Global Construction Toys Market: Snapshot
The vast inroad made by digital technologies has caused a marked slump in demand for physical toys for kids in recent years. However, construction toys have weathered the storm with their substantial demand sustained by a range of cognitive, developmental, and social benefits for children of all ages. Parents and teachers in search for an appropriate environment to foster creativity, promote problem-solving, develop collaborative skills, and build spatial relationships demand these toys. Construction toys have also been associated with improving hand-eye coordination and dexterity among children. Furthermore, construction toys in various countries have been deemed as a precursor to academic learning in later years, favorably impacting the development of mathematical and scientific concepts. Older kids are gradually recognizing the significance of these construction toys for boosting a life-long learning. The advent of an array of age-appropriate and stimulating materials to keep end-users engaged is a key trend accentuating the market.
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The global construction toys market is projected to rise from a valuation of US$6,694.7 Mn in 2017 to reach a valuation of US$9,089.7 by 2024 end. The market is anticipated to register a CAGR of 6.3% from 2017 to 2024.
Traditional Blocks and Plates Most Attractive Product Segment
The various product types of construction toys in demand are traditional blocks and plates, architecture, educational, motors and trains, and tinker toys. Of these, the traditional blocks and plates segment is expected to hold the major share of 36.8% by 2017 end, amounting to US$2,461.0 Mn in the market. The segment will reach a worth of US$3,337.8 Mn by 2024 end, representing a share of 36.7% of the product market. The market for traditional blocks and plates is anticipated to clock a CAGR of 6.3% from 2017 to 2024. The annual growth is pegged at US$ 175.4 Mn over 2017–2022. The growth is primarily fueled by the vastly rising demand for traditional blocks and plates in construction toys market among kids, especially among babies.
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Asia Pacific excluding Japan to Hold Dominant Shares of Global Market
The various regional markets for construction toys are North America, the Middle East and Africa, Latin America, Asia Pacific excluding Japan (APEJ), Japan, and Europe. Of these, Asia Pacific excluding Japan (APEJ) leads the pack and is projected to lead the global market, vis-à-vis revenue throughout the forecast timeline. Rising at a CAGR of 6.7% from 2017 to 2024, the APEJ construction toys market is forecast to reach a valuation of US$4,109.2 Mn by 2024 end. The substantial growth of this regional market is attributed to the launch of a vast array of construction toys with innovative designs in the region.
North America to Rise at Prominent Pace in Coming Years
North America is expected to one of the prominent markets for construction toys by the end of the forecast period. The regional market is likely to gain substantial momentum bin the coming years. This is attributed to a rise in demand as the region contributes substantially to the worldwide sale of games and puzzles. In addition, a variety of innovative ways adopted by leading toy manufacturers to bolster its sales is also accentuating the regional market. Expanding at a healthy CAGR 6.3% from 2017 to 2024, the North America market is estimated to be worth US$2,230.6 Mn by 2024 end.
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Competitive Analysis
Several prominent players operating in the construction toys market are developing are diversifying their product portfolio and launching new toys with new shapes and innovative design options, in order to gain a competitive edge over others. Some of the key companies in the market are LEGO, Vtech, Mattel, Inc., Hasbro, Bandai Co., Ltd., Mega Bloks, Knex, Melissa & Doug, Meccano, and Gebr. Märklin & Cie. GmbH.
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