The global construction toys market size is expected to reach USD 19.64 billion by 2025, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 9.5% during the forecast period. Rising focus on cognitive development of kids among both parents and educational institutions is expected to expand the scope of construction toys.
Major universities and scientific research institutes from across the globe emphasis on the use of these products as tools for improving mental health. For instance, in February 2018, the University of Colorado published a research paper on the positive effect of construction toys on spatial skills. Many toy companies have been launching products specific to age, gender, and interest of the kid.
Construction toys help develop imagination, creativity, and attentiveness among children. Along with keeping them engaged, they also improve their problem-solving skills, logical thinking, hand-eye coordination, and memory. For instance, magnetic construction kits are considered very helpful for children as they are easier to connect compared to the conventional products. Rapid R&D in terms of innovation for introduction of new toys is projected to create growth opportunities for the global market.
In May 2019, LEGO announced the launch of LEGO City Space, themed after 50 years of NASA. Multiple new sets are being released which include, Satellite Service Mission, Rover Testing Drive, Mars Research Shuttle, Lunar Space Station, Deep Space Rocket and Launch Control, Rocket Assembly & Transport, and People Pack — Space Research and Development. In April, 2019 the company also announced the upcoming launch of LEGO Brail Bricks for blind and visually impaired children. The regular bricks have been molded with studs for numbers and alphabets. The set consists of 250 pieces covering digits, mathematical symbols, and alphabets.
Another toy company, Well Played Toys signed a deal with Legendary Entertainment which makes it a toy partner for the production in February 2019. Well Played Toys plans to release construction kit based on Legendary Entertainment production, Lost in Space. Similarly Cobi, a Polish toy company has launched blocks construction kit in April, 2019. The kit is based on Boeing’s CST-100 Starliner capsule and consists of 227 blocks.
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Further key findings from the report suggest:
- Bricks and blocks accounted for more than 50% of the global revenue share in 2018
- Polymer-based products is expected to expand at the fastest CAGR of 10.0% from 2019 to 2025
- North America reported a global revenue share of more than 30% in 2018
- Online distribution channel is expected to exceed USD 5 billion by the end of 2025
- Major players operating in the construction toys market are The LEGO Group.; Tegu; Spin Master Ltd.; Schylling Inc.; Polydron (UK) Limited; PlayMonster LLC.; Nanoblock; Mattel; Magformers; KnuckleStrutz; and K’NEX (Basic Fun, Inc.)