The Global Connected Toys Market size is expected to reach $23.4 billion by 2028, rising at a market growth of 19.7% CAGR during the forecast period.
Toys that are connected to the internet and use Bluetooth or WiFi to process functions are known as connected toys. A speaker, microphone, and app to process the data are typically included. In response to children's increasing access to screens, connected toys are changing traditional objects to include more of the appointment features that digital screens offer.
However, by taking advantage of this development, linked toys raise more concerns among parents and educators about children's use of reflexive digital technologies. With the help of connected toys, families and parents may actively participate in and closely monitor their children's development, generating data that will help parents better understand the events that their kids are involved in and create connections between play and parent-child discussions.
An increase in the number of parents and kids using the internet, which successfully combines education and entertainment while allowing parents to keep an eye on their children, is what drives market expansion. In addition, the market for connected toys is being driven by the growing popularity of technology, science, math, and engineering toys.
However, the market for linked toys is constrained by a lack of safety and security. On the other hand, increasing government restrictions to regulate security breaches and R&D investment in toys and robots offers an opportunity to push the market for connected toys.
The worldwide coronavirus outbreak had a significant negative impact on the world’s economy. Lockdowns have been imposed in numerous countries all over the world in an effort to halt the coronavirus's transmission and spread. This had a significant negative impact on the building toy industry's distribution networks, commerce, and growth. Additionally, the sale of toys on various e-commerce websites has surged since the COVID-19 pandemic, which could increase the need for more connected toys over the projection period.
Humans are now more connected than ever due to the Internet of Things. Today smartphones provide unlimited access to practically everything, including GPS, banking, social networking, everyday phone, and text communication, online shopping, and more. In the last ten years, technology has advanced beyond the screens. Most homes, automobiles, and children's toys all contain it. IoT devices have significant advantages for parents and careers.
Parents are looking for ways to get their kids interested in new physical activities because they are worried that they may get addicted to computers TV and cell phones. Kids may exercise their minds while also improving their creativity and social skills with the help of connected toys. Children can purchase modern connected toys from vendors, including IoT enabled car toys. Due to parents' increased focus on instilling in their children useful problem-solving and life skills, the market for technology enabled toys has grown.
More and more kids' toys are being sold with internet connectivity as a crucial component. The internet connection can be established with a wire that attaches to a computer or router, but it is more likely to be established using a wi-fi-enabled app on a smartphone or tablet. Since they have the ability to collect and handle personal data through features like cameras and microphones, connected toys and devices give rise to particular security concerns.
Based on application, the connected toys market is segmented into education, entertainment and other applications. The education segment dominated the connected toys market with maximum revenue share in 2021. Children's sensory-motor skill development is correlated with the use of educational toys. Young children's perception of sight is enhanced by bright, colorful lighting and music. This will help kids develop stronger personalities and communication skills.
On the basis of age group, the connected toys market is fragmented into 1- 5 years, 6-8 years, 9-12 years and teenagers (13-19 years). In 2021, the 9-12 years segment covered a significant revenue share in the connected toys market. Kids between the ages of 9 and 12 enjoy playing games, using tablets, playing musical instruments, and listening to music. Popular STEM-related games and toys let kids construct robots using complex problem-solving techniques.
On the basis of technology, the connected toys market is divided into Wi-Fi, Bluetooth, and other technologies. In 2021, the Wi-Fi segment recorded the highest revenue share in the connected toys market. These interactive toys use wireless connections to online databases to recognize sounds and images, as well as to recognize and respond to children's questions, instructions, and requests.
By interfacing device, the connected toys market is divided into smartphone/tablet, and PC/laptop. In 2021, the smartphone/tablets segment garnered a significant revenue share in the connected toys market. As children work through the tutorials & learn independently, the tablet aims to support the development of fundamental skills in mathematics, science, reading, problem-solving, music, logic, and creativity.
Based on distribution channel, the connected toys market is classified into online, and offline. In 2021, the offline segment witnessed the highest revenue share in the connected toys market. Toy vendors can communicate with their customers in a variety of ways through the offline distribution channel for linked toys. One of the most popular ways for suppliers of connected toys to get in touch with regional distributors and retailers is by taking part in trade exhibitions.
| Report Attribute | Details |
|---|---|
| Market size value in 2021 | USD 6.8 Billion |
| Market size forecast in 2028 | USD 23.4 Billion |
| Base Year | 2021 |
| Historical Period | 2018 to 2020 |
| Forecast Period | 2022 to 2028 |
| Revenue Growth Rate | CAGR of 19.7% from 2022 to 2028 |
| Number of Pages | 268 |
| Number of Tables | 523 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Interfacing Device, Distribution Channel, Technology, Age Group, Application, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region wise, the connected toys market is analyzed across North America, Europe, Asia Pacific and LAMEA. The North America region led the connected toys market with the maximum revenue share in 2021. The use of linked toys has grown significantly in the North American market, and this trend is predicted to continue throughout the forecast period. The existence of prominent players in the connected toy industry is anticipated to play a significant role in the market's expansion.
Free Valuable Insights: Global Connected Toys Market size to reach USD 23.4 Billion by 2028
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; LEGO Group (KIRKBI A/S) is the forerunner in the Connected Toys Market. Companies such as Mattel, Inc., Hasbro, Inc., VTech Holdings Limited are some of the key innovators in Connected Toys Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Hasbro, Inc., Mattel, Inc., LEGO Group (KIRKBI A/S), VTech Holdings Limited, ROYBI, Pillar Learning, Ubtech Robotics Corp. Ltd., PlayShifu, Sphero, Inc. and Mainbot SAS
By Application
By Age Group
By Technology
By Interfacing Device
By Distribution Channel
By Geography
The global Connected Toys Market size is expected to reach $23.4 billion by 2028.
Rising Working Women and Less Time to Take Care of Children Rising Need for Tracking Toy Devices are driving the market in coming years, however, Concerns about privacy are being raised by connected toys restraints the growth of the market.
Hasbro, Inc., Mattel, Inc., LEGO Group (KIRKBI A/S), VTech Holdings Limited, ROYBI, Pillar Learning, Ubtech Robotics Corp. Ltd., PlayShifu, Sphero, Inc. and Mainbot SAS
The PC/Laptop market is generating high revenue in the Global Connected Toys Market by Interfacing Device in 2021; thereby, achieving a market value of $14.8 billion by 2028.
The Teenagers (13-19 years) market is leading the segment in the Global Connected Toys Market by Age Group in 2021; thereby, achieving a market value of $8.7 billion by 2028.
The North America market dominated the Global Connected Toys Market by Region in 2021; thereby, achieving a market value of $8.5 billion by 2028.
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