In 1974, Horst Brandstätter introduced the iconic Playmobil plastic figurines and toy sets to the market. They are now a staple in kids' rooms in Germany and abroad. The simplicity of the figurines stimulates the children's imagination and creativity. Playmobil is Germany's biggest toy maker, with an annual global turnover of nearly 600 million euros ($655 million).

German inventor Artur Fischer was the mastermind behind Fischertechnik. The toy company had its beginnings as a manufacturer of fasteners in Waldachtal, Germany, but in 1965, the company decided to break into the toy market after gaining popularity through a Christmas novelty gift. Fischertechnik toys help develop children's interest in technology and science.

Schleich was founded in 1935 by Friedrich Schleich originally as a supplier of plastic parts in Stuttgart. It was not until the 1950s that the now famous Schleich figurines first came to life. From animals, dinosaurs and dragons to classics like the Smurfs and Snoopie, the rubber-made figurines are renowned for their detailed and realistic looks.

The German company Märklin Trains has fans of all ages and claims to be the "world leader in model railroading." It all began in 1859 when tin smith Theodor Friedrich Wilhelm Märklin decided to start producing dollhouse accessories. Some 30 years later, in 1891, Märklin presented its first toy train - it became the cornerstone for the company's worldwide success.

The Steiff company manufactures high-end toys and collectibles. The company began making quality plush toys in 1880 in the southern German town of Giengen. Steiff is perhaps best-known for its bears, which were first introduced in 1902. Manufacturing is still done by hand in a 103-year-old factory and vintage toys have been known to raise large sums of money at collector auctions.

The Käthe Kruse Manufacture in the Bavarian city of Donauwörth has been producing hand-made dolls for over 100 years. The German actress Käthe Kruse was born in 1883 and made her first doll in 1905 as a Christmas present for her daughter. What began as a hobby quickly became a popular and successful business. Today Käthe Kruse dolls fetch exorbitant prices among collectors.

For over 50 years, Barbie has been a classic in children's rooms worldwide. The doll is known for its fashion and style, but it is also criticized for promoting an unrealistic woman's image. Barbie sales have fallen in recent years, yet it remains Mattel's best-selling toy. The US company used to be the world's largest toy maker, until a Danish colored brick manufacturer surpassed it in 2014.

Kids love building and creating diverse structures with the iconic toy. The name Lego is an abbreviation of the two Danish words "leg godt," meaning "play well." It is a mantra the Danish company has followed for over 80 years. The biggest toy company in the world has recently reduced its carbon footprint by cutting the size of packages and investing in wind power.

To the despair of many parents, toy prices have increased, maximizing profits in this multi-billion-dollar industry. Not everyone can afford to buy new toys, but children usually make the best out what they have. Here a boy in the Democratic Republic of Congo plays with a toy truck.

Can they really be considered toys? Despite discussions on their educational value, video games have increased in popularity among kids of all ages. In contrast to some parents, most young children see video games as a social activity, not an isolating one. Playing video games improves hand-eye coordination, fine motor and spatial skills.

As technology develops, so do smart toys. Now there are even smart gadgets that connect to mobile devices and can help kids develop programming skills, while providing them with a safe environment to explore, play and grow.