Press release
2025-2034 Smart Toys Market Outlook: Key Drivers, Emerging Challenges, and Strategic Insights
Smart Toys
What Will the Smart Toys Industry Market Size Be by 2025?
There has been a robust growth in the size of the smart sports equipment market in the past few years. The market which is projected to expand from $4.02 billion in 2024 to $4.24 billion in 2025 at a compound annual growth rate (CAGR) of 5.4%. The historical growth can be credited to consumers shifting preferences towards personal experiences, the growth of e-commerce companies, the spread of mobile devices, the rising popularity of digital entertainment and gaming, and an increase in consumer knowledge and acceptance.
What's the Long-Term Growth Forecast for the Smart Toys Market Size Through 2029?
The market for smart sports equipment is projected to experience significant expansion over the next few years, swelling to a staggering $6.29 billion in 2029 with a compound annual growth rate (CAGR) of 10.4%. Various factors contribute to this expected growth during the forecast period including, the increasing interest in edutainment, the growing trend of connected toys, the empowerment of parents, heightened demand for app-operated mechanical toys, and an uptick in the need for interactive and engaging toys. Key trends set to characterise the forecast period further involve augmented reality (AR) and virtual reality (VR), voice and gesture control, interconnected play, AI-powered playmates, the proliferation of 3D printing technology, and the integration of proximity sensors into toys.
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What Are the Key Growth Drivers Fueling the Smart Toys Market Expansion?
The surge in awareness regarding tech-inspired teaching within the smart toys market is projected to drive the market's expansion in the projected timeline. This refers to incorporating instructive technology into the educational framework of schools, enhancing learning and making it more engaging for children. The education value of these toys has prompted participants to introduce sophisticated e-learning technologies, complete with cutting-edge voice recognition capabilities and hardware sensors, making the product more intelligent, interactive, and dynamic. The rise of e-learning goes down as one of the most significant advancements in the smart toys industry. To illustrate, by 2023, the United Nations Educational, Scientific, and Cultural Organization, a France-based specialized agency, estimated that in 2022, around 50% of lower secondary schools globally used internet access for educational purposes. Therefore, the growth of the smart toys market is likely due to the increase in tech-based education.
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What Are the Key Trends Driving Smart Toys Market Growth?
Leading firms in the smart toys market are creating cutting-edge products such as AI companions, aiming to expand their consumer reach, boost sales, and raise revenues. An AI companion, an abbreviation for an artificial intelligence companion, is a digital or virtual construct that employs AI to facilitate and support users with a variety of tasks, endeavors, and exchanges. For example, Toymint, an established Canadian company specializing in toys and children's goods, launched TeddyGPT in April 2023. This groundbreaking AI teddy chat creates an interactive, engaging, and educational environment for children and families. TeddyGPT merges the allure of a physical toy with the most recent advancements in artificial intelligence. This remarkable toy blends the nostalgic charm of a traditional teddy bear with high-end AI features, providing a unique and interactive experience that promotes communication, friendship, and learning. By utilizing OpenAI's TeddyGPT, the toy companion can understand and react diverse topics, inquiries, and cues, leading to enthralling discussions that stimulate the creativity and curiosity of children, exceeding the functions of average toys.
How Is the Smart Toys Market Segmented?
The smart toys market covered in this report is segmented -
1) By Technology: Wi-Fi, Bluetooth, Other Technologies (NFC And RFID)
2) By Distribution Channel: Online market, Specialty Stores, Toy Shops
3) By Type: Robots, Interactive Games, Educational Robots
4) By Interfacing Device: Smartphone-Connected Toys, Tablet-Connected Toys, Console-Connected Toys, App-Connected Drones
5) By End User: Toddlers, Pre-Schoolers, School-Going, Stripling
Subsegments:
1) By Wi-Fi: Wi-Fi-Enabled Interactive Toys, Smart Learning Toys with Cloud Connectivity, Remote-Controlled Wi-Fi Toys
2) By Bluetooth: Bluetooth-Enabled Educational Toys, Smart Plush Toys with Bluetooth Connectivity, Interactive Games with Bluetooth Features
3) By Other Technologies: NFC-Enabled Toys for Instant Interaction, RFID-Tagged Toys for Tracking and Identification, Smart Cards and Accessories with NFC/RFID Features
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Which Companies Are Leading the Charge in Smart Toys Market Innovation?
Major companies operating in the smart toys market include 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
Which Regions Are Leading the Global Smart Toys Market in Revenue?
North America was the largest region in the smart toys market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart toys market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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