The global Science, Technology, Engineering and Mathematics (STEM) Toys market revenue is expected to grow at 7% CAGR during the period 2020-2025.
Analysis of the global STEM toys market predicts that the industry will grow 1.5 times the growth during the forecast period. The market is expected to see significant growth due to the emergence of robotics, STEM-based courses, the need for cognitive and mental development, and the increase in millennial spending for nostalgia.
However, the market is heading for sustainable growth owing to the increase in sustainability practices in the global STEM toys market. Manufacturers, distributors, retailers and buyers pay attention to the concept. The technology segment is expected to grow at a CAGR of over 7%. The growth of educational robots, coding and smart toys is expected to drive the segment. Technological toys are highly preferred among children and pre-teens, especially boys. Coding and programming toys are also increasingly aimed at children aged 3 to 5.
The science segment is expected to experience absolute growth of 44% during the forecast period. Like board games, engineering toys are used for the development of strategic and construction skills in adolescents and are expected to grow at a CAGR of almost 7%. Due to a strong construction game culture in countries such as India, Brazil and Mexico, growth is expected to be significant in APAC and Latin America. Rising number of thematic building kits drives demand in Western countries
In India, the technological toy space is fierce because it is the future of gaming. There are many companies offering promising products like PlayShifu, Kano, Wonder Workshop, Sphero, LittleBits and Osmo.
Among these players, PlayShifu is the most popular among parents and children, as more than 500,000 children around the world love it. In this corona pandemic, many businesses have been disrupted but PlayShifu has had a positive effect. They saw a 300% increase in demand for their innovative and educational technology products and added 150,000 new users. Their products are categorized under three platforms: Shifu Orboot, Shifu Plugo and Shifu Tacto.
PlayShifu is actively accelerating its plans to launch online channels in several new geographies keeping in mind the new shift in online demand. At the same time, they plan to further expand their distribution in our core target markets (US, UK, Japan, Australia, Middle East) through a presence in retail, online and in the classroom.