Laser Pegs

Sep 9, 2021

Growth And Change" - https://www.reportlinker.com/p06144634/?utm_source=GNW , KnuckleStrutz, Magformers, Schylling Inc., Nanoblock, Polydron Limited, and Learning Resources. The global construction toy market is expected to grow from $8.94 billion in 2020 to $9.04 billion in 2021 at a compound annual growth rate (CAGR) of 1.1%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $11.52 billion in 2025 at a CAGR of 6.3%. The construction toys market consists of sales of construction toys by entities (organizations, sole traders, and partnerships) that are engaged in the production of construction toys. Construction toys are made up of a set of basic components that are supplied and configured to enable children to construct structures of their creation that can then be disassembled and redesigned into something new. The main types of construction toys are bricks & blocks, tinker toys, others.Toys in the bricks and blocks segment are also known as building blocks, are solid shapes that are used for building games. Some are only plain wooden planks, whereas others are more complex, such as the plastic interlocking bricks.Tinker toys segment includes the Tinkertoy construction set which is a children’s toy construction set made up of tiny pieces that are put together to form shapes or objects. Toys in the other segment include toys like train sets, architectural sets, and educational sets among others.The raw material used in manufacturing construction toys includes wood, polymer, metal, others. These categories of toys are sold through various channels such as supermarkets & hypermarkets, convenience stores, and online stores. North America was the largest region in the construction toys market in 2020. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The introduction of eco-friendly construction toys is the key trend gaining popularity in the construction toys market.Key players are coming up with eco-friendly and sustainable products as concerns over the safety of the raw materials used in construction toys have grown and to maintain a competitive edge over the other players. For example, in January 2020, Mattel, a US-based toy manufacturing company launched an eco-friendly bio-based Mega Bloks line, consisting of the Mega Bloks Polar Friends, Safari Friends and Woodland Friends sets wherein all of the sets would be made from bio-based resins and packaged in entirely recyclable Forest Stewardship Council (FSC)-certified packaging. In February 2020, Never Wrong Toys, a US-based toy manufacturer in the areas of sports, action games, novelties, collectibles, acquired Laser Pegs for an undisclosed amount.Never Wrong Toys will be able to grow the company, strengthen its brand portfolio and reposition itself in the industry with a new marketing strategy and retail sales strategy as a result of this acquisition. Laser Pegs is a US-based toy manufacturer that produces lighted construction toys. 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 fuelling 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 the USA, disposable personal income rose from $14,974 billion in 2019 to $17,515.2 billion in 2020. 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 market growth. The countries covered in the construction toys market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.