The ‘Global Smart Toys Market Share, Size, Report and Forecast 2024-2032’ by Expert Market Research gives an extensive outlook of the global smart toys market, assessing the market on the basis of its segments like product, distribution channels, and region.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.
Smart Toys Market Price, Share, Size, Growth, Trends, Industry Report, Key Player, Major Segments and Forecast
The key highlights of the report include:
Market Overview (2018-2032)
• Historical Market Size (2023): Around USD 11.8 Billion
• Forecast CAGR (2024-2032): 16.70%
• Forecast Market Size (2032): Nearly USD 29.73 Billion
A major driving factor in the global smart toys market is adopting STEM (Science, Technology, Engineering, and Math) for the development of children’s skills. This makes it a worthy investment in the eyes of parents looking for ways to further the capabilities of their children. Some of the toys come embedded with coding and other technological skills that can be utilised in the professional setting in the future. They aid in the intellectual development of the kids while providing a fun learning experience which gives the two-in-one facility to the consumer. Some educational toys or robots even facilitate the teacher in teaching and engaging with the students.
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Another crucial factor in the global smart toys market growth is the development of gameplay mechanics using technologies to provide a unique responsive experience to children. These toys study the mannerism of kids and their personal feelings towards people and things and adapt accordingly.
Interactive games like construction and building toys improve the cognitive and intellectual ability of children. These toys coax the kids to use their brains and figure out the right model, sometimes even offering novel shapes and patterns to pique their interest. Certain smart toys are designed to target specific senses of children, like listening and observational skills. Toys that make particular noise can help boost hearing health, while toys made up of varied hues help improve visual ability.
The rise in disposable income of the population contributes to the global smart toys market revenue, as consumers seek to invest in advanced and user-friendly technologies for their homes. The middle- and high-income groups are willing to spend more on high-quality smart toys for their kids to improve their cognitive skills while making the learning experience enjoyable and exciting.
Offline distribution channels contribute greatly to the global market growth, as it allows customers to check the quality of the product, including its proper working and wiring, before making a purchase. Sometimes these parts get damaged during online shipping, so a significant percentage of parents prefer to buy toys from brick-and-mortar stores. Besides, if these toys come with a warranty card, it becomes easier to walk into the store and ask for a replacement or repair, anytime during the warranty period.
Smart Toys Industry Definition and Major Segments
Smart toys are the toys that use artificial intelligence to learn, behave, and act according to the external stimuli. These interactive toys can learn about the user and can accordingly personalise their mechanism, thus providing a better learning experience for the kids and helping in the development of cognitive, motor, and social skills.
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On the basis of product, the smart toys market is classified into:
• Interactive Games
• Robots
• Educational Toys (Robot)
• Others
Based on distribution channels, the market is segmented into:
• Offline
• Online
Based on region, the market is divided into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Smart Toys Market Trends
A key trend propelling the growth of the global smart toys market is the growth of the e-commerce sector and an increase in mobile shopping apps for better user experience. These shopping applications allow consumers to gain access to a wide variety of products that may not be available in physical stores, thus providing a reliable and convenient platform for purchasing smart toys. E-commerce websites and apps also offer plenty of discount and bonus offers, especially during festive seasons that attract large demographics. Furthermore, it also enables access to the product range from international sellers, thus giving users a chance to secure the best collection.
The market players are coming up with innovative ideas and designs to attract consumers and fuel the smart toys market sales. The integration of high-end technology and gaming designs provides a fun and educational experience for the kids. However, growing concerns of parents regarding data security breaches and invasion of privacy may prove to be a challenge for manufacturers. To combat this issue, companies are focusing on improving their safety and security filters, establishing themselves as a trusted brand in the market.
In 2022, a Gujarat based company Havi.co designed a DIY robotic toy kit that includes colourful, easy to use, intuitive blocks that can be used for multiple creations. Reportedly, the kit provides scope for hundreds of creations with only 8 elements, thus leaving a lot of room for creativity and development of kids.
LeapFrog Enterprises, an innovative educational toys company, launched Scout and Violet plush pals in April 2022. These toys implement touch sensitive technology to encourage play pretend among the young minds and build their imagination.
The Asia Pacific region is likely to account for a significant share of the global smart toys market in the forecast period, owing to rising consumer disposable incomes and an increase in the number of market players in the region. The players are utilising innovative methods of 3D printing and AI sensing technology in their smart toys, meeting the changing consumer sentiments. The digitisation has further facilitated the use of voice and image recognition, particularly in countries like China, and this is expected to lead to the smart toys market development in the coming years. This calls for increased investments in research and development activities for producing enhanced smart toys.
Key Market Players
The major players in the global smart toys market report are:
- Mattel, Inc.
- LeapFrog Enterprises, Inc.
- TOMY Company, Ltd.
- RoboFi LLC
- Pillar Learning
- Particula
- Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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