Smart Toys Market Estimated to Hit $106.8 Billion by 2033, Growing at 20.9% CAGR From 2024-2033

According to a new report published by Allied Market Research, titled, "Smart Toys Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type, by Technology, by Distribution Channel : Global Opportunity Analysis and Industry Forecast, 2024-2033." Smart Toys Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type, by Technology, by Distribution Channel : Global Opportunity Analysis and Industry Forecast, 2024-2033. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market. The smart toys market size was valued at $16.7 billion in 2023, and is estimated to reach $106.8 billion by 2033, growing at a CAGR of 20.9% from 2024 to 2033.

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Rise in digital literacy across the developing regions is expected to boost the growth of the smart toys market during the forecast period. Increase in the penetration of smart hand-held devices coupled with the growth in penetration of the internet is expected to have a positive influence on the market growth. Moreover, the rise in expenditure on education for kids and the growth in the adoption of educational toys among parents in developing nations have fostered the demand for smart toys.

The integration of digital technologies such as Bluetooth, AR, VR, Wi-Fi, and RFID in the toys for kids has led to the growth of the smart toys market, globally. The growth in awareness among parents regarding the benefits of smart toys has fueled the smart toys market demand. Smart toys provide an immersive fun learning experience for children and also help to develop cognitive and problem-solving skills at an early age. The introduction of smart toys has provided an option for parents to provide their offspring with a useful learning tool in disguise of a toy.

There has been a significant rise in digital literacy among the children and adult population in the past few years due to the rapid adoption of technological devices and growth in the penetration of the internet across the globe. According to the International Telecommunication Union (ITU), in 2015, around 40% of the global population had access to the Internet, which increased to 67% in 2023. Most internet users use their smartphones to access the internet. Moreover, the rise in adoption of digital technologies in almost every sector has led to the rise in acceptance of technology-based products including smart toys. The cultural acceptance of smart toys has been an essential factor that has led to the strong smart toys market growth in developed regions such as North America and Europe.

As per the smart toys market analysis, the market is segmented on the basis of type, technology, distribution channel, and region. On the basis of type, the smart toys market is segregated into robots, interactive games, and educational robots. On the basis of technology, the market is divided into Wi-Fi, Bluetooth, RFID or NFC, and others. On the basis of distribution channel, the market is bifurcated into offline and online. On the basis of region, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, UAE, and rest of LAMEA).

By type, the interactive games segment accounted for the highest share in 2023, garnering more than two-thirds of the global smart toys market revenue. This is attributed to the dynamic nature of the interactive games and the higher level of engagement and entertainment that they offer to the children. On the other hand, the educational robots segment would cite the fastest CAGR by 2033. Rise in the adoption of smart toys in pre-school is a major factor that is expected to boost the market growth during the forecast period.

By technology, the Bluetooth segment held the major share in 2023, generating more than two-fifths of the global smart toys market revenue. Bluetooth technology offers wireless connectivity, allowing the smart toys to connect seamlessly to smartphones, tablets, and dedicated controllers to enhance the overall experience of the toys. On the other hand, the others segment would portray the fastest CAGR of 22.9% from 2024 to 2033. The growing popularity of artificial intelligence-based toys and rising penetration of AR and VR technology in the smart toys industry are expected to drive the growth of this segment.

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By distribution channel, the offline segment accounted for nearly two-thirds of the global smart toys market revenue in 2023 and is projected to remain dominant by 2033. The huge penetration of offline stores such as brand outlets, specialty toy stores, supermarkets and hypermarkets, and departmental stores across the globe has resulted in the growth of offline sales channels in the smart toys market. The online segment, on the other hand, would portray the fastest CAGR of 22.3% from 2024 to 2033.

By region, North America generated more than two-fifths of the global smart toys market revenue in 2023 and is expected to dominate by 2033. The major drivers of the North American smart toys market include higher disposable income of the consumers, higher adoption or preference for technology-based products, increase in investments by the manufacturers in innovation and R&D, huge presence of smart toy manufacturers, and presence of high number of tech-savvy parents in the region. Asia-Pacific, however, would showcase the fastest CAGR of 22.2% from 2024 to 2033.

Mattel, Inc., LEGO Group, Hasbro, Inc., K'NEX Industries, Inc., Jakks Pacific, Inc., WowWee Group Limited, Anki, Inc., Sphero, Inc., LittleBits Electronics, Inc., UBTECH Robotics, Inc., and Fisher-Price, Inc. are the major companies profiled in the smart toys industry report. These players are constantly engaged in various developmental strategies such as partnerships, mergers, acquisitions, and new product launches to gain a competitive edge and exploit the prevailing smart toys market opportunities.

Key findings of the study:

• The global smart toys market size was valued at $16,685.9 million in 2023 and is estimated to reach $106,839.4 million by 2033, growing at a CAGR of 20.9% from 2024 to 2033.
• On the basis of type, the educational robots segment is estimated to witness the fastest growth, registering a CAGR of 22.0% during the forecast period.
• On the basis of technology, the Bluetooth segment dominated the market in 2023.
• On the basis of distribution channel, the online segment is estimated to witness the fastest growth, registering a CAGR of 22.3% during the forecast period.
• On the basis of region, the U.S. was the most prominent market in North America in 2023 and is projected to grow at a CAGR of 20.4% during the forecast period.

Key Benefits For Stakeholders:

• This report provides a quantitative analysis of the smart toys market statistics, market segments, current trends, estimations, and dynamics of the smart toys market analysis from 2023 to 2033 to identify the prevailing smart toys market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the smart toys market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global smart toys market trends, key players, market segments, application areas, and market growth strategies.

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Explore AMR's Extensive ongoing Coverage on Consumer Goods Domain:

➢ Canada Smart Toys Market Opportunity Analysis and Industry Forecast, 2023-2033
https://www.alliedmarketresearch.com/canada-smart-toys-market-A315434

➢ Mexico Smart Toys Market Opportunity Analysis and Industry Forecast, 2023-2033
https://www.alliedmarketresearch.com/mexico-smart-toys-market-A315435

➢ Europe Smart Toys Market Opportunity Analysis and Industry Forecast, 2023-2033
https://www.alliedmarketresearch.com/europe-smart-toys-market-A315436

➢ Germany Smart Toys Market Opportunity Analysis and Industry Forecast, 2023-2033
https://www.alliedmarketresearch.com/germany-smart-toys-market-A315437

➢ France Smart Toys Market Opportunity Analysis and Industry Forecast, 2023-2033
https://www.alliedmarketresearch.com/france-smart-toys-market-A315438

➢ UK Smart Toys Market Opportunity Analysis and Industry Forecast, 2023-2033
https://www.alliedmarketresearch.com/uk-smart-toys-market-A315439

➢ Italy Smart Toys Market Opportunity Analysis and Industry Forecast, 2023-2033
https://www.alliedmarketresearch.com/italy-smart-toys-market-A315440

➢ Kids Toys Market Opportunity Analysis and Industry Forecast, 2021-2031
https://www.alliedmarketresearch.com/kids-toys-market-A06531

➢ Pet Toys Market Opportunity Analysis and Industry Forecast, 2023-2032
https://www.alliedmarketresearch.com/pet-toys-market-A07037

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