The 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.

Moreover, the India STEM toys market is highly consolidated, with major vendors accounting for dominant shares. Key players in the India STEM toys market are expected to drive sales and margin growth in their business by expanding sales organization, securing additional contracts with commercial payors, maintaining technology leadership through R&D, and continuing to build clinical evidence to support the benefits of the products as well as services. Elenco Electronics, Inc.; Hasbro, Inc.; LEGO System A/S; Mattel; Melissa & Doug; Smartivity; and Spin Master are some of the major players operating in the Indian STEM toys market.

Research Methodology

The market study of the India STEM toys market is incorporated by extensive primary and secondary research conducted by the research team at OMR.  Secondary research has been conducted to refine the available data to breakdown the market in various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity in our reports.

Secondary Sources Include

• Financial reports of companies involved in the market.
• Whitepapers, research-papers, and news blogs.
• Company websites and their product catalog.

The report provides an in-depth analysis of market size, intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.

Market Segmentation

1. India STEM Toys Market Research and Analysis by Age Group 
2. India STEM Toys Market Research and Analysis by Category
3. India STEM Toys Market Research and Analysis by Distribution Channel

The Report Covers

• Comprehensive research methodology of the India STEM toys market.
• This report also includes a detailed and extensive market overview with the key analyst insights.
• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the India STEM toys market.
• Insights about market determinants which are stimulating the India STEM toys market.
• Detailed and extensive market segments with the regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.