Smart Toys Market to Reach $106.8 billion, Globally, by 2033 at 20.9% CAGR: Allied Market Research

Asia-Pacific is expected to witness the highest CAGR during the forecast period. This is attributed to the presence of a large growth in population in the region. Moreover, economic development, rise in disposable income, and growth in awareness regarding smart toys coupled with rapidly growing e-commerce in the region are collectively expected to drive the growth of the smart toys market in the region.

WILMINGTON, Del., Feb. 19, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Smart Toys Market by Type (Robots, Interactive Games, and Educational Robots), Technology (Wi-Fi, Bluetooth, RFID or NFC, and Others), and Distribution Channel (Offline and Online): Global Opportunity Analysis and Industry Forecast, 2024-2033." According to the report, the global smart toys market size was valued at $16.7 billion in 2023, and is projected to reach $106.8 billion by 2033, growing at a CAGR of 20.9% from 2024 to 2033.

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Drivers, restraints, and opportunities-

Rise in digital literacy across the developing regions is expected to boost the growth of the smart toys market during the forecast period. Increase in the penetration of smart hand-held devices coupled with the growth in penetration of the internet is expected to have a positive influence on the market growth. Moreover, the rise in expenditure on education for kids and the growth in the adoption of educational toys among parents in developing nations have fostered the demand for smart toys.

Report coverage & details:

The interactive games segment to retain its dominance by 2033-

By type, the interactive games segment accounted for the highest share in 2023, garnering more than two-thirds of the global smart toys market revenue. This is attributed to the dynamic nature of the interactive games and the higher level of engagement and entertainment that they offer to the children. On the other hand, the educational robots segment would cite the fastest CAGR by 2033. Rise in the adoption of smart toys in pre-school is a major factor that is expected to boost the market growth during the forecast period.

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The Bluetooth segment to dominate by 2033.

By technology, the Bluetooth segment held the major share in 2023, generating more than two-fifths of the global smart toys market revenue. Bluetooth technology offers wireless connectivity, allowing the smart toys to connect seamlessly to smartphones, tablets, and dedicated controllers to enhance the overall experience of the toys. On the other hand, the others segment would portray the fastest CAGR of 22.9% from 2024 to 2033. The growing popularity of artificial intelligence-based toys and rising penetration of AR and VR technology in the smart toys industry are expected to drive the growth of this segment.

The offline segment to dominate by 2033.

By distribution channel, the offline segment accounted for nearly two-thirds of the global smart toys market revenue in 2023 and is projected to remain dominant by 2033. The huge penetration of offline stores such as brand outlets, specialty toy stores, supermarkets and hypermarkets, and departmental stores across the globe has resulted in the growth of offline sales channels in the smart toys market. The online segment, on the other hand, would portray the fastest CAGR of 22.3% from 2024 to 2033. This is attributed to the rapid growth in penetration of the internet and the growth in the adoption of smartphones across the globe, which provide easy access to online shopping platforms to people.

North America garnered the major share in 2023.

By region, North America generated more than two-fifths of the global smart toys market revenue in 2023 and is expected to dominate by 2033. The major drivers of the North American smart toys market include higher disposable income of the consumers, higher adoption or preference for technology-based products, increase in investments by the manufacturers in innovation and R&D, huge presence of smart toy manufacturers, and presence of high number of tech-savvy parents in the region. Asia-Pacific, however, would showcase the fastest CAGR of 22.2% from 2024 to 2033. The strong economic growth in developing nations such as India, China, and Indonesia have significantly contributed to the rise in the disposable income of consumers, which is positively impacting the growth of the smart toys market.

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Key players in the industry-

• Mattel, Inc.
• LEGO Group
• Hasbro, Inc.
• K'NEX Industries, Inc.
• Jakks Pacific, Inc.
• WowWee Group Limited
• Anki, Inc.
• Sphero, Inc.
• LittleBits Electronics, Inc.
• UBTECH Robotics, Inc.
• Fisher-Price, Inc.

The report analyzes these key players in the global smart toys market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report helps determine the business performance, operating segments, developments, and product portfolios of every market player.

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