NEW YORK, May 25, 2022 /PRNewswire/ -- As per Zion Market Research study, The global smart toys market was worth around USD 12,525.1 million in 2021 and is estimated to grow to about USD 33640.6 million by 2028, with a compound annual growth rate (CAGR) of approximately 17.9 percent over the forecast period. The report analyzes the smart toys market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the smart toys market.
Key Industry Insights & Finding of the Smart toys Market Reports:
- As per the analysis shared by our research analyst, the Smart toys Market is expected to grow annually at a CAGR of around 17.9 % (2022-2028).
- Through the primary research, it was established that the Smart toys Market was valued approximately USD 12,525.1 Million in 2021 and is projected to reach to roughly USD 33640.6 Million by 2028.
- North America region leads the global smart toys market in terms of revenue and volume share and is anticipated to maintain this dominant position over the forecast period.
- The presence of key smart toys companies, increasing disposable income, and the presence of a busy lifestyle are expected to be the major trends influencing growth in this region over the forecast period.
- The United States and Canada are projected to be the most lucrative markets for smart toys through 2028 in this region.
Zion Market Research published the latest report titled as "Smart toys Market By Interfacing device (Smartphone Connected Toys, Tablet-Connected Toys, Console-Connected Toys), By Product Type (App-enabled Toys, Voice/Image Recognition Toys, Screen Less Toys, Toys-to-Life, Health Tracking Toys, Others (Wearable, Puzzle Toys, etc.)), By Age Group (Up to Age of 5, Age of 6 to Age of 8, Age of 8 to Age of 12, Age of 13 to Age of 18, Above Age of 18), By Price (Low, Medium, High), By Technology (Technology, Wi-Fi, Bluetooth, Others (RFID, NFC, etc.)), By Distribution Channel (Online, E-commerce Websites, Company Owned Websites, Offline, Hypermarket and Supermarkets, Specialty Stores, Other Retail Based Stores), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 - 2028" into their research database.
Smart toys Market: Overview
Smart toys are toys that are connected to smart devices or the internet and provider better functional features. These smart toys are also equipped with technologies like artificial intelligence and the internet of things (IoT). They also use speech synthesizers and other speech related software to make the experience more interactive with kids.
Smart toys have also been highly popular in advanced schools as they have been used as learning aids for children in their developmental ages. Increasing adoption of Science, Technology, Engineering, and Mathematics in the educational curricula is also expected to favor smart toys market potential.
Increasing technological proliferation and rising disposable income of the general population are also expected to favor the smart toys market potential through 2028.
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Industry Dynamics:
Smart toys Market: Growth Dynamics
Drivers: Increasing Working Population.
The working women population has substantially increased over the past few years and this trend is expected to prominently drive the smart toys market potential over the forecast period. This working class population will further bolster the demand for smart toys as parents seek advanced toys that they can administer to their kids in their absence. The rising popularity of smart technology is also expected to boost the smart toys market growth over the forecast period. Increasing disposable income is also projected to positively influence the smart toys market potential through 2028.
Restraints: Increasing Demand for Remote Learning.
Smart toys are used for educational purposes and are also being recommended by teaching professionals, especially for the kids that are in their developmental years. Increasing adoption of smart toys in the education sector with the rising popularity of remote learning is expected to be a major trend that will favor smart toys market growth. Smart toys companies are expected to focus on this trend to boost their sale generation potential.
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Global Smart toys Market: Segmentation
- The global smart toys market is segregated based on interfacing device, product type, price, age group, technology, distribution channel, and region.
By Product Type, the market is divided into App-enabled Toys, Voice/Image Recognition Toys, Screen Less Toys, Toys-to-Life, Health Tracking Toys, and Others (Wearable, Puzzle Toys, etc.). The app enabled toys and voice/image recognition segments are expected to see a bright outlook over the forecast period as these segments promote remote learning and have an interactive nature which is preferred for kids of all ages.
