Connected Toys Market Set for Rapid Growth Forecast 2019-2025| Key Players: Lego Group, Mattle Inc., Hasbro, Inc., Sphero Inc., Fisher-Price, Inc., K'NEX Industries Inc.
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Based on the mode of interface, the connected toys market has witnessed an increasing demand from smartphones. In 2018, the National Consumers League (NCL) of the U.S. reported that more than 30% of children under the age of 15 own a smartphone in the U.S. This has led to manufacturers developing smartphone-based toys, which leverage the capabilities of modern connected devices. For instance, in 2018, SZ DJI Technology Co., Ltd., a China-based technology company launched Mavic Air, a compact folding drone that uses hand gestures and a smartphone application to fly and record. Such innovations are anticipated to drive the market over the forecast timespan.
Data breaches and concerns related to children’s privacy are the factors hindering the connected toys market growth. Several government agencies/organizations are implementing several regulations to curb these breaches. For instance, in February 2017, Federal Network Agency in Germany banned “My Friend Cayla”, an internet-connected toy, which was able to chat with young children. The authorities urged parents nationwide to disable the toy as it was embedded with an insecure Bluetooth device. Owing to such security-based factors, several consumers are hesitant to purchase these toys, thereby hampering industry growth. However, to overcome such threats, manufacturers are adhering to strict regulations globally. For instance, in the U.S., children’s online privacy rule has been implemented. Adhering to ISO/IEC 17025:2005 standard is a primary focus for the players operating in the market.
In 2018, the North America connected toys market accounted for a majority of the industry share owing to the increase in the adoption of smartphones, tablets, and internet-enabled devices by children under the age of 15 in the U.S. and Canada. Traditional toys in the U.S. are being converted into innovative products, which are built-in with Bluetooth and internet connectivity. For instance, Wiggy – Piggy bank was developed for teaching children virtual fund management skills. The product is a mobile connected piggy bank, which helps manage funds and chores easily. In addition, several manufacturers in the North America connected toys industry are aggressively targeting to purchase licenses that are required to manufacture toys associated with movies and shows in the U.S. Companies are acquiring intellectual property rights to strengthen their presence across the North America connected toys market.
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Companies operating in the connected toys market include the Lego Group, Mattle Inc., Hasbro, Inc., Sphero Inc., Fisher-Price, Inc., K'NEX Industries Inc., Kids II Inc., Jabil Inc., LeapFrog Enterprises, Inc., Tomy Company, Ltd., Tru Kids, Inc., VTech Electronics North America, LLC., Little Tikes, Melissa & Doug, and Nintendo Co., Ltd. The industry is witnessing several innovations and collaborations to innovate and develop intelligent & interactive toys. Moreover, several companies globally are engaged in innovating superior toys that will help drive their revenue and expand their presence in the market.
Connected Toys Market, By Interface
o App-based connected drones
o Console connected toys
o Smartphone connected toys
o Tablet connected toys
Connected Toys Market, By Age
o 2-5 years
o 6-8 years
o 8-12 years
Connected Toys Market, By Distribution Channel
o Specialty stores
Corporate Sales, USA
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