The global smart toys market size is expected to reach USD 59.74 billion by 2032, according to a new study by Polaris Market Research. The 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” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The adoption of STEM-based smart toys in the global market and the growing focus of manufacturers on providing fun and learning simultaneously to children and making it relatable to the world are key factors boosting the growth of the global market. Moreover, a growing number of innovations and development activities in the toy industry and a rising number of strategic collaborations and acquisition taking place among key market companies for greater market expansion is influencing demand and growth of the market.
For instance, in November 2022, LeapFrog Enterprises announced the availability of its new addition to its collection of eco-friendly learning toys, inspiring imagination, and creativity. With the newly developed toys, kids will develop their creative side and can easily learn phonics & early vocabulary as well.
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Furthermore, the advent of 5G technology across the globe is likely to propel the use and adoption of smart devices and toys during the projected period. The rapid emergence of 5G technology is anticipated to significantly alter how we live, as we have seen rapid growth of a large range of applications and cases including smart homes, robotics, manufacturing, artificial intelligence, and many more. In turn, the need and demand for smart toys are also expected to have surged over the coming years.
For instance, the number of 5G subscriptions worldwide is expected to increase higher in the coming years, from near about 12 million subscriptions in 2019, to more than 4 billion subscriptions by 2027. As of now, it is estimated that the number of 5G subscriptions will reach 1 billion by the end of 2022.
Smart Toys Market Report Highlights
- Interactive games segment accounted for considerable global market share in 2022 due to the penetration of edutainment services across the globe
- Online segment held a significant market revenue share owing to constant efforts by market players on the expansion of their geographical presence and easy availability of multiple brand products in a single store
- Bluetooth segment dominated the market and accounted for the largest share in 2021 due to its ability to enable seamless and effective control between toys and mobile applications
- Asia Pacific is expected to grow at a fastest rate during the anticipated period, which is mainly accelerated by the growing trend of digitalization and high consumer preferences for smart educational and creative smart toys
- The global key market players including LeapFrog Enterprises, Mattel Inc., Lego Systems, Pillar Learning, and Dash Robotics
Polaris Market Research has segmented the smart toys market report based on product type, distribution channel, technology, and region:
Smart Toys, Product Type Outlook (Revenue – USD Billion, 2019 – 2032)
- Interactive Games
- Educational Toys
Smart Toys, Distribution Channel Outlook (Revenue – USD Billion, 2019 – 2032)
Smart Toys, Technology Outlook (Revenue – USD Billion, 2019 – 2032)
Smart Toys, Regional Outlook (Revenue – USD Billion, 2019 – 2032)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa