Smart Toys Market

Global Smart Toys Market Size & Growth (2023 – 2028)

The global Smart Toys market was valued at 8286.85 million USD in the year 2022 that is expected to reach 20145.29 million USD by the end of 2028 with a compound annual growth rate of 15.95% during the forecast period of 2023 - 2028. The market value of smart toys is supposed to increase more during the forecast period with the increased funding by leading companies.

Increasing workforce of women and rising disposable income are some of the major factors that propels the growth of the global Smart Toys market.

Recent Market Developments:

• In the month of January 2020, PlayShifu toy company launched new products that includes Shifu Tacto.
• In the month of June 2019, Mattel Inc has launched new product named Hot Wheels id which brings together physical and digital play in a mixed play experience with uniquely identified vehicles, smart race portal, smart track, digital hub to build a personalized fleet to measure the performance.

Global Smart Toys Market Driving Factors

Rise in disposable income among middle income groups is one of the major driving factors of the global Smart Toys market growth rate. Another crucial factor of the Smart Toys market was technological advancements from various companies to build creative and interactive toys that attracts children.

Increasing demand for the novel technologies like AR, VR, smart homes and connected mobile devices are a few of the growth promoting factors for the Smart Toys business in terms of revenue rate.

Another prominent growth driving factor of the global Smart Toys market is the rapid increase in the women workforce around the globe. Increasing awareness of smart toys and availability of different types of products for indoor and outdoor sports and education purposes boosts the growth of the market for Smart Toys globally.

Global Smart Toys Market Challenges

The high cost of the manufacturing equipment is the critical factor that hinders the growth of the global Smart Toys Market. Another major restraint that is affecting the development of the market of Smart Toys is the availability of cheap alternative products.

GLOBAL SMART TOYS MARKET REPORT COVERAGE:

Market Segmentation

The global Smart Toys market is segmented on the basis of interfacing devices, on the basis of technology, on the basis of distribution channel and on the basis of geography.

Global Smart Toys Market - By Interfacing Devices:

the Smart Toys market is divided into smartphone connected, tablet connected, other interfacing devices such as console connected. Among these, the smartphone connected segment holds the major share of the market among the others.

Global Smart Toys Market - By Technology:

the market for Smart Toys is divided into Wi-Fi, Bluetooth and NFC & RFID. Among these, the Bluetooth segments holds the major share of the market.

Global Smart Toys Market - By Distribution Channel:

the Smart Toys market is segmented into three types namely, online stores, speciality stores and convenience stores. Among these segments, online stores holds the dominant share of the worldwide market.

Global Smart Toys Market Regional Analysis

The global Smart Toys market is studied in various regions all around the world such as

• North America - US, Mexico, Canada and rest of North America
• Europe - Italy, UK, France, Germany, Spain and rest of Europe
• Asia Pacific - India, Japan, China, Australia and rest of Asia Pacific
• Rest of the world (RoW)

Europe holds the major share of the market due to the rapid integration of technology in various products and offerings, which is supposed to promote growth of the market for Smart Toys in European nations. Furthermore, increasing investments by major players in Europe is also one of the major driving factors that propels the growth of the market of Smart Toys in this area.

Asia Pacific region holds the second largest share of the market of Smart Toys following Europe owing to the increasing adoption of technologies like AR, VR, smart homes, etc., which is likely to help the market of Smart Toys to grow further in the Asia Pacific nations like India, China, etc.

North America is expected to record an increase the market value of Smart Toys because of the rising investment for new product innovation by the companies from United States and Mexico in the coming years.

Global Smart Toys Key market players

Some of the key players of Smart Toys market are Lego Group, Mattel Inc, Leapfrog Enterprises, Inc, Pillar Learning, Sega Toys Co Ltd.

COVID-19 impact on Smart Toys Market

Coronavirus has impacted the global industries in three ways, by directly restricting production and demand, supply chain and market disruption, and financial impact on firms and financial markets due to the stringent lockdown conditions imposed by the authorities of different nations across the planet.

Due to the lockdown, companies are forced to halt their production units for a period of time to eradicate the spread of coronavirus as it was spreading at a rapid speed from one person to another. This situation may continue until the vaccine for the COVID has released. But some of the organizations are in tough scenario with the huge losses due to the unprecedented pandemic and they are looking for different alternatives to bring their business back to a right path, but it is supposed to take some while until everything will be back to normal.

Since the lockdown regulations has lifted in so many companies, with some strict regulations, the government authorities gave permissions to all the industries to restart their manufacturing facilities.

As per the analysis, the market of Smart Toys is supposed to record an increase in terms of the revenue rate in the next few months with all the industries starting their production, which in turn going to increase the revenue rate of the Smart Toys business in the coming years.