Global STEM Toy Market: Introduction
- 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.
Global STEM Toy Market: Dynamics
- Rising implementation of AI in STEM Toys
- 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 helps 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 realtime examples. Market players are developing smart STEM toys using cloud-based artificial intelligence software platforms.
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North America Led the Global Market in 2019
- 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.
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Key Players Operating in the Global Market
Key players operating in the global STEM toy market are listed below:
- Hasbro, Inc.
- Learning Resources Ltd
- LEGO Group
- Mattel, Inc.
- Spin Master Ltd
- Anki, Inc
- Ozobot & Evollve, Inc.
- Valtech, LLC
Global STEM Toy Market: Research Scope
Global STEM Toy Market, by Distribution Channel
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