Global Smart Toys Market Size, Share, Trends, & Growth Forecast Report – Segmented By Interfacing Devices (Smartphone Connected, Tablet Connected, Others Such As Console Connected), By Technology (Wi-Fi, Bluetooth and NFC & RFID), By Distribution Channel (Online Stores, Specialty Stores, and Convenience Stores) and Regional - (2024 to 2032)

Updated On: June, 2024
ID: 10898
Pages: 150

Global Smart Toys Market Size (2024 to 2032)

The global smart toys market was worth USD 9.61 billion in 2023. The global market is predicted to reach USD 11.14 billion in 2024 and USD 36.40 billion by 2029, growing at a CAGR of 15.95% during the forecast period. The market value of smart toys is supposed to increase during the forecast period with the increased funding from leading companies.

The increasing workforce of women and rising disposable income are some of the major factors propelling the growth of the global Smart Toys market.

MARKET DRIVERS

The rise in disposable income among middle-income groups is one of the major driving factors of the global Smart Toys market growth rate.

Another crucial factor of the Smart Toys market was technological advancements from various companies to build creative and interactive toys that attract children. Increasing demand for novel technologies like AR, VR, smart homes, and connected mobile devices are a few of the growth-promoting factors for the Smart Toys business in terms of revenue rate.

Another prominent growth driving factor of the global Smart Toys market is the rapid increase in the women workforce around the globe. Increasing awareness of smart toys and the availability of different types of products for indoor and outdoor sports and education boosts the growth of the global market for smart toys.

MARKET RESTRAINTS

The high cost of the manufacturing equipment is the critical factor that hinders the growth of the global Smart Toys Market. Another major restraint that is affecting the development of the market of Smart Toys is the availability of cheap alternative products.

REPORT COVERAGE

REPORT METRIC

DETAILS

Market Size Available

2023 to 2032

Base Year

2023

Forecast Period

2024 to 2032

CAGR

15.95%

Segments Covered

By Interfacing Devices, Technology, Distribution Channel, and Region.

 

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

 

Market Leaders Profiled

Lego Group, Mattel Inc., Leapfrog Enterprises, Inc., Pillar Learning, Sega Toys Co. Ltd, and Others.

 

SEGMENTAL ANALYSIS

Global Smart Toys Market Analysis By Interfacing Devices

The Smart Toys market is divided into smartphone-connected, tablet-connected, and other interfacing devices such as console-connected. Among these, the smartphone-connected segment holds the major share of the market.

Global Smart Toys Market Analysis By Technology

The market for Smart Toys is divided into Wi-Fi, Bluetooth, and NFC & RFID. Among these, the Bluetooth segment holds the major share of the market.

Global Smart Toys Market Analysis By Distribution Channel

The smart Toys market is segmented into three types, namely, online stores, specialty stores, and convenience stores. Among these segments, online stores hold the dominant share of the worldwide market.

REGIONAL ANALYSIS

Europe holds a significant share of the market due to the rapid integration of technology in various products and offerings, which is supposed to promote the growth of the market for Smart Toys in European nations. Furthermore, increasing investments by major players in Europe is also one of the major driving factors that propel the growth of the market of Smart Toys in this area.

The Asia Pacific region holds the second largest share of the Smart Toys market, following Europe, owing to the increasing adoption of technologies like AR, VR, smart homes, etc., which is likely to help the market of Smart Toys grow further in Asia Pacific nations like India, China, etc.

North America is expected to record an increase in the market value of Smart Toys because of the rising investment in new product innovation by companies from the United States and Mexico in the coming years.

KEY PLAYERS IN THE GLOBAL SMART TOYS MARKET

Some of the key players in the Smart Toys market are Lego Group, Mattel Inc., Leapfrog Enterprises, Inc., Pillar Learning, and Sega Toys Co. Ltd.

RECENT HAPPENINGS IN THE GLOBAL SMART TOYS MARKET

  • In January 2020, PlayShifu toy company launched new products, including Shifu Tacto.

  • In June 2019, Mattel Inc. launched a new product named Hot Wheels ID, which brings together physical and digital play in a mixed play experience with uniquely identified vehicles, a smart race portal, a smart track, and a digital hub to build a personalized fleet to measure performance.

DETAILED SEGMENTATION OF THE GLOBAL SMART TOYS MARKET INCLUDED IN THIS REPORT

The global Smart Toys market is segmented on the basis of interfacing devices, on the basis of technology, on the basis of distribution channel and region.

By Interfacing Device                     

  • Smartphone Connected    
  • Tablet Connected
  • Console Connected             

By Technology                  

  • Wi-Fi          
  • Bluetooth
  • NFC            
  • RFID           

By Distribution Channel                

  • Online Stores         
  • Specialty Stores    
  • Specialty Stores    

By Region

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • The Middle East and Africa

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Frequently Asked Questions

How is the smart toys market responding to concerns regarding children's privacy and data security?

Market players are increasingly focusing on implementing robust data encryption, strict privacy policies, and parental controls in smart toys to address privacy and security concerns. Additionally, industry stakeholders are actively collaborating with regulatory bodies to establish comprehensive guidelines and standards for data handling in children's products.

How are advancements in artificial intelligence (AI) influencing the evolution of smart toys?

AI advancements are driving the development of interactive and personalized smart toys capable of adapting to children's preferences and learning patterns. These toys offer immersive play experiences, foster cognitive development, and facilitate interactive learning through real-time feedback and adaptive content.

What role do environmental sustainability concerns play in the design and production of smart toys?

Increasing consumer awareness and environmental consciousness are driving market players to prioritize sustainable materials, eco-friendly packaging, and energy-efficient designs in smart toys. Additionally, initiatives promoting toy recycling, refurbishment, and extended product lifecycles are gaining traction to reduce environmental impact.

How are traditional toy manufacturers transitioning into the smart toys market?

Traditional toy manufacturers are embracing digital transformation by integrating smart technologies into their product lines, partnering with tech companies for expertise, and investing in research and development to create innovative smart toys that combine traditional play value with interactive features.

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