Smart Toys Market: Growing Demand for Interactive and Educational Toys
Research Reports
May 26, 2023
Market Research Future Insights
According to MRFR analysis, the global Smart Toys Market is expected to register a CAGR of 24.71% from 2022 to 2030 and hold a value of over USD 107.02 billion by 2030.
Smart toys are the type of toys that are supportive for children to play and are also acknowledged as connected toys that are associated with the internet or cloud. These toys are also cast-off for educational purposes or learning and are considered modern-day toys which contain artificial intelligence and include microprocessors, and volatile or non-volatile memory units. The increasing number of working women populations, which is leading in comparatively lesser time for parenting from the recent past is the major factor that is inspiring manufacturers to introduce innovative products to attract consumers, thus is considerably heavy demand for smart toys, and this is one of the prime factors driving the smart toys market growth rate. Furthermore, rapidly increasing disposable income among middle-income groups is also acting as a notable factor that is heavy the growth of the Smart toys market in the forecast period. Owing to the poor spending capacity of individuals due to the COVID-19 crisis, companies in the smart toys market are targeting buyers in developed economies to enhance product sales. The rapid growth of eCommerce and mobile shopping apps is serving manufacturers diversify their revenue streams. They are taking data-driven decisions before investing in novel production technologies.
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Regional Analysis
North America leads the smart toys market because of the increasing disposable income and busy lifestyle among the people in emerging countries in this particular region. Europe is anticipated to expand at a significant growth rate over the estimated period of 2021 to 2030 owing to the rising urban population and increasing number of smart toy manufacturing companies in this region.
Market Segmentation
The global Smart Toys Market has been segmented into product and Distribution channel
Based on Product, The global Smart Toys Market has been segmented into Interactive Games and Robots. The robots segment registered a significant revenue share of the smart toys market. The growing growth of this segment is attributed to the fact that these toys serve as stand-ins and offer learning opportunities for children. Because they may offer socially conditioned interactions, they are beneficial instructional tools. Robots are often mistaken for humans by children. Robots can be endlessly patient and nonjudgmental friends who give modified, entertaining learning.
Based on Distribution Channel, The global Smart Toys Market has been segmented into Offline and Online. The offline segment accounted for the largest revenue share of the smart toys market. It is because offline distribution channel permits the customer to understand the quality of the product before purchasing. In addition, purchasing smart toys offline allows the customer to check if the product is correctly working or not, since smart toys include fragile wirings and parts that can be damaged while being delivered through an online channel.
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Key Players
Some of the key market players are ROYBI Robot (US), LuxAI S.A. (Luxembourg), Funvention Learning Pvt. Ltd. (India), DJI (China), Twin Science (UK), APF France handicap (Leka Smart Toys) (France), playshifu.com (US), Fat Brain Toys, LLC. (US), Mattel (US), The LEGO Group (Denmark), Smartivity Labs (India), Smart Kids Toys (US), LeapFrog Enterprises
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