Smart Toys Market Overview:
The Smart Toys Market Segments is projected to grow from USD 21.55 Billion in 2022 to USD 107.61 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 24.71% during the forecast period (2022-2030). The increase in disposable income and the growing need for coding skills may offer robust opportunities for the market over the forecast period.
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Dominant Key Players on Smart Toys Market Covered are:
- Innokind Inc. (US)
- Twin Science (UK)
- APF France handicap (Leka Smart Toys) (France)
- playshifu.com (US)
- Fat Brain Toys LLC. (US)
- ROYBI Robot (US)
- LuxAI S.A. (Luxembourg)
- Funvention Learning Pvt. Ltd. (India)
- DJI (China)
- Mattel (US)
- The LEGO Group (Denmark)
- Smartivity Labs (India)
- Smart Kids Toys (US)
- LeapFrog Enterprises Inc. (US)
- SEGA (Japan)
Market USP Exclusively Encompassed:
Smart Toys Market Drivers
Adoption of STEM to Boost Market Growth
A key factor fuelling the demand for smart toys is the adoption of STEM toys for kid's skill advancement. Through smart engagement and behavioural learning, smart toys improve professional abilities such as computing and engineering. The popularity of smart toys will be boosted further as parents continue to embrace products that can aid in their kid's intellectual development. SmartGurlz toy, for example, teaches girls the way to code.
High Cost to act as Market Restraint
The high cost of smart toys may act as a market restraint in the forecast period.
Security & Privacy Issues to act as Market Challenge
The security and privacy issues may act as a market challenge over the forecast period.
Segmentation of Market Covered in the Research:
The global smart toys market is bifurcated based on end user, distribution channel, technology, and type.
By type, interactive games will lead the market over the forecast period.
By technology, Wi-Fi will dominate the market over the forecast period.
By distribution channel, others will spearhead the market over the forecast period.
By end user, the smart toys market is segmented into stripling, school-going, pre-schoolers, and toddlers.
COVID-19 Impact on the Global Smart Toys Market
In several regions of the world, the Covid-19 outbreak has resulted in harsh lockdowns. As a precaution, the imposed lockdown has increased work-from-home practises and forced the closure of schools & other educational institutions. As of March 23, 2020, about 1.3 billion learners across the world were unable to attend school, according to UNESCO's latest estimates. Across the globe, many colleges, schools, and institutions have shuttered their doors. As a result of these trends, smart toys have been more widely used around the world, as they encourage remote learning and give children with fascinating and immersive experiences.
Regional Analysis
North America to Head Smart Toys Market
Because of the rising need for smart toys in the region, North America is likely to hold the greatest market share. Because of the benefits of smart toys in STEM and the growing need for programming and embedding technologies such as AI, the United States is predicted to lead the country-level market in the North American area. In addition, significant players such as Twin Science (UK), Innokind, Inc. (US), Fat Brain Toys, LLC. (US), playshifu.com (US), ROYBI Robot (US), Smart Kids Toys (US), Mattel (US), and LeapFrog Enterprises, Inc. (US), others are present. Furthermore, these main businesses are substantially investing in research and development of creative entertainment through learning in order to be at the cutting edge of innovation while giving an enhanced client experience. The need for smart toys within the region is being driven by the increasing usage of smart home gadgets. According to a report by Acquity Group, in-home smart product use is increasing in the United States, with 30% of consumers owning smart IoT devices. The retail industry in North America is well-developed and organised. Due to its vast population base and high disposable income, the United States has a considerable portion of the market in this region, as well as a changing lifestyle that encourage people in buying new things for their children on a frequent basis.
APAC to Have Admirable Growth in Smart Toys Market
During the projection period, the Asia Pacific market is predicted to develop at the fastest rate. During this forecast period, North America is likely to see significant growth in the market, with demand for AI security parameters and software upgrades increasing. This is supported by the governments of the North American countries enacting strong safety and upgrade standards in smart toys. Due to rapid digital transformation, rising internet penetration, increasing acceptance of 5G and 4G LTE services, and other factors, Asia-Pacific is expected to be the fastest-growing market in the worldwide smart toys market over the forecast period. Furthermore, the region is one of the leading consumers of telecommunication & consumer goods such as smartphones, laptops, tablets, and other similar gadgets, raising expectations for the burgeoning smart toys business.
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In the near future, the deployment of 5G solutions, as well as increased awareness and desire for STEM-oriented learning and entertainment systems, are projected to stimulate demand for smart toys. The market for smart toys in the APAC area is being driven by an increase in the middle-class population, as well as a growing need for educational learning toys. Due to its extensive distribution network and high consumer engagement rate, the Lego Group has seen consistent demand in the region. The LEGO Group, for example, is increasing its footprint in Singapore via investing in the development of the country's digital industry. To expand its footprint in East Asia, the important player has teamed with Singapore's Economic Development Board. The smart toys market in the region is predicted to increase as the youthful population grows, disposable income rises, and people's attitudes about technology shift. With regards to market revenue, Asia Pacific is predicted to have the largest share of the worldwide smart toy market. This expansion is owing to the presence of major market participants in APAC who have invested heavily in 3D printing & AI sensing technology. China leads the smart toy market in terms of revenue generation. The burgeoning digitization trend, the expanding popularity of smart toys, and more investment in R&D departments are all contributing to this region's tremendous rise. Due to an increasing population base and rising disposable income, emerging economies such as India and China hold great potential for growth rates between 2021 and 2028, as well as lifestyle changes that influence people's purchasing power, causing them to ask more sophisticated products in comparison to other regions worldwide, resulting in increased sales over time.
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