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.
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 2022 end. The market is anticipated to register a CAGR of 6.3% from 2017 to 2022.
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$3,337.8 Mn by 2022 end, representing a share of 36.7% of the product market. The market for traditional blocks and plates is anticipated to clock a CAGR of 6.3% from 2017 to 2022. The annual growth is pegged at US$ 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.
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 2022, the APEJ construction toys market is forecast to reach a valuation of US$4,109.2 Mn by 2022 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 2022, the North America market is estimated to be worth US$2,230.6 Mn by 2022 end.
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.
Global Construction Toys Market: Overview
The report on the global construction toys market offers in-depth insights into key market dynamics, detailed raw material sourcing strategy, supply chain dynamics and cost structure, and recent product innovations. The study provides a critical evaluation of various trends affecting the demand among children of different ages and evaluates the factors expected to open up exciting avenues in the coming years. The research presents a detailed analysis of trends affecting the share and size of regional markets and highlights the key factors driving various product types. In addition, the study takes a closer look at the market demand in various sales channel and explores the competitive scenario for these channels in major regions. The evidence-based insights help market participants to ascertain the competitive intensity over the forecast period (2017–2022)
The global construction toys market estimated valuation is US$6,694.7 Mn by the end of 2017. The market is projected to clock a CAGR of 6.3% during 2017–2022 and reach US$9,089.7 by the end of the forecast period.
Global Construction Toys Market: Dynamics
The global construction toys market report offers a detailed assessment of notable drivers and restraining factors, prominent trends, and competitive landscape. It provides an insight into the share and size of various product segments and material types across different age-groups and the factors influencing their demand in various regional markets. The study offers a comparative analysis of the changing share of these segments by capturing year-over-year (YoY) growth statistics during the historical period of 2012–2017.
The demand for construction toys is mainly driven by their vast cognitive and intellectual benefits among kids of various age groups. Parents and teachers recognize the importance of these for fostering spatial and creative skills among pre-school kids. In addition, the rising use of construction toys among adult kids for boosting their formal learning capabilities is a key factor accentuating the market. In recent years, a number of toy manufacturers have focused on bringing new shapes and design options that allow kids to create an array of innovative constructions. This is expected to open a number of exciting avenues for market players to capitalize on during the forecast period.
Global Construction Toys Market: Segmentation
The report segments the global construction toys market on the basis of product type, age group, sales channel, material, and region.
Based on product type, the report segments the market into architecture, traditional blocks and plates, educational, tinker toys, and motors and trains. Of these, the traditional blocks and plates segment dominates the market and is expected to retain its lead throughout the forecast period. The segment is expected to rise at the leading absolute growth annually over the assessment period. The growth of the segment is mainly fueled by the vastly rising demand of construction toys based on traditional blocks and plates for toddlers.
On the basis of age group, the report segments the market into 2-3, 3-4, 5-8, 8-10, 11-14, and above 14 years. Based on sales channel, the report divides the overall market into hyper/super market, e-commerce, franchised outlets, departmental stores, and others.
Based on type of material used to make toys, the report segments the market into plastic, metal, wood, and others.
Based on region, the report segments the global market into Latin America, North America, the Middle East and Africa (MEA), Europe, Asia Pacific excluding Japan (APEJ), and Japan. Of these, the APEJ holds the leading revenue share of the global market and is projected to retain its lead throughout the assessment period. The growth is primarily driven by the burgeoning demand for construction toys among kids of all age groups.
Companies profiled in the report are:
The report offers an elaborate profiling of key players, the strategies adopted by them to consolidate their shares, and revenue share and size along the forecast period. Some of the key players profiled in the study are LEGO, Vtech, Mattel, Inc., Hasbro, Bandai Co., Ltd., Mega Bloks, Knex, Melissa & Doug, Meccano, and Gebr. Märklin & Cie. GmbH.