The connected toys market size is projected to grow from USD 8.0 billion in 2022 to USD 20.7 billion by 2027, at a CAGR of 20.9% during the forecast period. The adoption rate of connected toys is increasing due to shift toward two-working-parent households, that giving rise to need for monitoring and tracking toy devices. Connected toys enable parents and families to monitor and participate in the childrens development by delivering information that allows parents to comprehend the activities better their children are engaged in and construct links from play to parent-child dialogues
Various globally established players such as Mattel (US), Hasbro (US), LEGO (Denmark), Sony (Japan), and VTech (Hong Kong) are dominating the connected toys market. These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions, to expand their footprint in the connected toys market.
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Mattel offers Mattel Fisher-Price, smart connect deluxe soother that is Smart Connect Deluxe Soother is used to develop calm and comfortable environment with soothing lights, gentle music, and songs. The device can be controlled and managed through Smart Connect App. In July 2022, Mattel has announced multi-year agreement with SpaceX to develop collectibles and toys for children. In December 2020, The company has launched Disney Toy Story 4 that helps children to recreate the DisneyPixar Toy Story 4 and create new stories with little people figure pack.
Another important player in the connected toys market is LEGO one of the world’s leading manufacturers of play materials. The company’s focus has always been on providing children with fun and engaging play materials of the highest quality and safety. In August 2022, LEGO Group has teamed up with artist Hebru Brantley to install Fly Away Isles and create an innovative, playful experience for children. In April 2019, The LEGO Foundation and LEGO Group teamed up with blind associations to pilot LEGO Braille Bricks to help teach Braille to visually impaired children.
Connected Toys Market by Application (Education, Entertainment, Other Applications), Age Group (1 -5 Years, 6 -8 Years, 9-12 Years, 13-19 Years), Interfacing Device (Smartphone/Tablet and PC/Laptop) and Region - Global Forecast to 2027
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