The global Connected Toys Market size is projected to grow from USD 9.3 billion in 2023 to USD 24.1 billion by 2028, at a CAGR of 20.7% during the forecast period, according to a new report by MarketsandMarkets™. Widespread internet access and the proliferation of smart devices will drive the connected toys market. Also, increasingly tech-savvy parents and children seek toys that offer educational content, interactive features, and seamless integration with digital devices, boosting the demand for connected toys.
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Connected Toys Market Dynamics:
Drivers:
- Rise in double-income households need for monitoring and tracking toy devices.
- Inclination of children toward more interactive and self-engaging toys
Restraints:
- Connected toys raising issue for privacy concerns.
Opportunities:
- Increasing awareness of internet and technology.
- Increasing R&D spending on robots and toys
List of Key Players in Connected Toys Market:
· Mattel (US)
· Hasbro (US)
· LEGO (Denmark)
· Sony (Japan)
· VTech (Hong Kong)
· UBTECH (China)
· DJI (China)
· iRobot (US)
· Sphero (US)
· Digital Dream Labs (US)
· Pillar Learning (US)
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By age group, the 9-12 years segment has the highest growth rate during the forecast period.
The adoption of connected toys among teenagers is driven by factors such as their familiarity and comfort with technology as digital natives, and Teenagers are part of the digital-native generation, highly familiar with and comfortable using technology. Connected toys align with their tech-savvy lifestyles, offering a bridge between the physical and digital worlds. It also offers educational content or opportunities for skill development, which can be attractive to teenagers seeking to learn and improve in a specific area. They interact with the screen as they play and learn.
By interfacing devices, the smartphone/tablet segment holds the highest market share during the forecast period.
The widespread ownership of smartphones and tablets has created a large and diverse user base, making these devices a convenient and accessible platform for connected toy manufacturers. The ubiquity of smartphones and tablets ensures that connected toys can easily reach a broad audience of consumers, including children, parents, and tech-savvy individuals.
North America has the highest market share during the forecast period.
The tech-savvy population in North America, characterized by a strong affinity for digital devices and experiences, is a key driver for the connected toys market. Connected toys cater to this digital lifestyle, offering interactive and engaging play options that resonate with children and teenagers in the region. Also, the region's expertise in advanced technologies contributes to developing cutting-edge, connected toys, keeping North American consumers at the forefront of interactive play experiences.
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