US STEM toys market is anticipated to grow at a significant CAGR of 6.8% during the forecast period. The US is estimated to be the largest STEM toy market in 2019 and accounted for a significant share of the global market. The country is also anticipated to sustain its dominance throughout the forecast period owing to the impact of COVID-19 that boosted the sales in Q1 and Q2 of 2020. The liquidation of Toys “R” Us impacted the sales to a greater extent in the Northeast region in early 2019. Despite the downfall of the traditional toys market in the country to around 4% in 2019 from 2018, the result of staying indoors caused a surge in sales in specific categories, including the STEM segment as learning and education were done indoors with the closure of schools in early 2020.
With an average selling price of $10 per toy, the country accounts for over three billion units through direct sales each year in the toys market, where around 10% were bought for educational purposes. Also, the US government acts as major support from the backend with high standards and regulations for toy manufacturing and sales, where the industry is also a major improvement to fuel the country’s economy. With the market heading towards maturity, a slower growth rate is expected post the 2020 boom, where the decline in birth rates further adds to the burden for the toy industry. However, this might not be the case in the STEM segment as the preference for robots, coding, AI, and smart toys are expected to increase.
The US STEM toys market is segmented based on age group, category, and distribution channel. Based on the age group, the STEM toys market is segmented into 0-3 years, 3-8 years, 8-12 years, 12+ years. On the basis of category, the market is segmented into science, technology, engineering, and mathematics. On the basis of distribution channel, the market is fragmented into online and offline. Increasing internet penetration and smartphone usage has resulted in an increase in online sales channel, which is also the fastest growing segment. However, the offline sales channel is still the preferred one and is leading the market by a giant share in the US STEM toys market.
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US STEM Toys Market Segmentation
By Age Group
- 0-3 Years
- 3-8 Years
- 8-12 Years
- 12+ Years
By Category
- Science
- Technology
- Engineering
- Mathematics
By Distribution Channel
- Online
- Offline
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Company Profiles
- Digital Dream Labs, Inc.
- ELENCO ELECTRONICS, INC.
- Hasbro, Inc.
- K’NEX
- Learning Resources Ltd.
- LEGO System A/S
- Mattel
- Melissa & Doug
- Ravensburger
- MindWare , Inc.
- Sphero
- Spin Master
- VTech Holdings Ltd.
- WowWee Group Ltd.
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