Smart Toys Market Anticipated Forecast 2028 In Key Regions
Smart Toys Industry Overview
The global smart toys market size was valued at USD 10.11 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 16.5% from 2021 to 2028.
A rise in the middle-class population, coupled with the rising smartphone penetration, is a major factor fueling the market growth in the forecast period. Furthermore, the increasing awareness regarding smart toys through tablets, smartphones, and social media platforms is encouraging customers to adopt technology-led toys.
Gather more insights about the market drivers, restrains and growth of the Global Smart Toys Market
The Covid-19 pandemic has impacted the toy industry owing to the rising cases and disruption in the supply chain. Additionally, labor restraints impacted the demand for smart toys in the early months of the pandemic. During the pandemic, the support of social media platforms and the influence of the TV and media industry supported the industry growth.
Key players like Hasbro are introducing television series and videos based on famous movies such as Frozen and Mulan. Key players in the industry are increasing the adoption of e-commerce and social media platforms to expand their consumer base. The growing importance of education-based learning is acting as an opportunity for key players to introduce learning toys equipped with technologies such as IoT and Artificial Intelligence (AI).
Key players operating in the smart toys industry have also optimized the use of online retailing by providing discounts and offers to consumers to increase revenue. For instance, as per Spielwarenmesse, a fair organizer has reported that several independent retailers during the pandemic shifted to online operations to survive during the pandemic.
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Market Share Insights
- December 2020: Lego Group announced to open its first Lego retail store in Salt Lake City in Utah, the U.S. The store provides immersive experiences for the customers with the inclusion of a wide range of toys.
- February 2018: Hasbro entered into an agreement with Netflix to create play experiences for kids based on the Netflix show super monster. The agreement will help the company to produce a wide range of toys under the Playskool brand.
Key Companies profiled:
Some prominent players in the global smart toys market include
- Playmobil
- Pillar Learning
- Sega Toys Co. Ltd.
- LeapFrog Enterprises Inc.
- Mattel Inc.
- Hasbro Inc.
- Lego System A/S
- Robofi LLC
- Tomy Co. Ltd.
- Doctor’s Associates Inc.
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