Press release
Smart Toys Market Will See Strong Expansion Through 2031
Transparency Market Research delivers key insights on the global smart toys market. In terms of revenue, the global smart toys market is estimated to expand at a CAGR of 18.32% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global smart toys market.Smart toy companies are expanding their product lines to meet the increasing demand for smart toy products. Moreover, strong product innovation among smart toys companies with newer features in smart toys is expected to boost the market during the forecast period. In addition, companies are adopting the latest technologies to provide extra benefits and more comfort to clients, and also to boost their own efficiencies. All this is expected to have a positive impact on the global smart toys market during the forecast period.
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Smart Toys Market: Key Segments
In terms of product type, the app-enabled toys segment is expected to dominate the smart toys market during the forecast period. Based on the growth rate, the toys-to-life segment is expected to expand at a faster rate during the forecast period. Smart toys are projected to go through rapid acceptance in the educational industry. Several strategies and approaches have been established to increase the revenue of smart toys over the years, with technological alliances considered to be one of the most promising strategies. Alliances and collaborations are beneficial for both the parties i.e. the technology providers as well as leading players in the toy industry. However, concerns related to data security are on the rise as there are many examples regarding data privacy, security breaches, and a few cases of a data breach. Hence, in order to deal with these issues, toy industry players may opt for alliances with tech giants to come up with technologically advanced and secured smart toys. For instance, as Apple, Inc. is well-known for its uncheckable servers and significant technological advancements, toy manufacturers form alliances/ integration with Apple or any other tech firm.
In terms of age group, the 13 to 18 years segment is anticipated to hold a major share and maintain the share during the forecast period. Vendors in the smart toys industry are increasingly integrating innovative features in existing products. With the increasing focus of vendors on offering more convenience to end users, the smart toys market is anticipated to witness a large number of innovations and product expansions.
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Smart Toys Market: Prominent Regions
Based on region, the Asia Pacific smart toys market has been categorized into China, India, Japan, and the Rest of APAC. China accounted for a dominant share of the APAC smart toys market in 2020 and is expected to remain dominant during the forecast period. The smart toys market is projected to be driven by rising in demand for the Internet of Toys and increasing technology.
Japan is expected to register the highest CAGR in the future in the APAC smart toys market. Key players operating in the smart toys market in the region are adopting new technologies to provide quality products to their customers. Increasing promotional activities are also anticipated to have a positive impact on the market in the region.
Global Players: Key Players
Key players operating in the global smart toys market are Hasbro Inc., Sony Corporation, Jakks Pacific Inc., Mattel Inc., The Lego Group, Playmobil, Kid II, Inc., KNex Industries Inc., Konami Corporation, and Leapfrog Entertainment, among others.
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Global Smart Toys Market: Segmentation
Smart Toys Market, by Product Type
• App-enabled Toys
• Voice/Image Recognition Toys
• Screen fewer Toys
• Toys-to-Life
• Health Tracking Toys
• Others (Wearable, Puzzle Toys, etc.)
Smart Toys Market, Interfacing Device
• Smartphone-Connected Toys
• Tablet-Connected Toys
• Console-Connected Toys
Smart Toys Market, 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
Smart Toys Market, Price
• Low
• Medium
• High
Smart Toys Market, Technology
• Wi-Fi
• Bluetooth
• Others (RFID, NFC, etc.)
Smart Toys Market, Distribution Channel
• Online
o E-commerce Websites
o Company Owned Websites
• Offline
o Hypermarket and Supermarkets
o Specialty Stores
o Other Retail-based Stores
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About Transparency Market Research
Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research firm that offers market analysis reports and business consulting. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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