Preschool / Child Care Market in India to Grow at 23% through 2022
Rising per capita expenditure on education, increasing
working women population coupled with rising number of nuclear families are
some of the factors to drive preschool/child care market in India through 2022
According to TechSci Research
report, “India Preschool/Child Care
Market By Facility, By Age Group, By Location, Competition Forecast & Opportunities,
2012–2022”, preschool / child care market
in India is forecast
to grow at a CAGR of around 23% during 2017 - 2022. Factors like rising parent concerns and awareness about early childhood
education and care, coupled with increasing number of nuclear families and working
women population are expected to contribute to the growing demand for preschool/child
care centers in the country over the course of next five years. Moreover, rapid
urbanization has
led to an increase in brand consciousness and penetration of many international
preschools in the country. This has consequently resulted in the emergence of innovative
and advanced infrastructure as well as quality education in the preschools
across the country.
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Surging personal
disposable income and rising standard of living due to increasing influence of western
culture is leading to parents opening to spending more on giving quality
education to their child. Further, with expansion in Tier Il and Tier IIl cities and
increasing franchise numbers in untapped areas, number of organized preschool/child
care centers are expected to significantly increase across the country in the
coming years. With maximum demand for preschools, North region has been the
largest regional preschool/child care market over the last few years.
On the basis of facility, India preschool/child
care market is broadly segmented into full day care and after school care. The full
day care segment dominated India preschool/child
care market in 2016, and the segment is projected to garner more than
three-fourths of the market share in 2022. This growth can be attributed to increasing
disposable income of customers, expanding working
women population, rising dual income households and paucity of time among parents
for child care. Among age groups, 2-4 years category dominates India preschool/child
care market and is expected to dominate during the forecast period as well. On
the basis of location, standalone preschools have dominated the India preschool/child
care market. However, the demand for day cares within school premises is
anticipated to rise at a fast pace in the coming years.
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“Preschools & child
care market is booming in India owing to increasing interest among parents for
quality early education for their children, as well as due to emerging franchise
model to scale up operations among preschool chain owners. Owing to these
factors, Indian preschool market is expected to flourish in the coming years. Further,
rising income levels and increasingly busy lifestyle, coupled with favorable government
initiatives to support child education, are expected to have a significantly
positive impact on the country’s preschool & child care market over the
next five years.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“India Preschool/Child Care Market By Facility,
By Age Group, By Location, Competition Forecast & Opportunities,
2012–2022” has evaluated the future growth potential of India
preschool/child care market and provides statistics and information on market
structure, size and trends. The report is intended to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes emerging trends along with
essential drivers, challenges and opportunities in India preschool/child care
market.
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