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In 2021, the smart toys market was estimated to be worth USD 10.84 billion. According to projections, the smart toy market would expand at a compound annual growth rate (CAGR) of 24.71% from USD 21.55 billion in 2022 to USD 107.61 billion by 2030.
Smart toys are the type of toys that are supportive for children to play and are also acknowledged as connected toys that are associated with the internet or cloud. These toys are also cast-off for educational purposes or learning and are considered modern-day toys which contain artificial intelligence and include microprocessors, and volatile or non-volatile memory units. The increasing number of working women populations, which is leading in comparatively lesser time for parenting from the recent past is the major factor that is inspiring manufacturers to introduce innovative products to attract consumers, thus is considerably heavy demand for smart toys, and this is one of the prime factors driving the smart toys market growth rate. Furthermore, rapidly increasing disposable income among middle-income groups is also acting as a notable factor that is heavy the growth of the Smart toys market in the forecast period. Owing to the poor spending capacity of individuals due to the COVID-19 crisis, companies in the smart toys market are targeting buyers in developed economies to enhance product sales. The rapid growth of eCommerce and mobile shopping apps is serving manufacturers diversify their revenue streams. They are taking data-driven decisions before investing in novel production technologies.
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Key Companies in the market include
Regional Analysis
North America leads the smart toys market because of the increasing disposable income and busy lifestyle among the people in emerging countries in this particular region. Europe is anticipated to expand at a significant growth rate over the estimated period of 2021 to 2030 owing to the rising urban population and increasing number of smart toy manufacturing companies in this region.
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Market Segmentation
Smart Toys Type Outlook
Smart Toys Technology Outlook
Smart Toys Distribution Channel Outlook
Smart Toys End-user Outlook
Smart Toys Industry Developments
In April 2022:
LeapFrog Enterprises, Inc., the leading innovative educational toys for children company, launched its iconic Scout and Violet plush pals and new creative touch-sensitive technology toys perfect for pretend play that builds young imaginations and makes learning fun and exciting.
July 2022:
Smart Toys and Games acquires The Happy Puzzle Company. This acquisition will bring The Happy Puzzle Company’s products into Smart’s growing portfolio and will increase distribution through Smart’s extensive worldwide network.
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