Overview and Scope
Smart toys refer to intelligent and technologically advanced toys that have the ability to behave in accordance with predetermined patterns and can alter their behaviour in response to outside stimuli and are designed to configure and connect to the existing Internet, using a wireless network such as Wi-Fi or Bluetooth technology.
Sizing and Forecast
The smart toys market size has grown exponentially in recent years. It will grow from $17.32 billion in 2023 to $20.97 billion in 2024 at a compound annual growth rate (CAGR) of 21.1%. The growth in the historic period can be attributed to shifting consumer preferences towards personalized experiences, expansion of e-commerce companies, proliferation of mobile devices, increased popularity of digital entertainment and gaming, consumer awareness and acceptance.
The smart toys market size is expected to see exponential growth in the next few years. It will grow to $45.49 billion in 2028 at a compound annual growth rate (CAGR) of 21.4%. The growth in the forecast period can be attributed to rise in edutainment, increasing popularity of connected toys, parental empowerment, increasing demand for app-enabled mechanical toys, rising demand for interactive and engaging toys. Major trends in the forecast period include augmented reality (AR) and virtual reality (VR), voice and gesture control, interconnected play, ai-powered playmates, expansion of 3d printing technology and proximity sensors in toys.
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Segmentation & Regional Insights
The smart toys market covered in this report is segmented –
1) By Technology: Wi-Fi, Bluetooth, Other Technologies (NFC And RFID)
2) By Distribution Channel: Online Market, Speciality Stores, Toy Shops
3) By Type: Robots, Interactive Games, Educational Robots
4) By Interfacing Device: Smartphone-Connected Toys, Tablet-Connected Toys, Console-Connected Toys, App-Connected Drones
5) By End User: Toddlers, Pre-Schoolers, School-Going, Stripling
North America was the largest region in the smart toys market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart toys market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The increase in awareness of technology-led education in the smart toys market is expected to propel the growth of the smart toys market in the forecast period. Technology-led education refers to the integration of instructional technology into the learning environment of schools. This type of technology education will make learning fun and help children to learn more. Education value associated with such toys has increased participants to introduce more e-learning technologies with more advanced voice recognition features and hardware sensors that make the product more intelligent, interactive, and dynamic. E-learning is one of the biggest revolutions in the smart toys Industry. For instance, in the year 2021, according to think impact.com, an Australia-based non-profit organization, nearly 75% of schools are planning to operate online, 57% of all US students were equipped with digital tools, and 80% of schools have purchased or are preparing to purchase additional technology for students. An increase in awareness of technology-led education will help the children increase IQ and promote problem-solving skills. Thus due to an increase in technology-led education, there will be growth in the smart toys market.
Key Industry Players
Major companies operating in the smart toys market include K’NEX Industries Inc., The Lego Group, Mattel Inc., Hasbro Inc., JAKKS Pacific Inc., WowWee Group Limited, Anki Inc., Sphero Inc., LittleBits Electronics Inc., UBTECH Robotics Inc., Ozobot Inc., Miko (Emotix), Playmobil, Fisher-Price Inc., LeapFrog Enterprises Inc., Tomy Company Ltd., DJI Technology Co. Ltd., Wonder Workshop Inc., Innovation First International Inc., Yuneec International Co. Ltd., Spin Master Corp., Botzee India Private Limited, Siam Mandalay Co. Ltd., Wondermento Ltd., Bluebee Pals, CogniToys, Tinkerbots Games Ltd., Modular Robotics, Pai Technology Ltd., Makeblock
The smart toys market report table of contents includes:
1. Executive Summary
2. Smart Toys Market Characteristics
3. Smart Toys Market Trends And Strategies
4. Smart Toys Market – Macro Economic Scenario
5. Global Smart Toys Market Size and Growth
…
31. Global Smart Toys Market Competitive Benchmarking
32. Global Smart Toys Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Smart Toys Market
34.Smart Toys Market Future Outlook and Potential Analysis
35. Appendix
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