Strikingly,
construction toys have stood the test of the time in the toy market,
with their sustained demand world over primarily attributed to
several cognitive and development benefits among kids. Kids playing
with construction toys kids of both gender are considered to derive a
number of intellectual and social benefits. Parents of preschoolers
associate a variety of benefits of construction set, notable of which
are improving thinking and divergent problem-solving skills,
fostering spatial skills, and boosting social development. In
addition, a number of research suggest that construction toys are
instrumental in making kids more social-savvy and value collaboration
as a part of their growth, thereby catalyzing the growth of the
market.
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The
global construction toys market is estimated to rise from a valuation
of US$6,694.7 Mn in 2017 to reach a worth of US$ 9,089.7 by 2022 end.
The market is anticipated to expand at a CAGR of 6.3% during the
forecast period of 2017–2022.
An
in-depth insight into some of the notable factors and trends
influencing the growth of the market is offered here:
The
rising demand for construction toys among the parents of toddlers and
children is driven by the recognition of a number of intellectual
benefits these have on their learning, such as stimulating creativity
and enhancing problem-solving skills. The favorable effect spatial
skills promoted by the use of construction toys have led many parents
to demand these for their kids. The growing adoption of construction
toys is also driven by their capabilities to promote divergent
thinking as opposed to convergent thinking. The demand of
construction toys among teens and adolescence is attributed to their
use as memorabilia and is a notable factor boosting the market. In
some developing and developed countries, there is an emerging demand
for transformers toys, which is expected to accentuate the
construction
toys market. In addition, the wide demand for traditional
blocks and plates in various shapes and sizes is boosting the market.
The
rising popularity of innovative construction toys across developed
nations is a key factor boosting the market. The inclination toward
toys based on digital technologies and the onslaught of video games
few notable trends expected to adversely affect the market to an
extent. Nevertheless, the wide preference of playing with toys made
with physical objects is a prominent factor bolstering the demand for
construction toys.
The
advent of innovative product lines for children as well as
adolescents by leading toy companies is a significant trend expected
to open up lucrative avenues in the construction toys market in
various regions. Geographically, Asia Pacific excluding Japan (APEJ)
is anticipated to be the most attractive regional market for
construction toys. Currently, the regional market holds the dominant
revenue share and is expected to retain its dominance throughout the
forecast period. The regional market is projected to be worth
US$4,109.2 Mn by the end of 2022. A number of interactive and
exciting products by prominent toy makers in several countries is
likely to keep the regional market thriving over the forecast period.
Competitive
Dynamics
The
construction toys market features intensifying competitive landscape
among a number of established and emerging players. Leading players
are likely to expand their presence in emerging markets and are
expected to diversify the product portfolio in order to consolidate
their positions in the years to come. Some of the prominent players
operating in the market include LEGO, Vtech, Mattel, Inc., Hasbro,
Bandai Co., Ltd., Mega Bloks, Knex, Melissa & Doug, Meccano, and
Gebr. Märklin & Cie. GmbH.
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