Press release
Smart Toys Market Report 2024: Strategies And Recent Developments | K'NEX Industries Inc., The Lego Group, Mattel Inc., Hasbro Inc., JAKKS Pacific Inc., WowWee Group Limited, Anki Inc
Smart Toys Market Size
The Business Research Company offers in-depth market insights through Smart Toys Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The smart toys market size has grown exponentially in recent years. It will grow from $17.32 billion in 2023 to $20.97 billion in 2024 at a compound annual growth rate (CAGR) of 21.1%. The growth in the historic period can be attributed to shifting consumer preferences towards personalized experiences, expansion of e-commerce companies, proliferation of mobile devices, increased popularity of digital entertainment and gaming, consumer awareness and acceptance.
The smart toys market size is expected to see exponential growth in the next few years. It will grow to $45.49 billion in 2028 at a compound annual growth rate (CAGR) of 21.4%. The growth in the forecast period can be attributed to rise in edutainment, increasing popularity of connected toys, parental empowerment, increasing demand for app-enabled mechanical toys, rising demand for interactive and engaging toys. Major trends in the forecast period include augmented reality (AR) and virtual reality (VR), voice and gesture control, interconnected play, ai-powered playmates, expansion of 3d printing technology and proximity sensors in toys.
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Market Segmentation:
The main types of smart toys include robots, interactive games, and educational robots. The robots includes smart robotic toys products that refers to a type of toy containing motors to interact intelligently with their environment. The robotic toy offers many educational opportunities which are very helpful to use for kids. A robot toy is basically a machine that can be designed to operate different tasks independently of a human, with many even demonstrating different personalities. The technologies used include Wi-Fi, bluetooth and other technologies (NFC and RFID) and are distributed by channels such as online market, speciality stores and toy shops. The various interfacing device include smartphone-connected toys, tablet-connected toys, console-connected toys and app-connected drones. Smart toys are used by toddlers, pre-schoolers, school-going and stripling.
Major Driver - Rising Awareness Of Technology- Led Education Boosts The Smart Toys Market
The increase in awareness of technology-led education in the smart toys market is expected to propel the growth of the smart toys market in the forecast period. Technology-led education refers to the integration of instructional technology into the learning environment of schools. This type of technology education will make learning fun and help children to learn more. Education value associated with such toys has increased participants to introduce more e-learning technologies with more advanced voice recognition features and hardware sensors that make the product more intelligent, interactive, and dynamic. E-learning is one of the biggest revolutions in the smart toys Industry. For instance, in the year 2021, according to think impact.com, an Australia-based non-profit organization, nearly 75% of schools are planning to operate online, 57% of all US students were equipped with digital tools, and 80% of schools have purchased or are preparing to purchase additional technology for students. An increase in awareness of technology-led education will help the children increase IQ and promote problem-solving skills. Thus due to an increase in technology-led education, there will be growth in the smart toys market.
Competitive Landscape:
Major companies operating in the smart toys market include K'NEX Industries Inc., The Lego Group, Mattel Inc., Hasbro Inc., JAKKS Pacific Inc., WowWee Group Limited, Anki Inc., Sphero Inc., LittleBits Electronics Inc., UBTECH Robotics Inc., Ozobot Inc., Miko (Emotix), Playmobil, Fisher-Price Inc., LeapFrog Enterprises Inc., Tomy Company Ltd., DJI Technology Co. Ltd., Wonder Workshop Inc., Innovation First International Inc., Yuneec International Co. Ltd., Spin Master Corp., Botzee India Private Limited, Siam Mandalay Co. Ltd., Wondermento Ltd., Bluebee Pals, CogniToys, Tinkerbots Games Ltd., Modular Robotics, Pai Technology Ltd., Makeblock
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Top Trend - Artificial Intelligence Transforming The Smart Toys Market
Major companies operating in the smart toys market are developing technologically advanced products, such as artificial intelligence companions, to meet larger customer bases, more sales, and increase revenue. An AI companion, short for artificial intelligence companion, refers to a virtual or digital entity that uses artificial intelligence to engage with and assist users in various tasks, activities, or interactions. For instance, in April 2023, Toymint, a Canada-based provider of toys and children's products, launched TeddyGPT. The innovative AI teddy chat offers an interactive, engaging, and educational experience designed for children and families. TeddyGPT represents a unique fusion of a physical toy's charm and the latest in artificial intelligence capabilities. This exceptional toy combines the enchanting appeal of a traditional teddy bear with advanced AI features, delivering an unparalleled interactive experience that encourages communication, companionship, and learning. Developed by OpenAI, TeddyGPT empowers this toy companion to comprehend and respond to a wide array of subjects, questions, and prompts, resulting in captivating conversations that stimulate children's curiosity and creativity, surpassing the capabilities of ordinary toys.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Smart Toys Market Characteristics
3. Smart Toys Market Trends And Strategies
4. Smart Toys Market - Macro Economic Scenario
5. Smart Toys Market Size And Growth
…..
27. Smart Toys Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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