SAN FRANCISCO, Jan. 24, 2022 /PRNewswire/ -- 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 Insights & Findings from the report:
- 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
Read 80 page market research report, "Smart Toys Market Size, Share & Trends Analysis Report By Product (Interactive Games, Robots, Educational Toys), By Distribution Channel (Online, Offline), By Region, And Segment Forecasts, 2021 - 2028", by Grand View Research
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.
Grand View Research has segmented the global smart toys market based on product, distribution channel, and region:
- Smart Toys Product Outlook (Revenue, USD Million, 2016 - 2028)
- Interactive Games
- Educational Robots
- Smart Toys Distribution Channel Outlook (Revenue, USD Million, 2016 - 2028)
- Smart Toys Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
- South Africa
List of Key Players of Smart Toys Market
- 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.
Check out more studies related to toys and games, published by Grand View Research:
- Toys And Games Market – The global toys and games market size was valued at USD 275.75 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.0% from 2021 to 2028. The industry is expanding as a result of numerous causes, including parents' increased interest in green toys, the resurgence of conventional toys and video games, awareness of the cognitive benefits of building toys, and the exponential expansion of mobile-based gaming.
- Construction Toys Market – The global construction toys market size was valued at USD 10.40 billion in 2018. Increasing recognition of the benefits associated with construction toys in the cognitive development of kids is expected to drive the market.
- Stuffed Animal & Plush Toys Market – The global stuffed animal & plush toys market size was valued at USD 7.98 billion in 2018 and is anticipated to expand at a CAGR of 7.61% over the forecast period of 2019 to 2025. Growing target population across the globe is expected to propel the market growth.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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