Smart Toys Market to surpass USD 41415.66 million by 2031 from USD 10803.17 million in 2021 at a CAGR of 14.38% within the coming years, i.e., 2021-31.
Smart Toys can be described as modern-day’s toys, which own artificial intelligence and contain a microprocessor, volatile or nonvolatile memory units, and input and output devices. These toys are generally confused with educational toys, which do not have artificial intelligence and are used mainly for the purpose of education. For example, a rhyme narrating toy cannot be considered a smart toy, although it is combined with microprocessors. Smart toys are merged with speech recognition and speech synthesizers, which can be easily applied in a software and hardware. In addition, beams are being provided in many of the modern toys, which allow them to respond to their surroundings, thereby making them more accurate.
The Smart Toys Market is predicted to project a notable CAGR of 14.38% in 2031.
Increased use of technology and awareness will fuel industry growth over the next ten years. Increased global technology spending is expected to drive demand over the forecast period. In addition to industry growth, Smart Toys Market penetration is expected to rise above the forecast level. On the other hand, increasing Investment by the major players in new environmentally friendly techniques to produce Smart Toys will create more opportunities that will result in the growth of the Smart Toys Market over the forecast period.
Recent News and Development:
In 2020, January, PlayShifu, one of the leading reality toy companies, launched its newest products, which include Shifu Tacto, three new gaming kits for Shifu Plugo, and a whole new experience of its popular AR globe, Shifu Orboot, with two new planets to explore.
Smart Toys Market: Segments
Toddlers segment to grow with the highest CAGR during 2021-2031
Smart Toys Market is segmented by End Users into pre-Schoolers, School Going, and toddlers. Toddler segment reported for the major share owing to increase in influence of digital learning among kids is likely to have an optimistic impact on the market in the coming years. These components expected to lift the demand for toddlers segment. These components drive the increment of the Smart Toys Market that requires the use of Smart Toys for safety.
Smart Toys Market: Market Dynamics
Increase in Technology
Increase in the number of internet handlers additionally with the growing acceptance of numerous hand-held devices such as laptops, smartphones, and tablets together is driving the awareness and growth of smart toys market globally. It also helps students to study while playing and boost the growth of essential skills like creativity, imagination, problem-solving, and thinking outside the box.
Rising Disposable Income
The rising disposable incomes of consumers globally, especially in the developed countries, are pushing them to grip advanced smart home devices and technologies. Increase in disposable income among middle-class clusters and progressions in technology to grow innovative and interactive toys. Apart from this, awareness towards the smart toys and availability of various toys for indoors and outdoors games and enlightening purposes fuel the market growth.
High cost of Smart Toys Market acts as a restraint. Smart Toys are generally expensive which are not always affordable by middle-class families. Cost of internet and cost of product together make it a bit expensive.
Effects of COVID19 in the Smart Toys Market
The Covid-19 pandemic has resulted in lockdowns in various parts all over the world. The imposed lockdown has amplified work from home practices and also has shut down schools and other institutions as a safety measure. Therefore, disturbance in raw material supplies have hampered the market. The market will recover soon after the pandemic gets over.
Smart Toys Market: Key Players
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Leapfrog Enterprises Inc
Sega Toys Co. Ltd
Knex Industries Inc
The Lego Groups
Jakks Pacific Inc.
Other prominent players
Smart Toys Market: Regions
Smart Toys Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East, and Africa. Europe dominates the Smart Toys Market. Certain factors such as growing smartphones penetration, internet penetration, and connected devices growth are majorly affecting smart device growth in the region. These factors will likely boost the market of Smart Toys Market in the forecast period.
Smart Toys Market is further segmented by region into:
North America Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR-United States and Canada
Latin America Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR-Mexico, Argentina, Brazil, and Rest of Latin America
Europe Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR- United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
Asia Pacific Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR-India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
Middle East and Africa Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
Smart Toys Market report also contains analysis on:
Smart Toys Market Segments:
By Control Type
By Distribution Channel
Retail/ Stationary Shops
Specialty Toy Shops
Smart Toys Market Dynamics
Smart Toys Market Size
Supply & Demand
Competition & Companies Involved in the Market
Value chain of the Market
Market Drivers and Restraints
Smart Toys Market Report Scope and Segmentation
Report Attribute Details
Market size value in 2021 USD 10803.17 million
Revenue forecast in 2031 USD 41415.66 million
Growth Rate CAGR of 14.38% from 2021 to 2031
Base year for estimation 2021
Quantitative units Revenue in USD million and CAGR from 2021 to 2031
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered Control type, end-users, Distribution Channel, and Region
Region scope North America; Europe; Asia Pacific; Latin America; Middle East & Africa (MEA)
Key companies profiled Lego Groups, Leapfrog Enterprises Inc, Sega Toys Co. Ltd, Pillar learning, Sony Corporation, Knex Industries Inc., Konami Corporation, Hasbro Inc, Jakks pacific Inc.