The project report includes Present Market Position and Expected Future Demand, Market Size, Statistics, Trends, SWOT Analysis and Forecasts. Report provides a comprehensive analysis from industry covering detailed reporting and evaluates the position of the industry by providing insights to the SWOT analysis of the industry.
STEM is an acronym for Science, Technology, Engineering and Math. STEM toys encourage kids to learn more about these different subjects by applying each to the real world. They make education exciting for kids and help to develop key skills. STEM toys focus on creativity and problem solving skills and present clear goals which help kids to learn while having fun.
STEM toys, a type of smart toys are science, technology, engineering, and math-based toys that help to increase curiosity of learning new things and aid education of students. STEM toys increase the focus of learning in one of the four subjects i.e. science, technology, engineering, and math. The changing learning approach in educational institutes from traditional exams to a concept-oriented approach is playing a major role in the growth of the STEM toy market.
Artificial intelligence (AI) based STEM toys are gaining popularity in the gaming industry. AI-based STEM toys offer a range of lessons in core STEM disciplines and coding. It provides a practical, hands-on learning approach to students or kids that help them to grasp basic concepts in core disciplines such as mathematics and science. These toys enable students and teachers to relate to core concepts of education such as critical thinking, statistics, creativity, providing game-based learning and real time examples. Market players are developing smart STEM toys using cloud-based artificial intelligence software platforms.
Based on region, the global STEM toy market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa
North America held a dominant share of the global STEM toy market in 2019. It is expected to continue its dominance throughout the forecast period. The U.S. and Canada are the major countries that drive the market in this region. Significant presence of market leaders such as Hasbro, Inc. Mattel, Inc., Anki, Inc, Ozobot, and Evollve, Inc. and high consumer expenditure are some of the key factors which provide a dominant position to the North America region in the global STEM toy market.
The STEM toy market in Asia Pacific is expected to expand at the maximum CAGR during the forecast period. India, China, Japan, and Australia are major countries of the STEM toy market in the region. Increasing government initiatives to provide STEM education to students from an elementary level to make an advance education system become one of the key factor for the growth of the market in this region.
A toy is an item that is used in play, especially one designed for such use. Playing with toys can be an enjoyable means of training young children for life in society. Different materials like wood, clay, paper, and plastic are used to make toys. Many items are designed to serve as toys, but goods produced for other purposes can also be used. For instance, a small child may fold an ordinary piece of paper into an airplane shape and “fly it”. Newer forms of toys include interactive digital entertainment. Some toys are produced primarily as collectors’ items and are intended for display only.
The origin of toys is prehistoric; dolls representing infants, animals, and soldiers, as well as representations of tools used by adults are readily found at archaeological sites. The origin of the word “toy” is unknown, but it is believed that it was first used in the 14th century. Toys are mainly made for children. The oldest known doll toy is thought to be 4,000 years old.
Playing with toys is considered to be important when it comes to growing up and learning about the world around us. Younger children use toys to discover their identity, help their bodies grow strong, learn cause and effect, explore relationships, and practice skills they will need as adults. Adults on occasion use toys to form and strengthen social bonds, teach, help in therapy, and to remember and reinforce lessons from their youth.
India’s urban population is the second largest in the word—larger than the combined urban populations of all countries except China, the US and Russia. India has more than 800 Indian toys and games manufacturers, suppliers and exporters, most of who hail from the unorganized sector. The Indian toy industry, fuelled by the vast domestic market, has now turned its attention to global markets and is fast gearing up to meet international standards and demands.
The Indian toy industry is driven by skilled workforce, diverse product range, growing innovation and creativity, and emphasis on technology-driven learning and education. It is set to grow at 25 per cent in the coming years and is beginning to export to a few developed nations around the world. The worldwide market for toys is huge and offers a plethora of potential for companies to pursue. But the interests of children, who are the primary consumers for toys, are changing faster than ever. Toy manufacturers have to create innovative toys to capture their interests.
The Indian Toy Industry has witnessed a lot of changes over the last few years with regard to categories of toys, innovation, eye-catching design and other aspects. The revamping of the toy Industry has shown tremendous growth & expansion in the domestic market that is estimated at Rs. 5750 Crores per annum at present (factory produced toys by MSMEs & large units plus imports) and scaling up @ 10-15% on yearly basis. The growing awareness among parents in India has lead to the growth in toys market and particularly educational toys and games made of Plastics and cardboard that offer creativity and lead to the development of the brain of the child.
Toys these days are popular not only among kids, but adults too have entered this field through the medium of sports and games. Many sports and games are played by adults at national and international levels representing their respective countries. Parents too prefer to play with their children in order to interact with the latter and thus engage in board games and other toys with them. The metros and category A towns account for most branded purchases and those that sell at higher price points. Largely, the rest of the market is highly price sensitive and items above ₹ 200 falls in the planned purchase category and not impulse buying. In category C and D towns, unbranded and lower-priced toys are sold at average price points of below₹ 100. However, the scene in India is changing very fast and there is enough scope for more number of players in the field.
It is estimated that approximately 30 per cent of the Indian toys market is served by Domestic manufacturers (MSMEs and Large units), with the rest 70 percent (approximately) being accounted by imports mainly from China (approximately 75 percent share of total imports of toys in India), which offers wider variety of toys of inferior quality at cheaper prices and attract children of all ages. Due to this fact, the domestic toy industry, which largely consists of micro, small and medium enterprises (MSMEs), is facing a difficult time in competing with imported toys particularly from China. In order to survive in the Indian toys market, many Indian MSME toys manufacturers have resorted to importing cheaper toys from China (cheaper by 25-30 percent as compared to Indian toys) and market them in the Indian market. It is estimated that there are approximately 800 Enterprises in India engaged in toys manufacturing falling primarily in micro and small scale sectors. It has also been observed 2 that at the national level a hefty portion of the Indian Toy manufacturing Industry (MSMEs) is still in the Unorganized Sector accounting for almost 60 percent share. In addition there are few toys manufacturing units located in large scale sector and the prominent ones include Funskool( under collaboration of MRF and Hasbro), Hanung toys, OK play etc plus foreign brands like Mattel that are importing toys from their factory at China and marketing them in the Indian market.
Wooden toys not only appeal to children for play, but also to adults for home and office decorations. Manufacturing wooden toys is a wonderful home based business opportunity that can be activated for peanuts and has the potential to return big profits. Marketing the toys can be accomplished by way of wholesale sales to merchants, the internet, mail-order catalogs, craft shows, mall kiosks and home shopping parties. Traditionally, popular wooden toys include trains, jigsaw puzzles, cars, numbered building blocks and wooden soldiers. But that’s just the tip of the iceberg. The only limitation to the different kinds of wooden toys that can be designed and manufactured is your own imagination. Additionally, approach local building and home improvement centers to see if they’ll let you set up a mini-manufacturing facility right in their store. If this can be accomplished, it would be a great marketing tool to be able to build the toys in front of a live audience.
The requirements for type of woodworking business enterprise are relatively basic, and include woodworking skills and a well-equipped woodworking shop. Design and building plans are available for various types of wooden toys, or you can design your own toys as your skills improve. In the age of being politically correct, it’s not a bad idea if you were to use only recycled wood to make your toys. Not only would you be helping the environment and saving money on material costs, but it can also be a useful and powerful marketing tool. Recyclable wood material includes beach driftwood, used building materials, cedar rail fencing, pallets, packing crates and fallen forest brush. And most, if not all, of these waste wood materials can be acquired for free.
