The North America Smart Toys Market would witness market growth of 13.9% CAGR during the forecast period (2021-2027).
Toys and games are amusement items that come in a variety of shapes, sizes, and quality, including dolls, toy automobiles, skipping ropes, jigsaw puzzles, board games, and rattles. These toys contribute to a child's entire development by providing important values. Toys also assist children in developing their imagination and expressing their feelings. It also acts as a stress reliever and improves physical, social, and cognitive abilities. The popularity of multi-functional and interactive toys and games has fueled the development of the toys and games sector in recent years.
In most cases, the smart toy is controlled by software that is either incorporated in the firmware or loaded from an input device like a USB flash drive, Memory Stick, or CD-ROM. Smart toys often feature considerable multimedia capabilities, which can be used to give the toy a lifelike, animated, and synthetic personality. Amazing Amanda, Furby, and iDog are some commercial examples of smart toys. The Mego Corporation's 2-XL robot (2XL) was the first smart toy, released in the 1970s.
The rise in the awareness among people regarding the advantages of smart toys is attributed to the increasing demand for these toys from developed nations of the region such as the US and Canada. In addition, STEM education is becoming a crucial part of the mental growth of children. The increasing focus of the region toward providing adequate STEM education to children across the region is encouraging the utilization of smart toys across schools and households. Due to the increasing awareness about the importance of the STEM education, schools are also running DIY, or Do It Yourself, programs. This is enabling parents to add smart toys in DIY kits of their children.
The US market dominated the North America Smart Toys Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $6,435.7 million by 2027. The Canada market is anticipated to grow at a CAGR of 16.5% during (2021 - 2027). Additionally, The Mexico market would exhibit a CAGR of 15.5% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Smart Toys Market is Estimated to reach $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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