LONDON--(BUSINESS WIRE)--As the month of September is around the corner, major names in the education market have launched a series of back to school deals across the United States. The second biggest shopping season of the year, back to school, is all about getting new clothes for kids, covering their healthcare needs, and most of all picking up the right school supplies and toys which will make the learning process easier and exciting. With close to 30 million households in the US planning to spend more than USD 25 billion, the back to school season accounts for about 50% of annual school-related spend.
Educational Toys: Making back to school season all more exciting
Educational toys are popular among parents because it helps the kids improve their hand-eye coordination, motor skills, and most of all enable better emotional development.
One of the trending alternative modes of education such as educational toys has drawn huge investments from major names in the kids’ toys industry. Technavio’s newest report on the global educational toys market predicts a positive growth for this market with a CAGR of more than 11% through 2022. In the year 2017, the Americas alone held close to 36% of the market share for educational toys.
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Smart toys drive growth and innovation in the educational toys market
While the emergence of green toys and STREM toys have added variety to the educational toys market, it is the segment of smart toys which makes these toys fun for the kids. The Internet-connected toys, for instance, Smarty, are designed to help the children with their homework and school assignments, stream music, and listen to audiobooks. It also has a web-accessible dashboard through which the parents can monitor their child’s activities.
Another example is Mishka AI, often called “Kindle for Kids”. The company designs products in the shape of their favorite soft toys. Their interactive toys like plush bears use artificial intelligence to tell stories, which can be downloaded using a mobile app link.
Apart from smart toys, the other segments which are expected to witness a major spike in sales during the back to school season are:
- Motor skills toys
- Academic toys
- Cognitive toys
Though safety concerns, the threat from counterfeit products, and high manufacturing costs are some of the challenges to the growth of the educational toys market, these reasons have not stopped the flow of investments and innovations in this market. The LEGO Group, MindWare, Hasbro, Mattel, and Engino.net are among the leading names identified by Technavio’s market research report.
Close to 30% of back to school spending is predicted to be on school supplies and educational toys. Industry analysts see this back to school season as a major growth booster for the market, especially with the Americas taking the lead.
Technavio’s market research report on the global educational toys market provides actionable insights into this industry, based on which stakeholders can make informed business decisions.
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