The global smart toys market size is expected to reach USD 34.13 billion by 2028, based on a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 16.5% from 2021 to 2028. The rise in disposable income, coupled with the growing demand for coding skills, is fueling the growth of the market. The growing importance of coding and STEM learning in schools and other organizations is propelling the demand for smart toys. The use of educational robots in classrooms for storytelling and play-to-learn interactive tablet toys help in delivering superior gaming and learning experience to students and players.
Key players in the market are utilizing TV media and famous cartoon characters to capitalize on branded content to improve the entertainment value. The inclusion of social media and OTT platforms provides companies in the market to garner a larger consumer base in the market. Dora the Explorer and Sesame Street are some of the famous cartoons that are interactive.
Further, key players like Mattel Inc. and Hasbro Inc. have reported an increase of 4% increase in revenue in the last quarter of 2020. The lockdown orders in several parts of the world led to the majority of time spent with family, thereby increasing the sales of board games and cards. Companies in the market 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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Smart Toys Market Report Highlights
- Based on product, the interactive games segment held the largest revenue share in 2020 due to the increasing internet penetration worldwide
- In terms of distribution channel, the offline segment held the largest revenue share in 2020 owing to the large presence of local manufactures and toy producers
- In 2020, North America held the largest revenue share owing to the increasing disposable income and rising demand for educational toys in classrooms
- Asia Pacific is anticipated to witness the fastest growth from 2021 to 2028. Rapid urbanization, rise in flexible income, and a promising demographic base are increasing the demand for toys in the region
Key Players & Market Share Insights
The key players in the smart toy industry depict a strong geographical presence. Key players in the industry are adopting e-commerce and social media platforms to expand their consumer base. Recent developments in the market primarily include new product launches, mergers and acquisitions, and the opening of new stores to increase customer reach. For instance, in 2020, Mattel Inc. partnered with Universal Brand Development to launch Netflix TV series based on Spirit Riding Free. The partnership is expected to aid Mattel to extend their range of toys in the Spirit Riding Free category.
In another instance, in 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. In 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. 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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