How Has The Smart Toys Market Size Evolved In Recent Years?
The smart toys market has seen considerable growth due to a variety of factors.
• The market size for intelligent sports equipment has experienced significant growth in recent years. It's projected to increase from $4.02 billion in 2024 to $4.24 billion in 2025, reflecting a compound annual growth rate (CAGR) of 5.4%.
This growth during the historic period is mainly due to consumers leaning towards personalized experiences, the growth of e-commerce companies, the widespread use of mobile devices, the rising popularity of digital entertainment and gaming, and heightened consumer awareness and acceptance.
What Are The Estimated Market Size And Expected Annual Growth Rates For Global Smart Toys Market?
The smart toys market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for smart sports equipment is predicted to witness substantial growth in the coming years, anticipated to reach a size of $6.29 billion in 2029 presenting an annual compounded growth rate (CAGR) of 10.4%.
Factors propelling growth during the forecast period include the emergence of edutainment, the rising popularity of connected toys, empowerment of parents, growing demand for app-integrated mechanical toys, and an increased interest in interactive, engaging toys. Key trends during this forecast period encompass augmented reality (AR) and virtual reality (VR), voice and gesture controlled mechanisms, interconnected play features, AI-driven playmates, the spread of 3D printing technology, and the integration of proximity sensors in toys.
Which Key Drivers Are Propelling The Smart Toys Market's Growth?
The rise in recognition of technology-aided pedagogy within the realm of smart toys is anticipated to fuel its market expansion during the projected timeline. Technology-assisted learning involves the fusion of educational technology into the academic backdrop of educational institutions, making the learning experience more interactive and engaging, thereby facilitating better knowledge acquisition for children. The educational relevance of these toys has encouraged inventors to integrate more sophisticated e-learning applications embedded with advanced voice recognition capabilities and hardware sensors, making the toys smarter, more interactive, and dynamic. E-learning represents a monumental transformation in the smart toys sector. Anticipating ahead, by 2023, about half of the lower secondary schools worldwide will have Internet connectivity for academic purposes, as forecasted by the United Nations Educational, Scientific, and Cultural Organization, a specialized agency headquartered in France. Hence, the growth in technology-assisted learning will invariably stimulate growth in the smart toys market.
What Are The Key Segments Within The Global Smart Toys Market?
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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How Are New Trends Impacting The Size Of The Smart Toys Market?
Leading firms in the smart toys market are adopting technological advancements such as artificial intelligence (AI) companions to expand their customer reach, boost sales, and enhance profit margins. An AI companion is a digital or virtual being that leverages AI to interact with users, providing support for various tasks and activities. For example, in April 2023, Toymint, a Canadian company offering toys and children's products, unveiled TeddyGPT. This pioneering AI teddy chat provides an interactive, captivating, and educational journey targeting children and their families. TeddyGPT synergizes the attraction of a traditional teddy bear and the advanced AI, providing an unmatched interactive fun learning experience aimed at promoting communication, friendship, and knowledge. TeddyGPT, developed by OpenAI, enables the toy companion to understand and answer a diverse range of topics, inquiries, and prompts, which results in engrossing dialogues inspiring children's inquisitiveness and ingenuity. This goes beyond what traditional toys provide.
Who Are the Key Players in the Smart Toys Market?
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
What are the Regional Insights into the Smart Toys Market?
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.
