smart toys market is estimated to grow at a
smart toys market is estimated to grow at a significant CAGR of 17.1% during the forecast period 2022-2029.
Factors which include the rising per-capita income, primarily across the developing nations and increasing adoption of the advanced technologies such as the Internet of Things are projected to expand the smart toys market size. The emergence of 5G technology has encouraged the adoption of smart devices and toys over the forecast period. Moreover, the increasing popularity of educational robots in classrooms for storytelling and play-to-learn interactive tablet toys to offer a high-quality gaming and learning experience is acting as a significant growth-inducing factor. Furthermore, various leading players have launched advanced toys that use TV media and cartoon characters to make students learn, which is likely to drive the market growth. Besides this, the expansion of e-commerce industry offering smart toys at discounted prices and convenient delivery options, will strengthen the market growth. Additionally, the increasing incorporation of smart toys with numerous advanced technologies, which include proximity sensors, machine learning, artificial intelligence, and voice recognition, will offer enormous opportunities for the market.
End-User Segment Analysis
Based on the end-user, the toddler’s segment is expected to witness a faster CAGR during the forecast period, owing to the increasing number of children of ages ranging from 1 to 2 years. In addition, the increasing awareness among the parents regarding the remarkable features provided by smart toys will further strengthen the growth of the segment.
Distribution Channel Segment Analysis
Toy shops segment is projected to dominate the market during the forecast period, owing to the detailed information and captivating discount offered by the toy shops under one roof. The online segment is likely to hold a higher share during the forecast period, as the availability of toys online helps leading players to diversify their adoption and promote the products via social advertising.
North American region is predicted to dominate the market over the forecast period owing to the augmenting adoption of advanced technological system in the toy industry and accelerating per-capita income of the consumers in this region. On the other hand, the Asia-pacific region is expected to witness a promising growth over the forecast period because of the growing middle-class population and increasing inclination towards educational learning toys.
In 2020, the Lego Group introduced the latest Lego Super Mario’s Adventures in partnership Mario Starter Courses where consumers can place a pre order for their kids.
Global Smart Toys Market by Type
- Interactive Games
- Educational Robots
Global Smart Toys Market by Distribution Channel
- Speciality Stores
- Toy Shops
Global Smart Toys Market by End User
Global Smart Toys Market by Region
- Asia Pacific
- Rest of APAC
- North America
- United States of America
- United Kingdom
- Rest of Europe
- South Africa
- Saudi Arabia
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