LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global freestanding playground equipment market to grow at a CAGR of more than 3% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global freestanding playground equipment market for 2017-2021. The report also lists climbers, slides, swings, and others as the four major product segments. In 2016, the slides segment dominated the market in terms of revenue primarily due to the popularity of slides among children. During the forecast period, this segment is expected to continue its dominance in the market as the market is experiencing growing demand for the equipment.
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Technavio chemicals and materials analysts highlight the following three market drivers that are contributing to the growth of the global freestanding playground equipment market:
- Growing urbanization rate
- Increase in number of preschools
- Benefits associated with outdoor sports
Growing urbanization rate
The global population is shifting from rural to urban and semi-urban areas rapidly. In many developing countries like Brazil, China, and India, rapid urbanization has seen a concurrent increase in demand for child products as people are able to afford better products. One of the key reasons for this is that rapid urbanization has also led to a higher number of working women and dual-income households.
This urbanization rate is expected to rise further during the forecast period, which, in turn, would boost the market growth of the global freestanding playground equipment market. In addition, exposure to organized retailing in urban areas ensures the easy availability of better products and international brands. All of these factors are expected to contribute to the growth of the global freestanding playground equipment market during the forecast period.
“Countries like India, China, and Russia have seen significant changes in their demand patterns for child care products and are likely to be the next investment destinations for all the major global players in the market,” says Brijesh Kumar Choubey, a lead analyst at Technavio for – research.
Increase in number of preschools
Preschools play an important role in developing children’s growth during their crucial growth years. The rapid mushrooming of preschools and kindergartens with high-quality facilities has led to more parents sending their children to such places. Working parents, due to excess work, are often not able to spend enough quality time with their children. Therefore, they consider preschools as the best alternative to home learning. These schools provide an ideal and friendly environment, which is an essential part of the healthy growth of a child’s cognitive and physical abilities.
“This growth in the number of preschools is playing a significant role in the global freestanding playground equipment market as most of these schools have play areas designated for children,” says Brijesh.
Benefits associated with outdoor sports
Freestanding equipment is considered as one of the best, easiest, and most fun ways to engage children and also realize fitness benefits. Playing outside with such equipment helps children promote their social skills, increase their attention span, reduce stress, and enhance their physical fitness. Parents are increasing their focus on child development from a young age, which has led to a rise in the demand for outdoor sports equipment including freestanding playground equipment.
These activities not only provide children with multiple physical exercise benefits but also provide mental stimulation that plays an important role in the overall development of the child. With freestanding playground equipment available in several designs, children can enhance their vision and problem-solving skills. Moreover, being in close association with nature, these activities help children develop their creativity and imagination.
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