The global Science, Technology, Engineering & Mathematics (STEM) toys market by revenue is expected to grow at a CAGR of 7% during the period 2020-2025.
The analysis of the global STEM toys market forecasts that the industry will witness 1.5X times growth during the forecast period. The market is expected to observe significant growth because of the emergence of robotics, STEM-based courses, the need for cognitive and mental development, and the rise in millennial spending for nostalgia.
However, the market is heading toward sustainable growth due to the rise in sustainability practices in the global STEM toys market. Manufacturers, distributors, retailers, and buyers are paying attention to the concept. The technology segment is expected to grow at a CAGR of over 7%. The growth in educational robots, coding, and smart toys is expected to drive the segment. Technological toys are highly preferred among kids and pre-teens, especially among boys. Coding and programming toys are also increasingly aimed at 3-5 years of children.
The science segment is expected to pose an absolute growth of 44% during the forecast period. Like board games, engineering toys are used for the development of strategic and building skills among teenagers and are expected to grow at a CAGR of close to 7%. Owing to a strong culture of playing building games in countries such as India, Brazil, and Mexico, the growth is expected to be prominent in APAC and Latin America. The rise in the number of theme-based construction kits is driving the demand in western countries
In India tech toys space is fierce because it is the future of the play. Many companies have promising products like PlayShifu, Kano, Wonder Workshop, Sphero, LittleBits, and Osmo.
Among these players, PlayShifu is most popular among parents & kids as more than 500,000 kids around the world love it. In this corona pandemic, many businesses were disrupted but PlayShifu had a positive effect. They saw a 300% surge in demand for their innovative, educational tech products and they added 150k new users. Their products are categorized under three platforms – Shifu Orboot, Shifu Plugo, and Shifu Tacto.
PlayShifu is actively accelerating their online channel launch plans in several new geographies keeping in mind the new online demand shift. Simultaneously, They plan to expand their distribution further in our primary target markets (the US, UK, Japan, Australia, the Middle East) through retail, online, and classroom presence.