Connected Toys Market Size Worth $65.22 Billion By 2032 | CAGR: 22.6%
The global connected toys market size is expected to reach USD 65.22 billion by 2032, according to a new study by Polaris Market Research. The report “Connected Toys Market Share, Size, Trends, Industry Analysis Report, By Application (Education, Entertainment, and Other Applications); By Age Group; By Distribution Channel; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Surge in the number of parents and children enhancement with the internet usage worldwide which successfully combines the fun and education together and allow parents to monitor their kids’ activities coupled with the growing adoption of technology, mathematics, and engineering toys, are major factors propelling the market growth.
Moreover, the increasing popularity and prevalence of STEM toys, that are being used for enhancing professional skills like coding and engineering and focus on key players on developing innovated toys, will further create lucrative growth opportunities for the market. For instance, in January 2023, WowWee, introduced MINTiD Dog-E, a groundbreaking smart and app-connected robot toy with audio sensors, life-like movements, touch sensors, and a persistence of vision. The Dog-E companion app enable multiple users in a family to mint and save their own individual profile with unique look and personality.
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With the rapid technological advancements and innovations, children toys are already connected to the internet and computerized and likely to have several new upgrades over the coming years. Additionally, the drastic increase in the number of internet users globally along with the rising adoption of various hand-held devices such as tablets and smartphones, is generating huge demand and growth potential.
Many connected types are now incorporating technologies like artificial intelligence and VR & AR to enhance their interactive features and offer better and immersive user experiences and some major connected toy companies have started offering subscription-based services that provide access to new content and features over time, as this model allow companies to continuously generating revenue beyond the toy initial purchase.
Connected Toys Market Report Highlights
- Entertainment segment led the industry share in 2022, mainly due to rapid adoption of smart toys including tablets, robots, and interactive dolls and integration of features like voice and facial recognition
- 1-5 years segment held the majority market share in 2022, which is mainly driven by growing prevalence among parents of this age category which help them in engaging tehri child
- Online segment is projected to register a large CAGR during the study period, on account of consumer inclination towards online shopping
- North America region dominated the global market with largest share owing to rising investments on large companies towards the development of interactive toys with improved characteristics
- The global key market players include iRobot Corporation, Digital Dream Labs, Konami Holdings Corporation, The LEGO Group, Hasbro, and Mattel
Polaris Market Research has segmented the connected toys market report based on application, age group, distribution channel, and region:
Connected Toys, Application Outlook (Revenue - USD Billion, 2019 - 2032)
- Education
- Entertainment
- Other Applications
Connected Toys, Age Group Outlook (Revenue - USD Billion, 2019 - 2032)
- 1-5 Years
- 6-8 Years
- 9-12 Years
- Teenagers (13-19) Years
Connected Toys, Distribution Channel Outlook (Revenue - USD Billion, 2019 - 2032)
- Offline
- Online
Connected Toys, Regional Outlook (Revenue - USD Billion, 2019 - 2032)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Netherlands
- Asia Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Malaysia
- Latin America
- Argentina
- Brazil
- Mexico
- Middle East & Africa
- UAE
- Saudi Arabia
- Israel
- South Africa
Connected Toys Market Report Scope
|
Report Attributes |
Details |
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Market size value in 2023 |
USD 10.42 billion |
|
Revenue forecast in 2032 |
USD 65.22 billion |
|
CAGR |
22.6% from 2023– 2032 |
|
Base year |
2022 |
|
Historical data |
2019– 2021 |
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Forecast period |
2023– 2032 |
|
Quantitative units |
Revenue in USD billion and CAGR from 2023 to 2032 |
|
Segments covered |
By Application, By Age Group, By Distribution Channel, By Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key companies |
The LEGO Group, Sony Corporation, UBTech Robotics Corporation, iRobot Corporation, Digital Dream Labs Inc., Sphero Inc., Hasbro, Mattel, DJI, Wonder Workshop, Konami Holdings Corporation, Playmobil, K’NEX Industries Inc., TOSY Robotics, WowWee Group, Workinman, Pillar Learning, Smart Teddy, and KEYi Technology. |
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For Specific Research Requirements |
