The construction toys market size has grown strongly in recent years, increasing from $10.39 billion in 2023 to $11.12 billion in 2024, reflecting a compound annual growth rate (CAGR) of 7.0%. This growth in the historic period can be attributed to factors such as educational value, tradition and legacy, durability, licensed themes, social and cognitive development, and gender-neutral appeal. Looking ahead, the market is expected to continue expanding, reaching $14.92 billion by 2028 at a CAGR of 7.6%. This forecasted growth is driven by trends such as e-commerce growth, sustainability concerns, inclusive toy design, heightened parental consciousness, the rise of maker culture, and an increased focus on safety standards. Notable trends in the forecast period include the incorporation of STEM learning, integration of augmented reality (AR), expansion of licensing partnerships, modular and customizable sets, digital integration for interactive play, and 3D printing options.
Major Driver In The Construction Toys Market
A rise in disposable income is expected to propel the growth of the construction toys market in the forecast period. An increase in disposable income is fueling a healthy surge in leisure spending across the world, with an increase in disposable income, consumers are willing to invest to boost their standard of living, resulting in the purchase of a vast range of consumer products and recreational products such as toys. For example, in 2021, according to Federal Reserve Board, US-based is the central banking system, the average American has $56,088 in disposable income each year. The rise in per capita net disposable income led customers to increase their spending on toys and games, which in turn boosted the demand for construction toys, driving the construction toys market growth. The market size for construction toys is expected to reflect the rise in disposable income, with substantial growth anticipated in 2023, 2024, and beyond.
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Construction Toys Market Competitive Landscape
LEGO Group, BANDAI NAMCO Holdings Inc., Hasbro Inc., Mattel Inc., VTech Holdings Limited, Kawada Ltd., Tegu Inc., Mega Brands Inc., Melissa & Doug Corporation, Spin Master Corp., Magformers International Inc., Hornby Hobbies Limited, Learning Resources Inc., PlayMonster LLC, K'NEX Brands L.P., Revell GmbH, Gebrüder Märklin & Cie. GmbH, Enlighten Bricks Co. Ltd., Geomagworld S.p.A., Cobi Sp. z o.o., Meccano Ltd., Thames & Kosmos LLC, The Tinkershop LLC, Tamiya Inc., Schylling Inc., KnuckleStrutz LLC, Polydron Educational Ltd., Wange Laoxing Toys Co. Ltd., Xingbao Group Co. Ltd., LaQ Co. Ltd.
Key Construction Toys Market Trend
Product innovation is a significant trend expected to drive growth in the construction toys market over the forecast period. Key players in this market are creating new products to maintain their competitive edge. For example, in October 2023, Ravensburger, a Germany-based toy manufacturer, introduced the GraviTrax Starter-Set Bounce, a cutting-edge marble run designed for children who enjoy building and play. This STEM-focused construction toy allows kids aged eight and above to use their creativity to build intricate marble tracks, teaching them about gravity, magnetism, and kinetic energy. Its rebuildable nature encourages continuous problem-solving and creativity.
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Construction Toys Market Segmentation
The construction toys market covered in this report is segmented –
1) By Product: Bricks & Blocks, Tinker Toy, Other Products
2) By Raw Material: Wood, Polymer, Metal, Other Raw Materials
3) By Distribution Channel: Supermarkets & Hypermarkets, Convenience Stores, Online
By Geography:The regions covered in the construction toys market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the construction toys market in 2023.
The Construction Toys Global Market Report 2024 furnishes information about the global construction toys market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