By distribution channel, the smart toys market is segmented into Online, E-commerce Websites, Company Owned Websites, Offline, Hypermarket and Supermarkets, Specialty Stores, Other Retail Based Stores. The sales from offline stores hold a dominant market share but the demand from online channels is predicted to rise at the fastest CAGR through 2028.
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List of Key Players of Smart toys Market:
- Mattel (US)
- Hasbro (US)
- LEGO Group (Denmark)
- Sphero (US)
- Sony (Japan)
- PLAYMOBIL (Germany)
- BANDAI NAMCO (Japan)
- K'NEX (US)
- Konami (Japan)
- Wonder Workshop (US)
- PlayFusion (UK)
- Anki (US)
- WowWee (Hong Kong)
- DXTR Labs (Denmark)
- Leka (France)
Key questions answered in this report:
- What are the growth rate forecast and market size for Smart toys Market?
- What are the key driving factors propelling the Smart toys Market forward?
- What are the most important companies in the Smart toys Market Industry?
- What segments does the Smart toys Market cover?
- How can I receive a free copy of the Smart toys Market sample report and company profiles?
Report Scope:
Report Attribute | Details |
Market size value in 2021 | USD 12,525.1 Million |
Revenue forecast in 2028 | USD 33640.6 Million |
Growth Rate | CAGR of almost 17.9 % 2022-2028 |
Base Year | 2020 |
Historic Years | 2016 - 2021 |
Forecast Years | 2022 - 2028 |
Segments Covered | By Product Type, By Application, and By End Use |
Forecast Units | Value (USD Million), and Volume (Units) |
Quantitative Units | Revenue in USD million/billion and CAGR from 2022 to 2028 |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
Companies Covered | Mattel (US), Hasbro (US), LEGO Group (Denmark), Sphero (US), Sony (Japan), PLAYMOBIL (Germany), BANDAI NAMCO (Japan), K'NEX (US), Konami (Japan), Wonder Workshop (US), PlayFusion (UK), Anki (US), WowWee (Hong Kong), DXTR Labs (Denmark), and Leka (France) |
Report Coverage | Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
Customization Scope | Avail customized purchase options to meet your exact research needs. https://www.zionmarketresearch.com/custom/2563 |
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Recent Developments:
- In January 2020 - PlayShifu a leading name in AR based STEM toys announced the launch of its new product portfolio. These include the existing Shifu Tacto, Shifu Plugo, and a completely new Shifu Orboot.
Regional Dominance:
- Major trends influencing growth.
North America region leads the global smart toys market in terms of revenue and volume share and is anticipated to maintain this dominant position over the forecast period. The presence of key smart toys companies, increasing disposable income, and the presence of a busy lifestyle are expected to be the major trends influencing growth in this region over the forecast period. The United States and Canada are projected to be the most lucrative markets for smart toys through 2028 in this region. These nations have high spending potential and a high working population which makes them a lucrative market for smart toys.
Global Smart toys Market is segmented as follows:
Smart toys Market: By Interfacing device Outlook (2022-2028)
- Smartphone Connected Toys
- Tablet-Connected Toys
- Console-Connected Toys
Smart toys Market: By Product Type Outlook (2022-2028)
- App-enabled Toys
- Voice/Image Recognition Toys
- Screen Less Toys
- Toys-to-Life
- Health Tracking Toys
- Others (Wearable, Puzzle Toys, etc.)
Smart toys Market: By Age group Outlook (2022-2028)
- Up to Age of 5
- Age of 6 to Age of 8
- Age of 8 to Age of 12
- Age of 13 to Age of 18
- Above Age of 18
Smart toys Market: By Price Outlook (2022-2028)
- Low
- Medium
- High
Smart toys Market: By Technology Outlook (2022-2028)
- Wi-Fi
- Bluetooth
- Others (RFID, NFC, etc.)
Smart toys Market: By Distribution Channel Outlook (2022-2028)
- Online
- E-commerce Websites
- Company Owned Websites
- Offline
- Hypermarket and Supermarkets
- Specialty Stores
- Other Retail Based Stores
Smart toys Market: By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Press Release For Smart toys Market: https://www.zionmarketresearch.com/news/global-smart-toys-market
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