The connected toys market size is projected to grow from USD 9.3 billion in 2023 to USD 24.1 billion by 2028, at a CAGR of 20.7% during the forecast period. The increasing prevalence of two working parents’ households has increased the demand for connected toys with monitoring and tracking capabilities. This shift in family dynamics has contributed to the growing popularity and adoption of connected toys.
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 is a major toy firm that designs, manufactures, and markets toys worldwide. The company aims to create innovative products and experiences that inspire, entertain, and develop children through play. It engages customers through its portfolio of iconic franchises, which include Barbie Signature, Hot Wheels Collectors, WWE, Jurassic World, Karma’s World, Fisher-Price, American Girl, UNO, Little People, Star Wars, and more. Mattel also offers film and television content, operates across 40 locations, and delivers its products in more than 150 countries in collaboration with the world's leading retail and technology companies, such as Walmart, Target, and Amazon.
Hasbro is a global play and entertainment company committed to creating the world’s best play experiences. The company uses its brand blueprint to focus on reinforcing storylines associated with several outlets, including television, motion pictures, and digital brands. It offers a variety of ways for audiences to experience its iconic brands, including NERF, My Little Pony, Transformers, Play-Doh, Monopoly, and Baby Alive, as well as premier partner brands. The company’s Hasbro Studios and Allspark Pictures, its film label, create entertainment brand-driven storytelling across various mediums, including televisions and films. Hasbro continues to focus on innovation and developing its world-class brand portfolio. Hasbro Studios continues to drive entertainment, and brand-driven storytelling for Hasbro across televisions, films, commercial productions, and short-form content. It develops, produces, and distributes TV shows to leading networks in more than 35 countries, globally.
Connected Toys Market by Application (Education, Entertainment), Age Group (1 -5 Years, 6 -8 Years, 9-12 Years, 13-19 Years), Interfacing Device (Smartphone/Tablet and PC/Laptop), Distribution Channel, Technology and Region - Global Forecast to 2028
Mr. Aashish Mehra
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