Strikingly, construction toys have stood the test of the time in the toy market, with their sustained demand world over primarily attributed to several cognitive and development benefits among kids. Kids playing with construction toys kids of both gender are considered to derive a number of intellectual and social benefits. Parents of preschoolers associate a variety of benefits of construction set, notable of which are improving thinking and divergent problem-solving skills, fostering spatial skills, and boosting social development. In addition, a number of research suggest that construction toys are instrumental in making kids more social-savvy and value collaboration as a part of their growth, thereby catalyzing the growth of the market.
The global construction toys market is estimated to rise from a valuation of US$6,694.7 Mn in 2017 to reach a worth of US$ 9,089.7 by 2024 end. The market is anticipated to expand at a CAGR of 6.3% during the forecast period of 2017–2022.
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An in-depth insight into some of the notable factors and trends influencing the growth of the market is offered here:
The rising demand for construction toys among the parents of toddlers and children is driven by the recognition of a number of intellectual benefits these have on their learning, such as stimulating creativity and enhancing problem-solving skills. The favorable effect spatial skills promoted by the use of construction toys have led many parents to demand these for their kids. The growing adoption of construction toys is also driven by their capabilities to promote divergent thinking as opposed to convergent thinking. The demand of construction toys among teens and adolescence is attributed to their use as memorabilia and is a notable factor boosting the market. In some developing and developed countries, there is an emerging demand for transformers toys, which is expected to accentuate the construction toys market. In addition, the wide demand for traditional blocks and plates in various shapes and sizes is boosting the market.
The rising popularity of innovative construction toys across developed nations is a key factor boosting the market. The inclination toward toys based on digital technologies and the onslaught of video games few notable trends expected to adversely affect the market to an extent. Nevertheless, the wide preference of playing with toys made with physical objects is a prominent factor bolstering the demand for construction toys.
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The advent of innovative product lines for children as well as adolescents by leading toy companies is a significant trend expected to open up lucrative avenues in the construction toys market in various regions. Geographically, Asia Pacific excluding Japan (APEJ) is anticipated to be the most attractive regional market for construction toys. Currently, the regional market holds the dominant revenue share and is expected to retain its dominance throughout the forecast period. The regional market is projected to be worth US$4,109.2 Mn by the end of 2024. A number of interactive and exciting products by prominent toy makers in several countries is likely to keep the regional market thriving over the forecast period.
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Competitive Dynamics
The construction toys market features intensifying competitive landscape among a number of established and emerging players. Leading players are likely to expand their presence in emerging markets and are expected to diversify the product portfolio in order to consolidate their positions in the years to come. Some of the prominent players operating in the market include LEGO, Vtech, Mattel, Inc., Hasbro, Bandai Co., Ltd., Mega Bloks, Knex, Melissa & Doug, Meccano, and Gebr. Märklin & Cie. GmbH.
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