for educational toys for their children is likely to boost the demand for educational toys in APAC during the forecast period. Find More Exclusive Research Insights Here
Table of Contents
Five Forces Analysis
Market Segmentation by Distribution channel
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