According to a comprehensive research report by Market Research Future (MRFR), “Smart Toys Market” information by Type, by Technology, by Distribution Channel, by End-user and Region – Forecast to 2030” market size to reach USD 107.61 Billion, growing at a compound annual growth rate of 24.71% by 2030.
The increase in disposable income and the growing need for coding skills may offer robust opportunities for the market over the forecast period.
Smart Toys Market Report Scope:
|Revenue Forecast in 2030:||USD 107.61 Billion|
|Growth Rate:||CAGR of 24.71% from 2022 to 2030|
|Forecast Period:||2022 -2030|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
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Dominant Key Players on Smart Toys Market Covered are:
North America to Head Smart Toys Market
Because of the rising need for smart toys in the region, North America is likely to hold the greatest market share. Because of the benefits of smart toys in STEM and the growing need for programming and embedding technologies such as AI, the United States is predicted to lead the country-level market in the North American area. In addition, significant players such as Twin Science (UK), Innokind, Inc. (US), Fat Brain Toys, LLC. (US), playshifu.com (US), ROYBI Robot (US), Smart Kids Toys (US), Mattel (US), and LeapFrog Enterprises, Inc. (US), others are present. Furthermore, these main businesses are substantially investing in research and development of creative entertainment through learning in order to be at the cutting edge of innovation while giving an enhanced client experience. The need for smart toys within the region is being driven by the increasing usage of smart home gadgets. According to a report by Acquity Group, in-home smart product use is increasing in the United States, with 30% of consumers owning smart IoT devices. The retail industry in North America is well-developed and organised. Due to its vast population base and high disposable income, the United States has a considerable portion of the market in this region, as well as a changing lifestyle that encourage people in buying new things for their children on a frequent basis.
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APAC to Have Admirable Growth in Smart Toys Market
During the projection period, the Asia Pacific market is predicted to develop at the fastest rate. During this forecast period, North America is likely to see significant growth in the market, with demand for AI security parameters and software upgrades increasing. This is supported by the governments of the North American countries enacting strong safety and upgrade standards in smart toys. Due to rapid digital transformation, rising internet penetration, increasing acceptance of 5G and 4G LTE services, and other factors, Asia-Pacific is expected to be the fastest-growing market in the worldwide smart toys market over the forecast period. Furthermore, the region is one of the leading consumers of telecommunication & consumer goods such as smartphones, laptops, tablets, and other similar gadgets, raising expectations for the burgeoning smart toys business.
In the near future, the deployment of 5G solutions, as well as increased awareness and desire for STEM-oriented learning and entertainment systems, are projected to stimulate demand for smart toys. The market for smart toys in the APAC area is being driven by an increase in the middle-class population, as well as a growing need for educational learning toys. Due to its extensive distribution network and high consumer engagement rate, the Lego Group has seen consistent demand in the region. The LEGO Group, for example, is increasing its footprint in Singapore via investing in the development of the country’s digital industry. To expand its footprint in East Asia, the important player has teamed with Singapore’s Economic Development Board. The smart toys market in the region is predicted to increase as the youthful population grows, disposable income rises, and people’s attitudes about technology shift. With regards to market revenue, Asia Pacific is predicted to have the largest share of the worldwide smart toy market. This expansion is owing to the presence of major market participants in APAC who have invested heavily in 3D printing & AI sensing technology. China leads the smart toy market in terms of revenue generation. The burgeoning digitization trend, the expanding popularity of smart toys, and more investment in R&D departments are all contributing to this region’s tremendous rise. Due to an increasing population base and rising disposable income, emerging economies such as India and China hold great potential for growth rates between 2021 and 2028, as well as lifestyle changes that influence people’s purchasing power, causing them to ask more sophisticated products in comparison to other regions worldwide, resulting in increased sales over time.
COVID-19 Impact on the Global Smart Toys Market
In several regions of the world, the Covid-19 outbreak has resulted in harsh lockdowns. As a precaution, the imposed lockdown has increased work-from-home practises and forced the closure of schools & other educational institutions. As of March 23, 2020, about 1.3 billion learners across the world were unable to attend school, according to UNESCO’s latest estimates. Across the globe, many colleges, schools, and institutions have shuttered their doors. As a result of these trends, smart toys have been more widely used around the world, as they encourage remote learning and give children with fascinating and immersive experiences.
The global Smart Toys market has been segmented into Type, Technology, Application, and End-user.
Based on Type, the Smart Toys market has been segmented into Robots, Interactive Games, and Educational Robots.
Based on Technology, the Smart Toys market has been segmented into Wi-Fi, Bluetooth, RFID, or NFC.
Based on Application, the Smart Toys market has been segmented into Online/Ecommerce Stores, Specialty Stores, and Toy Shops.
Based on End-user, the Smart Toys market has been segmented into Toddlers, Preschoolers, School-going, and Stripling.
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In 2021, the smart toys market was experiencing significant growth, with an increasing number of parents and children interested in toys that incorporate technology such as artificial intelligence, augmented reality, and the Internet of Things. The COVID-19 pandemic and resulting lockdowns also contributed to this growth, as many parents sought out toys that could keep their children engaged and entertained at home.
Some of the key players in the smart toys market as of 2021 included LEGO, Mattel, Hasbro, Sphero, Anki, and WowWee. These companies were developing a range of smart toys, from educational robots to interactive stuffed animals.
However, there were also concerns about the privacy and security implications of smart toys, particularly those that collect personal information from children. Some advocacy groups were calling for stronger regulations and guidelines to protect children’s privacy in the smart toys market.
Overall, the smart toys market was poised for continued growth and innovation in 2021, with new technologies and features being developed to enhance children’s play and learning experiences.
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