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Construction Toys Market Research, Size, Share And Demand Analysis By 2033
Construction Toys Market
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According to The Business Research Company's, The construction toys market size has grown strongly in recent years. It will grow from $10.39 billion in 2023 to $11.12 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to educational value, tradition and legacy, durable and long-lasting, licensed themes, social and cognitive development, gender-neutral appeal.
The construction toys market size is expected to see strong growth in the next few years. It will grow to $14.92 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to e-commerce growth, sustainability concerns, inclusive toy design, parental consciousness, rise of maker culture, focus on safety standards. Major trends in the forecast period include incorporation of stem learning, integration of augmented reality (AR), expansion of licensing partnerships, modular and customizable sets, digital integration for interactive play, 3D printing options.
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Market Drivers and Trends:
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.
Product innovation is the key trend gaining popularity is expected to propel the growth of the construction toys market in the forecast period. Major companies operating in the construction toys market are developing innovative products to sustain their position in the market. For instance, in October 2023, Ravensburger, Germany based toy company, announced the launch of its new marble run, GraviTrax Starter-Set Bounce the ultimate gaming gift for children who love to build through play. GraviTrax is the construction toy STEM track system, which allows kids aged eight and over to use their imaginations, build creative marble run tracks and set their marbles rolling. The GraviTrax system is the perfect toy to help teach kids about gravity, magnetism, kinetic energy, all while being packed full of fun. It helps promote problem solving thanks to its rebuildable features which allow users to try something new, time and time again.
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Major Key Players of the Market:
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.
Construction Toys Market 2024 Key Insights:
• The construction toys market size is expected to see strong growth in the next few years. It will grow to $14.92 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%.
• Rise In Disposable Income Boost Construction Toys Market
• Ravensburger Unveils Gravitrax Starter-Set Bounce To Redefine Innovation In The Construction Toys Market
• North America was the largest region in the construction toys market in 2023
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