New York, NY, Jan. 19, 2023 (GLOBE NEWSWIRE) — Polaris Market Research has published a new research report titled “Smart Toys Market Share, Size, Trends, Industry Analysis Report, By Product Type (Interactive Games, Robots, and Educational Toys); By Distribution Channel; By Technology; By Region; Segment Forecast, 2023-2032” in its research database.
“According to the latest research study, the global Smart Toys Market size & share are expected to generate revenue of USD 59.74 Billion By 2032 and are estimated to be valued at USD 12.99 Billion in 2022, at a compound annual growth rate (CAGR) of 16.5% from 2023 to 2032”
What are Smart Toys? How Big is Smart Toys Market Size & Share?
- Report Overview
Smart Toys are paving their way across the globe to not only enhance but also improve one’s learning & critical thinking abilities. Its evolution in shape, patterns, perspective & electronic advancements are perfect for keeping a child engaging & interacting. Smart toys are usually integrated with cloud computing, artificial intelligence (AI), and sensor-based technologies such as the Internet of Things (IoT). Loaded with machine intelligence, smart toys provide users intelligent learning experience.
Along with the increase in the middle-class family population, the penetration of smartphones to the increase in social media platforms has opened the doors and encouraged people to opt for technology-led toys, thus, increasing the smart toys market size. In addition, the market growth is likely to be impacted positively over the coming years due to the increase in the prevalence of STEM toys for children’s skill enhancement, including coding & engineering through smart interaction and advanced behavioral learning.
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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, a Table of Contents, a Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)
Our Free Sample Report Includes
- Report introduction, overview, and in-depth industry analysis
- Breakdown data by regions, type, players, and applications
- Competitive landscape and leading competitor market shares
- 110+ pages research report
- Offers chapter-wise instruction on request
- Includes market presence across different geographies with share, size, and trends
- The updated list of tables and figures
- The report covers leading players with their business strategies
- Factors and fact research methodology
Some of the Top Companies Are:
- LeapFrog Enterprises
- Lego Systems
- Robofi LLC
- Sega Toys.
- Tomy Co.
- Doctor’s Associates
- Pillar Learning
- Dash Robotics
- Bots Alive Robot Toys
- Konami Corporation
- Jakks Pacific
- Dream International
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Key Growth Driving Factors
- Growing adoption of advanced technologies driving the market growth
Key factors boosting the growth of the market are the rapid rise in consumer disposable income, particularly in developed countries like the US, UK, France, Japan, and the widespread adoption of technologies like connected mobile devices, augmented reality, and smart homes. With real-world simulations, virtual reality technologies are encouraging children to develop their imagination and thinking skills, which has further fueled the market expansion. Furthermore, the increasing knowledge about smart toys through smartphones, tablets, and social media platforms is motivating customers to adopt technology-led toys, which is expected to accelerate the smart toys market sales.
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Recent Trends Influencing the Market
- Increasing usage of smartphones and online shopping platforms to push the smart toys market industry expansion
- With the development of digital media and the growing use of smartphones worldwide, especially in emerging economies like China and India, online sales have seen significant growth in recent years.
- The market is expanding because of the numerous advantages offered by online shopping platforms, such as the availability of a variety of brands, the absence of the need to bargain, free home delivery, and the ease with which prices can be compared across platforms.
- Interactive games segment dominated the market
On the basis of product type, the interactive games segment witnessed the major smart toys market share in 2022 and is expected to show considerable growth throughout the forecast period. The key factors supporting this segment’s growth include a rising growth in smartphone penetration and a substantial upsurge in edutainment services. Interactive games are a good option to explore new creative skills and can be used for learning letters and alphabets in the preschool phase, which propels the segment growth in the market.
- Offline segment accounted for a significant market revenue share in 2022
By distribution channel smart toys market segmentation, in 2022, the offline category held a considerable share in the smart toys market due to the convenience of checking the working and quality of toys physically and the easy availability of retail stores across the world. Further, rising initiatives by major market players to strengthen their footprints in the market by launching new specialty and retail stores are one of the key factors fueling the segment growth. In addition, increasing government efforts for promoting new and effective ways of learning and skill enhancing propelling the segment growth.
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Smart Toys Market Report Scope & Trends:
|The revenue forecast in 2032||USD 59.74 Billion|
|The market size value in 2023||USD 15.10 Billion|
|Expected CAGR Growth||16.5% from 2023 – 2032|
|Forecast Year||2023 – 2032|
|Top Market Players||LeapFrog Enterprises Inc., Mattel Inc., Hasbro Inc., Lego Systems A/S, Robofi LLC, Sega Toys Co. Ltd., Tomy Co. Ltd., Doctor’s Associates Inc., Playmobil, Pillar Learning, Dash Robotics, Bots Alive Robot Toys, Konami Corporation, Indiegogo Inc., Jakks Pacific, and Dream International|
|Segments Covered||By Product Type, By Distribution Channel, By Technology, By Region|
|Customization Options||Customized purchase options are available to meet any research needs. Explore customized purchase options|
- The smart toys market demand in the Asia Pacific is predicted to experience a significant
Based on geography, Asia Pacific is anticipated to show the fastest growth over the foreseen period owing to the rapid growth in the middle-class population coupled with rising consumer preferences for smart educational toys. Also, growing efforts by leading market players to introduce new and innovative toys to meet the growing consumer demand boosts the industry growth in the region.
Moreover, North America held the greatest revenue share in 2022 with the result of a surge in the adoption of smart home devices along with the increasing consumer purchasing power in nations such as the United States & Canada. In addition, rising internet usage for smart toys or devices and the wide presence of major companies who are embracing innovative and advanced technologies is projected to flourish the market growth.
Browse the Detail Report “Smart Toys Market Share, Size, Trends, Industry Analysis Report, By Product Type (Interactive Games, Robots, and Educational Toys); By Distribution Channel; By Technology; By Region; Segment Forecast, 2023-2032” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/smart-toys-market
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- In July 2022, Smart Toys and Games, leading Belgian puzzles and games company acquired The Happy Puzzle Company. With this acquisition, the company plans to expand its product portfolio by bringing The Happy Puzzle Company products and will spread its distribution through SMART’s exclusive worldwide network.
Frequently Asked Questions
- Who are the crucial companies operating the market?
- What are the major industry norms influencing the development of the industry?
- Which is the most propelling country in the industry?
- Which application or product type will obtain progressive development possibilities during the forecast period?
- What is the expected growth rate of the market during the foreseen period?
Polaris Market Research has segmented the smart toys market report based on product type, distribution channel, technology, and region:
By Product Type Outlook
- Interactive Games
- Educational Toys
By Distribution Channel Outlook
By Technology Outlook
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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