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Smart Toys Market Research Report Information By Type (Robots, Interactive Games, Educational Robots), By Technology (Wi-Fi, Bluetooth, RFID or NFC), By Distribution Channel (Online/Ecommerce Stores, Specialty Stores, Toy Shops), By End-user (Toddlers, Pre-schoolers, School-going, Stripling), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2030.

ID: MRFR/ICT/9329-HCR | 100 Pages | Author: Ankit Gupta| June 2024

Smart Toys Market Overview

Smart Toys Market Size was valued at USD 10.84 Billion in 2021. The Smart Toys industry is projected to grow from USD 21.55 Billion in 2022 to USD 107.61 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 24.71% during the forecast period (2024-2030). Smart toys embedded with artificial intelligence (AI) technology produce interactive playing experiences in children from different age groups. Devices including smart speakers to robotic companions are capable of identifying, speaking, and interacting with children; smart toys provide several probable advantages such as assisting children through different learning activities, playing, developing creative ideas, and problem-solving skills.Smart Toys Market OverviewSource: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Smart Toys Market Trends

Rising expanding power among individuals

The increase in disposable incomes among individuals ly especially in consumers in developing economies such as India, Canada, Mexico, Middle East countries, and others are driving the adoption of advanced technologies such as smart home devices and technologies like IoT, AI, etc. For instance, according to the Internet Society, the peak traffic increased to 47% from 28% forecasted earlier owing to the increased demand from a large workforce operating from their homes, online learning for children, rise in demand for entertainment & media, among others.

Rapid innovations in technology

Technological advancement is a continuous process giving birth to newer emerging technologies that enable us to carry out our day-to-day activities with ease. In terms of the smart toys industry, it is reporting several innovations providing children develop and explore their creative minds. For instance, Innokind, Inc. (US) was the winner in the inaugural smart toy awards organized by World Economic Forum for Intelino Smart Train that promotes creative play as well as enables children to develop coding skills through programmable tiles and/or an application. Additionally, The LEGO Group (Denmark) was another winner, awarded for an augmented reality (AR) tool that helps kids make their music in addition to the music videos through LEGO characters and ‘BeatBits’ with different sound effects. Further, the adoption of technology in the education industry is rapidly surging with time are expected to keep up the demand for smart toys in near future.

Smart Toys Market Segment Insights

Smart Toys Type Insights

The market segmentation, based on Type, includes Robots, Interactive Games, and Educational Robots. The Interactive Games segment held the majority share in 2021, contributing to around ~30% of the Smart Toys market revenue. due to the expansion of edutainment services and the widespread use of smartphones. Playing interactive games is a great method to discover new ways to study and explore creative knowledge. Players are tasked with solving riddles in a virtual environment using interactive games. These activities may be used to help young children comprehend letters and the alphabet in preschool.

Smart Toys Technology Insights

Based on Technology, the market segmentation includes Wi-Fi, Bluetooth, RFID, or NFC. The Wi-Fi segment dominated the market in 2021. By leveraging the power of the wireless Internet, these toys can connect to external services and devices to provide an enhanced user experience. From educational apps to virtual reality games, this segment is enabling a wide range of possibilities for users both young and old. With its increasing popularity, it's no wonder that the Wi-Fi segment has come out on top in this market.

Smart Toys Distribution Channel Insights

Based on Distribution Channel, the market segmentation includes Online/Ecommerce Stores, Specialty Stores, and Toy Shops. The Online/E-commerce Stores segment dominated the market in 2021 with market growth. The pandemic had an impact on the sales of educational toys, and numerous toy manufacturers were forced to practically relocate their operations. Due to the accessibility of toys online, major businesses may broaden their business by using TV and social media to reach a wider audience and advertise their products.

Smart Toys End-user Insights

Based on End-user, the market segmentation includes Toddlers, Preschoolers, School-going, and Stripling. The Stripling segment dominated the market in 2021 the market growth. This demographic has taken the lead in driving demand for Smart Toys, pushing the market to unprecedented heights. From educational and robotic toys to remote-controlled vehicles, Smart Toys have become ubiquitous among this age group.Figure 2: Smart Toys Market, by End-user, 2021 & 2030 (USD Million)Smart Toys Market, by End-user, 2021 & 2030Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Smart Toys Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. North America is expected to register the largest market share owing to the surging demand for smart toys in the region. The US is expected to lead the country-level market in the North American region owing to the benefits offered by smart toys in STEM (Science, Technology, Engineering, and Math) and the emerging need for programming and embedding technologies including AI.

Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil

Figure 3: SMART TOYS MARKET SHARE BY REGION 2021 (%)SMART TOYS MARKET SHARE BY REGION 2021Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Moreover, the Europe region is expected to stay in the second position following North America during the review period due to the higher adoption of smart toys. On the other hand, the smart toys manufacturers operating in the region are now required to comply with the newly proposed regulation on artificial intelligence on April 21st under the name- AI Act aka the AIA which sets a scene for a radical overhaul of the regulation of the digital world to put on children’s rights and design a digital world people can trust.

Asia-Pacific is anticipated to be the fastest-growing market in the smart toys market during the forecast period mainly due to the rapid digital transformation, increasing internet penetration, rising adoption of 5G & 4G LTE services, and others. Additionally, the region is also one of the largest consumers of telecommunication and consumer devices that include smartphones, tablets, laptops, and others which enhance the expectations for the emerging smart toys industry. Also, the deployment of 5G services, increasing awareness and demand for STEM-oriented learning & entertainment systems is expected to boost the demand for smart toys soon.

Smart Toys Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the market grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Smart Toys industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the Smart Toys industry to benefit customers and expand the market sector. Major market players, including Mattel, The LEGO Group, Smartivity Labs, Smart Kids Toys, and others, are attempting to increase market demand by funding R&D initiatives.

Mattel is a toy and consumer product design and manufacturing firm that focuses on children's entertainment. Fisher-Price, Barbie, Monster High, Ever After High, Polly Pocket, Enchantimals, Hot Wheels, Matchbox, Masters of the Universe, American Girl, and Thomas & Friends are among the items and brands it manufactures. In addition, the firm offers film and television material, gaming, music, and live events.

LEGO is a firm that creates, manufactures, promotes, and sells toys. It is dedicated to the growth of children's creativity via play and learning. It sells toys in the areas of automobiles, airplanes, trains, trucks, boats, construction, building, home, space, and robots.

Key Companies in the market include

  • Mattel

  • The LEGO Group

  • Smartivity Labs

  • Smart Kids Toys

  • LeapFrog Enterprises Inc

  • SEGA

  • Funvention Learning Pvt. Ltd.

  • Twin Science

  • ROYBI Robot

  • Fat Brain Toys

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.

Smart Toys Market Segmentation

Smart Toys Type Outlook

  • Robots

  • Interactive Games

  • Educational Robots

Smart Toys Technology Outlook

  • Wi-Fi

  • Bluetooth

  • RFID or NFC

Smart Toys Distribution Channel Outlook

  • Online/E-commerce Stores

  • Specialty Stores

  • Toy Shops

Smart Toys End-user Outlook

  • Toddlers

  • Pre-schoolers

  • School-going

  • Stripling

Smart Toys Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

Report Attribute/Metric Details
Market Size 2021 USD 10.84 Billion
Market Size 2022 USD 21.55 Billion
Market Size 2030 USD 107.61 Billion
Compound Annual Growth Rate (CAGR) 24.71% (2024-2030)
Base Year 2023
Market Forecast Period 2024-2030
Historical Data 2018 & 2020
Market Forecast Units Value (USD Million)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Type, Technology, Distribution Channel, End-user, and Region
Geographies Covered North America, Europe, Asia Pacific, and Rest of the World
Countries Covered The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled Mattel, The LEGO Group, Smartivity Labs, Smart Kids Toys, LeapFrog Enterprises Inc, SEGA, Funvention Learning Pvt. Ltd, Twin Science, ROYBI Robot, Fat Brain Toys
Key Market Opportunities Rapid innovations in technology
Key Market Dynamics Rising expanding power among individuals

Frequently Asked Questions (FAQ) :

The Smart Toys market size was valued at USD 10.84 Billion in 2021.

The market is projected to grow at a CAGR of 24.71% during the forecast period, 2024-2030.

North America had the largest share of the Smart Toys market.

The key players in the market are Mattel, The LEGO Group, Smartivity Labs, Smart Kids Toys, LeapFrog Enterprises Inc, SEGA, Funvention Learning Pvt. Ltd, Twin Science, ROYBI Robot, Fat Brain Toys.

The Interactive Games category dominated the market in 2021

Stripling had the largest share in the market for Smart Toys.

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