Smart toy market expected to reach $107.02 billion
New York, U.S., May 04, 2022 (GLOBE NEWSWIRE) — Smart Toys Market Overview:
According to comprehensive research report by Market Research Future (MRFR), the “Smart Toys Market” by Type, by Technology, by Distribution Channel, by End-User and by Region – Forecast to 2030, Size of the market will reach USD 107.02 billion, growing at a compound annual growth rate of 26.0% by 2030.
Rising disposable income and growing need for coding skills may provide strong opportunities for the market over the forecast period.
The Dominant Key Players in the Smart Toys Market Covered Are:
- Innokind Inc. (USA)
- Twin Science (UK)
- APF France handicap (Leka Smart Toys) (France)
- playshifu.com (USA)
- Fat Brain Toys LLC. (WE)
- ROYBI robot (USA)
- LuxAI SA (Luxembourg)
- Pvt learning function. ltd. (India)
- DJI (China)
- Mattel (USA)
- The LEGO Group (Denmark)
- Smartivity Labs (India)
- Smart toys for kids (US)
- LeapFrog Enterprises Inc. (USA)
- SEGA (Japan)
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Exclusively encompassed USP market:
Smart Toys Market Drivers
Adoption of STEM to Drive Market Growth
A key factor fueling the demand for smart toys is the adoption of STEM toys for the advancement of children’s skills. Through intelligent engagement and behavioral learning, smart toys enhance vocational skills such as computing and engineering. The popularity of smart toys will increase further as parents continue to embrace products that can help their child’s intellectual development. The SmartGurlz toy, for example, teaches girls how to code.
High cost to act as market restriction
The high cost of smart toys might act as a drag on the market during the forecast period.
Security and privacy issues to meet the market challenge
Security and privacy issues may pose a challenge for the market during the forecast period.
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Market Segmentation Covered by Research:
The global smart toys market is bifurcated based on end-user, distribution channel, technology, and type.
By type, interactive games will dominate 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 toy market is segmented into teenagers, school children, preschoolers, and toddlers.
North America leads the smart toy market
Due to the growing need for smart toys in the region, North America is likely to hold the largest market share. Owing to the advantages of smart toys in STEM and the growing need for programming and embedding technologies such as AI, the United States is expected to lead the market domestically in the North American region. Also, prominent players such as Twin Science (UK), Innokind, Inc. (USA), 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. Additionally, these leading companies are investing heavily in the research and development of creative learning entertainment in order to be at the forefront of innovation while providing an enhanced customer experience. The need for smart toys in the region is driven by the growing use of smart home gadgets. According to a report by Acquity Group, the use of smart home products is increasing in the United States, with 30% of consumers owning smart IoT devices. The retail industry in North America is well developed and organized. Due to its large population and high disposable income, the United States has a huge market share in this region, along with a changing lifestyle that encourages people to buy new things frequently for their children.
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APAC will have admirable growth in the smart toy market
During the projection period, the Asia-Pacific market is expected to grow at the fastest rate. During this forecast period, North America is expected to experience significant market growth with an increase in demand for AI security settings and software upgrades. This is supported by governments in North American countries that adopt strict safety and upgrade standards for smart toys. Due to rapid digital transformation, growing internet penetration, growing acceptance of 5G and 4G LTE services and other factors, Asia-Pacific is expected to be the fastest growing market in the world. global smart toys market over the forecast period. Additionally, the region is a major consumer of telecommunications and consumer goods such as smartphones, laptops, tablets, and other similar gadgets, raising expectations for the booming smart toy industry.
In the near future, the rollout of 5G solutions, along with increased awareness and desire for STEM-based learning and entertainment systems, is expected to drive the demand for smart toys. The smart toy market in APAC is 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 rate of consumer engagement, The Lego Group has seen consistent demand in the region. The LEGO Group, for example, is strengthening its presence in Singapore by investing in the development of the country’s digital industry. To expand its presence in East Asia, the major player has partnered with the Singapore Economic Development Board. The smart toy market in the region is expected to grow as the youthful population grows, disposable income rises, and people’s attitudes towards technology change. In terms of market revenue, Asia-Pacific is expected to hold the largest share of the global smart toys market. This expansion is due to the presence of major players in the APAC market who have invested heavily in 3D printing and AI sensing technology. China leads the smart toy market in terms of revenue generation. The growing trend of digitalization, growing popularity of smart toys, and increasing investment in R&D departments are all contributing to the boom in this region. Due to increasing population and increasing disposable income, emerging economies such as India and China show great potential for growth rates between 2021 and 2028, as well as lifestyle changes which influence people’s purchasing power, causing them to demand more sophisticated products compared to other parts of the world, leading to increased sales over time.
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Impact of COVID-19 on the global smart toys market
In several regions of the world, the Covid-19 epidemic has led to severe confinements. As a precaution, the imposed lockdown has increased work-from-home practices and forced the closure of schools and other educational institutions. As of March 23, 2020, around 1.3 billion learners across the world were unable to attend school, according to the latest UNESCO estimates. Around the world, many colleges, schools and institutions have closed. Due to these trends, smart toys have been more widely used around the world as they encourage remote learning and provide fascinating and immersive experiences for children.
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