The US STEM toys market is estimated to exhibit a CAGR of 6.8% during the forecast period (2021-2027). Factors such as the need to reduce obesity, rise in disposable incomes, urbanization, growth of middle-class economies have altogether fuelled the market growth in the past. However, with a higher level of internet penetration, children in the country are attracted to digital gaming, consoles and mobile gaming that can pose a high challenge for the traditional STEM toy vendors. It is also estimated that three in ten kids aged between 7 and 12 years played online games every day in 2019 that can potentially hinder the growth of the toy market. Although, in favor of the market in the US, major toy vendors in the region like LEGO, Hasbro, Mattel, Melissa & Doug are expected to launch new and engaging product lines based on the latest market trends and themes with the product license.
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Furthermore, Walmart and Target are the leading mass merchandise players for toys in the US, with more than 7,000 stores. The new market entrants in the country also prefer specialty retail chains as a more diversified and de-risked opportunity. The sales witnessed a spike in Q1 2020, which was highly supported by the online channels owing to the lockdown and curfew. Moreover, the US Department of Education also invested over $540 million in 2019 to support STEM education through research grants and discretionary in accordance with Trump’s directive to expand opportunities in the field. Eventually, this investment can support the growth and adoption of educational toys among children and schools for training during the forecast period.
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Market Coverage
· Market number available for –2020-2027
· Base year- 2020
· Forecast period- 2021-2027
· Segments Covered- by Age Group, Category, and Distribution Channel
· Country Covered- US
· Competitive Landscape- Hasbro, Inc.; Learning Resources Ltd.; LEGO System A/S; Mattel; and Melissa & Doug
US STEM Toys Market Report Segment
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
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
