The Asia Pacific Smart Toys Market would witness market growth of 17.3% CAGR during the forecast period (2021-2027).
Sales of toys and games based on popular characters from cartoons, movies, and television shows have increased, contributing to the expansion of the toys and games business. Rapidly evolving consumer preferences and a growing population are two variables that are estimated to increase the demand for these toys. Additionally, adult consumers, as well as youngsters, are anticipated to enhance toy and game sales, particularly in areas such as action figures and accessories. Other factors driving demand for toys and games include the rising popularity of smart toys, rising desire for eco-friendly toys, and widespread adoption of free-to-play gaming.
China is continuously expanding its budget for the education sector of the country. In 2018, the Government of China spent 4% of the total GDP, which is 520 billion USD, of the country on its education sector. Moreover in 2018, the expenditure raised by 8.15% in comparison of 2017. The increasing government budget of various countries on the education sector would facilitate the penetration of the smart toys across this region.
The rising disposable income of consumers across various developing nations of the region is among the major factors accelerating the adoption of the smart toys across the region. In addition, nations like China and India are witnessing an increase in the child population. For instance, according to the Ministry of Health & Family Welfare, in India, 13% of the Indian population was aging between 0-6 years in 2011.
The China market dominated the Asia Pacific Smart Toys Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $2,106.8 million by 2027. The Japan market is estimated to witness a CAGR of 16.4% during (2021 - 2027). Additionally, The India market would experience a CAGR of 17.8% during (2021 - 2027).
Based on Product, the market is segmented into Interactive Games and Robots. Based on Distribution Channel, the market is segmented into Offline and Online. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Smart Toys Market is Projected to reach USD 24.2 Billion by 2027, at a CAGR of 15.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include LEGO Group (KIRKBI A/S), Mattel, Inc., Hasbro, Inc., Tomy Company, Ltd., VTech Holdings Limited, Pillar Learning, Geobra BrandstÄtter Stiftung & Co. KG, Sega Sammy Holdings, Inc. (Sega Toys Co., Ltd.), Primo toys, and Konami Holdings Corporation.
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