About this market
Rising application of Al in STEM toys to drive market growth. The application of artificial intelligence (Al) in STEM toys has grown over the last few years. Al-powered STEM toys are becoming popular, especially among working parents. This is because these toys act as learning companions for children and offer customizability for a range of lessons in core STEM disciplines and coding. With the advent of cloud-based artificial intelligence software platforms, vendors can design smart STEM toys that can hold intelligent conversations with children. analysts have predicted that the STEM toys market will register a CAGR of nearly 5% by 2023.
Market Overview
Rising adoption of STEM toys as teaching aids
Owing to the growing global shift in context-based learning in primary and secondary education, parents and teachers are encouraging the adoption of STEM toys as teaching aids. STEM toys offer a practical, hands-on learning approach for students, helping them grasp basic concepts in core disciplines such as science and mathematics. The growth in job opportunities corresponding to STEM disciplines has subsequently increased the demand for mass-market and specialty STEM toys in the education sector.
Increased adoption of stringent regulations and standards
The global STEM toys market is a highly regulated industry because the end-users are kids. Some STEM toys include complex mechanisms such as electronic gadgets and circuitry. Hence, toy associations and governments make toy safety, quality, and necessary labeling for these products the prime factors to take care of. The compliance with these regulations increases the ownership costs of STEM toys manufacturers.
For the detailed list of factors that will drive and challenge the growth of the STEM toys market during the 2019-2023, view our report.
Competitive Landscape
The market appears to be fragmented and with the presence of several companies including Mattel and Spin Master the competitive environment is quite intense. Factors such as the rising application of Al in STEM toys and the rising adoption of STEM toys as teaching aids, will provide considerable growth opportunities to STEM toys manufactures. Hasbro, Learning Resources, LEGO Group, Mattel, and Spin Master are some of the major companies covered in this report.