The global construction toys market is projected to reach USD 19.64 billion by 2025 with a CAGR of 9.5%, according to a new report by Million insights. The growing popularity of the product among children for cognitive development is anticipated to be the key driving factor for the market growth. Moreover, construction toys enhance the learning abilities of the pre-school child and improve their spatial skills. This is projected to boost product demand in the next few years.
Construction toys are a set of components, which are given to children and they develop designs and build objects. Moreover, this process helps children in developing their intelligence and cognitive level, which is projected to boost the market demand, during the forecast period, 2019 to 2025. However, the growing use of PVC, bisphenol A, and plasticizers in children's toys is anticipated to hinder the market growth in the next few years. Additionally, the rising adoption of digital technologies, smartphones, and internet penetration is anticipated to slow down market growth. Moreover, the rising adoption of online gaming, especially among young consumers and continuous integration of advanced technologies are expected to hamper the growth of the market.
The key players in the construction toy market are continuously increasing their investments in R&D activities, thus launching new products regularly. For example, LEGO announced the launch of LEGO City Space, in May 2019, on the theme of NASA's 50 years. Moreover, various new sets have been launched including Rover Testing Drive, Mars Research Shuttle, Deep Space Rocket, and Launch Control, satellite Service Mission, Lunar Space Station, People Pack, and Rocket Assembly & Transport. The company also announced the forthcoming launch of LEGO Brail Bricks in April 2019, for visually impaired and blind children’s. The standard bricks were molded to numbers and alphabets with studs. The collection consists of 250 pieces, which consist of alphabets, math symbols, and numbers.
Construction toys used for improving mental health is recommended by major universities and medical research institutes across the world. For example, the University of Colorado research has published a paper on the advantage of construction toys on spatial skills. Additionally, constructions toys develop creativity, attentiveness, and imagination among children. Furthermore, it increases the logical thinking, memory, and hand-eye coordination. These factors are projected to boost product demand in the upcoming years. Additionally, rising product awareness and its benefits, such as it increases learning ability and improves social skills and cooperation, these factors, in turn, are anticipated to aid the market growth.
North America held the largest market share, in 2018 and expected to moderate growth over the forecast period, 2019 to 2025. The region growth is attributed to rising demand for building and block sets toys as well as the strong presence of key toy players in the region. Additionally, these toys are used for education and research purpose in various universities across the regions. Moreover, it is used for assessing the children’s cognitive skills such as the ability to analyze, evaluate, and remember. This is expected to fuel the product demand in the region.
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Further key findings from the report suggest:
• The bricks & blocks segment has captured more than 50% of market share, in 2018 and expected to see steady growth over the forecast period, 2019 to 2025.
• The wooden segment held the largest market share, in 2018 and anticipated to dominate the construction toys market during the forecast period, 2019 to 2025.
• The polymer segment is anticipated to see the fastest growth with a CAGR of 10.0% during the forecast period, 2019 to 2025.
• The online segment is anticipated to see significant growth over the forecast period, 2019 to 2025.
• North America has captured more than 30% of global market share, in 2018.
Million Insights has segmented the global construction toys market on the basis of product, raw material, distribution channel and region:
Construction Toys Product Outlook (Revenue, USD Million, 2015 - 2025)
• Bricks & Blocks
• Tinker Toy
Construction Toys Raw Materials Outlook (Revenue, USD Million, 2015 - 2025)
Construction Toys Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)
• Supermarkets & Hypermarkets
• Convenience Stores
Construction Toys Regional Outlook (Revenue, USD Million, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa