From USD 9.3 Billion to USD 24.1 Billion: Connected Toys Market to...

From USD 9.3 Billion to USD 24.1 Billion: Connected Toys Market to Grow 20.7% Annually

Blogs IT, Cloud, Software and Technology

Posted 2024-09-19 15:54:03

538

According to a recent research report published by MarketsandMarkets, the Connected Toys Market is set to grow from USD 9.3 billion in 2023 to an impressive USD 24.1 billion by 2028, reflecting a Compound Annual Growth Rate (CAGR) of 20.7%. This dynamic growth is driven by widespread internet access, the increasing adoption of smart devices, and the growing demand for toys that offer educational content and interactive experiences. As more parents and children seek seamless integration with digital platforms, connected toys are fast becoming a key segment in the global toy industry.

Key Growth Drivers in the Connected Toys Market

1. Widespread Internet Access and Smart Device Proliferation

With the proliferation of high-speed internet and smart devices, the connected toys market is poised for significant growth. Parents and children alike are embracing toys that can be controlled and enhanced via smartphones, tablets, and other digital devices. These toys provide an engaging and interactive experience that mirrors the digital world children are growing up in.

2. Growing Demand for Educational and Interactive Toys

Tech-savvy parents are increasingly looking for toys that go beyond entertainment, focusing on educational content and skill development. Connected toys offer children opportunities to learn while they play, fostering creativity, problem-solving, and critical thinking. With the rise of STEM-based education, toys that merge physical and digital play have seen a surge in demand.

3. High Adoption Among Digital-Native Teenagers

Teenagers, who are part of the digital-native generation, represent a growing segment in the connected toys market. Comfortable with technology and eager for interactive, tech-driven experiences, this age group is drawn to toys that blend learning with entertainment. As a result, the 9-12 years age group is expected to see the highest growth during the forecast period.

Download PDF Brochure : https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=38031230

Market Segmentation Highlights

1. By Age Group: Strong Growth Among 9-12 Year Olds

The report highlights that the 9-12 years segment is expected to see the highest growth rate during the forecast period. This age group is particularly drawn to toys that offer both fun and educational value, such as coding kits, interactive robots, and digital learning platforms. These toys not only entertain but also provide valuable skills, such as programming and problem-solving.

2. By Interfacing Device: Dominance of Smartphones and Tablets

Smartphones and tablets hold the largest market share among interfacing devices for connected toys. With the ubiquity of these devices, manufacturers can easily reach a wide range of consumers. From remote control features to augmented reality applications, connected toys offer a highly interactive experience for children and parents alike.

3. By Region: North America Leads the Market

North America is projected to hold the highest market share during the forecast period. The region’s tech-savvy population and strong adoption of advanced technologies make it a fertile ground for the connected toys market. With a focus on innovative, interactive play, North American consumers are driving demand for cutting-edge connected toys.

Key Players in the Connected Toys Market

Major players in the connected toys market include household names such as Mattel (US), Hasbro (US), LEGO (Denmark), and VTech (Hong Kong). These companies are leading the charge in developing toys that cater to the digital generation. Other notable players include DJI (China), Sony (Japan), and iRobot (US), which are bringing new innovations in robotics, AI, and augmented reality to the connected toys space.

The market is also seeing growth from new entrants and smaller companies such as PlayShifu (India), Miko (India), and ROYBI (US), which are offering unique, tech-driven products aimed at improving children’s learning experiences. These players are leveraging partnerships, collaborations, and cutting-edge product development to expand their presence in the market.

Opportunities and Challenges Ahead

The connected toys market is ripe with opportunities as technology continues to evolve. However, challenges such as data privacy concerns, the potential for over-reliance on digital devices, and the need for robust cybersecurity measures must be addressed. Parents and regulators alike are focused on ensuring that connected toys remain safe and secure for children to use.