India STEM toys market is estimated to grow at a significant CAGR of 8.5% during the forecast period. India is estimated to be the fastest-growing market among the major economies across the geographies as it is home to the youngest population in the world. It was estimated that more than 26.2% of the population in India was under the age of 15 years in 2019; this gave a huge opportunity to the educational toy vendors. Further, in the coming years, the growth in the country is anticipated to get inclined towards hi-tech, scientific and educational toys. Also, factors such as high disposable income, growing income, rising middle-class population and urbanization are equally contributing towards the market growth. The market has also witnessed upgrades in trends where LEGO has replaced the traditional wooden construction set, and interactive electronic toys are replacing plush toys.
However, the unbranded and affordable versions of toys are still highly dominant in the industry that can pose a challenge to Mattel, Hasbro, Funskool and Hamleys during the forecast period. Further, the toys imported from China, which account for around 90% of the total toy market in India, are sold at half the price of branded toys sold in the country. The government has also imposed stricter regulations for testing and regulating toys where efforts are made to further increase the import duties by 60%. Eventually, it can help in developing the market as one of the largest toys consuming countries similar to other western countries. Norms and regulations can further reduce the circulation of counterfeit products in the country.
Further, while the growth of the STEM toys market in major toy markets was expected to be significant before the COVID-19 pandemic, the sudden boost in demand and preference for toys stimulated during the lockdown is expected to drive the market further during the forecast period. While the pandemic was a major boost in certain nations right from the beginning of the year, the growth can be more certain in growing countries such as India, following the relaxation of regulations in later 2020, eventually leading to higher growth in the year than comparative years in recent times.
The 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.
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India 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
- Abbott
- ALEVA NEUROTHERAPEUTICS SA
- BIOS
- Boston Scientific Corporation
- LivaNova PLC
- Medtronic
- Renishaw plc
- Saluda Medical Pty Ltd.
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