Smart Toys Market Revenue to Cross USD 54.1 billion by 2031, Garnering an 18.32% CAGR from 2021 to 2031: TMR Report
Children as well as parents are choosing to purchase health-tracking toys owing to the increased focus on healthcare.
Wilmington, Delaware, United States, Oct. 19, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global smart toys market was estimated to have acquired US$ 12.4 billion in 2020. It is anticipated to register a 18.32% CAGR from 2021 to 2031 and by 2031, the market is likely to gain US$ 54.1 billion.
The increasing integration of advanced technologies like artificial intelligence (AI), Internet of Things (IoT), and augmented reality (AR) into toys allows for enhanced interactivity, educational value, and entertainment.
Smart toys can connect to devices like smartphones and tablets, providing a more engaging and personalized play experience, which attracts both children and parents, driving the growth of the smart toys market.
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Key Findings of the Market Report
- The market for smart toys has seen rapid expansion in internet commerce over the last few years.
- Customers have access to an extensive range of purchasing possibilities through the online retail business.
- As online payment security has improved, people have grown more confident in using online payment choices.
- Customers are also drawn to the bargain possibilities that different online retail websites offer.
- The increasing variety of e-commerce websites has contributed to the growth in sales of smart toys and other products.
- To establish their position, major firms in the eCommerce space are gradually providing customers with even more tempting bargains.
Market Trends for Smart Toys
- The market for smart toys has seen rapid expansion in internet commerce over the last few years. Customers have access to an extensive range of purchasing possibilities through the online retail business. As online payment security has improved, people have grown more confident in using online payment choices.
- Customers are also drawn to the bargain possibilities that different online retail websites offer. The increasing variety of e-commerce websites has contributed to the growth in sales of smart toys as well as additional products. To establish their position, major firms in the eCommerce space are gradually providing customers with even more tempting bargains.
Global Market for Smart Toys: Regional Outlook
Various reasons are propelling the growth of the smart toys market in different regions. These are:
- The rise in different product types, including screen-less toys, voice/image recognition toys, and app-enabled toys, that are available in regions like Asia Pacific, Europe, North America, South America, and Europe is anticipated to propel the global smart toys market’s rapid expansion.
- In the upcoming years, it is anticipated that North America market in the United States and Canada will rise at rapid rates, respectively. India’s market is expected to grow at a compound annual growth rate (CAGR) of 12.02% in Asia Pacific, closely followed by China’s.
- In the near future, rising disposable income combined with an increase in the popularity of voice/image recognition toys and app-enabled toys in potentially lucrative markets like India and China is anticipated to propel the online retail sector and, by extension, the smart toy market. These factors have a significant impact now and are expected to have a significant impact going forward.
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Global Smart Toys Market: Key Players
The existence of multiple companies in the smart toy market has resulted in fragmentation of the global market. A number of local players are projected to enter the market in the next few years, which will increase competition. The following companies are well-known participants in the global smart toys market:
- Hasbro Inc.
- Sony Corporation
- Jakks Pacific Inc.
- Mattel Inc.
- The Lego Group
- Playmobil, Kid II, Inc.
- KNex Industries Inc.
- Konami Corporation
- Leapfrog Entertainment, among others
Some new AI powered toys for the children are:
|Makeblock Codeybot LED Laser Turret Battle Mode-Programmable Robot Kit for Kids (Multicolour)||
|Talking Tom Cat AI Touch Response Record with Cool Flash Light Eyes||
Global Smart Toys Market Segmentation
- Product Type
- App-enabled Toys
- Voice/Image Recognition Toys
- Screen Less Toys
- Health Tracking Toys
- Others (Wearable, Puzzle Toys, etc.)
- Interfacing Device
- Smartphone Connected Toys
- Tablet-Connected Toys
- Console-Connected Toys
- Age Group
- Up to Age of 5
- Age of 6 to Age of 8
- Age of 8 to Age of 12
- Age of 13 to Age of 18
- Above Age of 18
- Others (RFID, NFC, etc.)
- Distribution Channel
- E-commerce Websites
- Company Owned Websites
- Hypermarket and Supermarkets
- Specialty Stores
- Other Retail Based Stores
- North America
- Asia Pacific
- South America
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About Transparency Market Research
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