Global educational toys market estimated to reach $34.2 billion by 2024
Educational toys are informative toys that are used to stimulate cognitive, social, emotional, and physical learning in children, which basically cater to infants, pre-schoolers, and students studying in elementary and middle schools. Educational toys play an important role in the development of children’s mind and it also provides an opportunity to children to play with one another. It is proven that kids react better towards attractive modes of learning and are able to learn quickly when they are taught using interactive techniques.
In 2015, the global educational toys industry was valued at $22.0 billion and is now expected to grow at a CAGR of 5.2% during 2019-2024, to reach $34.2 billion in 2024. The top educational toy companies are LEGO, Mattel, and Hasbro and their respective global market share was 20.92%, 11.16% and 6.90% in 2015. Other toy companies include Bandai, TAKARA TOMY, MGA Entertainment, Melissa & Doug, Simba-Dickie Group, Giochi Preziosi, PLAYMOBIL, Ravensburger, Vtech, and Leapfrog and MindWare.
Talking about India, the toys industry in the country has witnessed tremendous growth, as India has largest young population in the world. In 2017, toys market size in India was worth $1.3 billion, is continuously expected to grow at a CAGR 13.9% during 2018-2023.