CHICAGO, July 31, 2023 /PRNewswire/ -- Advanced AI and IoT integration, AR/VR experiences, and an emphasis on educational material are predicted to be key components of the Connected Toys Market in the future. The market's growth and expansion into emerging markets will be heavily influenced by customization, safety precautions, and sustainability.
The Connected Toys Market size is projected to grow from USD 9.3 billion in 2023 to USD 24.1 billion by 2028, at a CAGR of 20.7% during the forecast period, according to a new report by MarketsandMarkets™. Widespread internet access and the proliferation of smart devices will drive the Connected Toys Market. Also, increasingly tech-savvy parents and children seek toys that offer educational content, interactive features, and seamless integration with digital devices, boosting the demand for connected toys.
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Scope of the Report
Report Metrics | Details |
Market size available for years | 2018–2028 |
Base year considered | 2022 |
Forecast period | 2023–2028 |
Forecast units | Value (USD) Million/Billion |
Segments Covered | Application, Age Group, Distribution Channel, Interfacing Devices, Technology, and Region |
Region covered | North America, Europe, Asia Pacific, Middle East and Africa, and Latin America |
Companies covered | Major Vendors - Mattel (US), Hasbro (US), LEGO (Denmark), Sony (Japan), VTech (Hong Kong), UBTECH (China), DJI (China), and iRobot (US). Startup/SME Vendors - Sphero (US), Digital Dream Labs (US), Pillar Learning (US), Wonder Workshop (US), TOSY Robotics (Vietnam), Workinman (New York), WowWee Group (Hong Kong), KEYi Technology (China), Miko (India), Makeblock (China), Smart Teddy (US), Intelino (US), Fischertechnik (Germany), Potensic (China), Mainbot (France), ROYBI (US), and PlayShifu (India). |
By age group, the 9-12 years segment has the highest growth rate during the forecast period.
The adoption of connected toys among teenagers is driven by factors such as their familiarity and comfort with technology as digital natives, and Teenagers are part of the digital-native generation, highly familiar with and comfortable using technology. Connected toys align with their tech-savvy lifestyles, offering a bridge between the physical and digital worlds. It also offers educational content or opportunities for skill development, which can be attractive to teenagers seeking to learn and improve in a specific area. They interact with the screen as they play and learn.
By interfacing devices, the smartphone/tablet segment holds the highest market share during the forecast period.
The widespread ownership of smartphones and tablets has created a large and diverse user base, making these devices a convenient and accessible platform for connected toy manufacturers. The ubiquity of smartphones and tablets ensures that connected toys can easily reach a broad audience of consumers, including children, parents, and tech-savvy individuals.
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North America has the highest market share during the forecast period.
The tech-savvy population in North America, characterized by a strong affinity for digital devices and experiences, is a key driver for the Connected Toys Market. Connected toys cater to this digital lifestyle, offering interactive and engaging play options that resonate with children and teenagers in the region. Also, the region's expertise in advanced technologies contributes to developing cutting-edge, connected toys, keeping North American consumers at the forefront of interactive play experiences.
Top Key Companies in Connected Toys Market:
The major players in the Connected Toys Market are Mattel (US), The key market players profiled in the Connected Toys Market report include Mattel (US), Hasbro (US), LEGO (Denmark), Sony (Japan), VTech (Hong Kong), UBTECH (China), DJI (China), iRobot (US), Sphero (US), Digital Dream Labs (US), Pillar Learning (US), Wonder Workshop (US), TOSY Robotics (Vietnam), Workinman Interactive (New York), WowWee Group (Hong Kong), KEYi Technology (China), Miko (India), Makeblock (China), Smart Teddy (US), Intelino (US), Fischertechnik (Germany), Potensic (China), Mainbot (France), ROYBI (US), PlayShifu (India). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions, to expand their footprint in the Connected Toys Market.
Recent Developments
- In June 2023, Hasbro, announced a worldwide administration deal with Sony Music Publishing to support Hasbro's entire portfolio of fan and family brands, including Peppa Pig, Transformers, My Little Pony and many more.
- In April 2023, Hasbro unveiled several multi-year licensing agreements to create co-branded toys and games. These deals focus on Barbie (Monopoly games launching fall 2023) and Transformers (UNO games hitting shelves later this year and Hot Wheels vehicles set to debut in early 2024).
- In March 2023, The LEGO Group India partnered with Amazon.in to launch LEGO Brand Days.
- In September 2022 iRobot introduced the Roomba Comb j7+, the advanced robot vacuum and mop, along with iRobot OS 5.0 updates. children.
- In May 2022, Mattel partnered with HBO Max and Cartoon Network on a new live-action American Girl based on the hit doll.
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Connected Toys Market Advantages:
- Children can have a more engaging and immersive learning experience with connected toys since they frequently include interactive and educational aspects. With the aid of these toys, children can learn while having fun and improving their cognitive ability, creativity, and critical thinking.
- Numerous smart toys may customise their interactions and content for different users. Toys may now be personalised to a child's unique interests, preferences, and developmental needs, which boosts enjoyment and engagement.
- Connected toys provide toy producers with useful data insights about kids' play styles, preferences, and behaviours. This knowledge can be applied to improved toy design, better product development, and more specialised marketing techniques.
- Children can play and engage with friends and family who may be geographically separated thanks to the online connectivity that many connected toys offer. Beyond physical bounds, this characteristic encourages friendships and social relationships.
- Some connected toys have security components including parental controls and monitoring capabilities. These tools can be used by parents to control screen time and protect their kids' safety online.
- Accepting linked toys promotes the use of technology in play and educational settings. Children that get this exposure may become more tech-savvy and ready for the digital age.
- Toys with connectivity provide an enjoyable and engrossing play experience. Children are engaged and delighted for longer periods of time because to the interactive and dynamic nature of these toys.
- Connected toys can maintain their usefulness and continue to benefit kids over time by receiving software upgrades and content updates. With this function, the toy will last longer and require fewer replacements overall.
- Some linked toys have features that make them more inclusive for kids with impairments. With the help of these toys, all kids may play together and develop their empathy and understanding.
Report Objectives
- To determine, segment, and forecast the global Connected Toys Market based on component, application, organization size, deployment type, vertical, and region
- To forecast the size of the market segments with respect to five main regions: North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA)
- To provide detailed information about the major factors (drivers, opportunities, threats, and challenges) influencing the growth of the Connected Toys Market
- To study the complete value chain and related industry segments and perform a value chain analysis of the Connected Toys Market landscape
- To strategically analyze macro and micromarkets1 with respect to individual growth trends, prospects, and contributions to the total Connected Toys Market
- To analyze industry trends, pricing data, and patents and innovations related to the Connected Toys Market
- To analyze opportunities in the market for stakeholders by identifying the high-growth segments of the Connected Toys Market
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