Connected Toys Market

Connected Toys Market Size & Share: Growing Key Trends

According to projections, the size of the connected toys market would increase at a compound annual growth rate of 20.7% from USD 9.3 billion in 2023 to USD 24.1 billion by 2028. The number of homes with two working parents is rising, which has raised demand for connected toys with tracking and monitoring features. The increasing use and appeal of linked toys can be attributed to this change in family dynamics.

The growth of the connected toys market is driven by several key factors:

  • Rapid Technological Advancements
  • Increasing Digitalization and Connectivity
  • Rising Disposable Income and Parental Spending
  • Shift in Consumer Preferences Towards Educational Toys
  • Expansion of IoT and Smart Home Ecosystems
  • Demand for Personalized and Interactive Play Experiences

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Rapid Technological Advancements:

  • Continuous innovation in technologies such as augmented reality (AR), virtual reality (VR), internet of things (IoT), artificial intelligence (AI), and voice recognition enhances the functionality and interactivity of connected toys.

Increasing Digitalization and Connectivity:

  • Growing internet penetration, smartphone adoption, and advancements in wireless connectivity enable seamless integration and interaction between connected toys and digital devices.

Rising Disposable Income and Parental Spending:

  • Higher disposable incomes and increasing spending on child development and education drive demand for educational and interactive connected toys that offer learning through play.

Shift in Consumer Preferences Towards Educational Toys:

  • There is a growing preference among parents for toys that combine entertainment with educational value, promoting skills such as problem-solving, creativity, and STEM (science, technology, engineering, and mathematics) learning.

Expansion of IoT and Smart Home Ecosystems:

  • Integration of connected toys into broader IoT and smart home ecosystems expands their functionality and appeal, allowing for remote control, monitoring, and personalized experiences.

Demand for Personalized and Interactive Play Experiences:

  • Connected toys offer personalized content, adaptive learning experiences, and interactive features that cater to the individual preferences and developmental stages of children.

Connected Toys Market Share - Global Industry Landscape

The leading companies in the Connected Toys industry and their key offerings include:

  • VTech (Hong Kong)
  • UBTECH (China)
  • iRobot (US)
  • Sphero (US)
  • Digital Dream Labs (US)

The connected toys market is a blend of established giants and innovative newcomers. Leading the pack are Mattel and Hasbro, leveraging their brand recognition. But hot on their heels are exciting names like Wonder Workshop and Sphero. These companies are all creating the future of play - tech-infused toys that combine physical play with engaging apps, keeping kids entertained and learning in the digital age.

VTech (Hong Kong):

  • Market Share: VTech is a prominent player in the educational toy market, particularly known for its interactive electronic learning products for children.
  • Key Offerings: VTech offers a wide range of toys including electronic learning tablets, interactive books, and developmental toys designed to enhance early childhood education and development.

UBTECH (China):

  • Market Share: UBTECH Robotics is a leading robotics and AI company in China, specializing in humanoid robots and AI-powered educational robots.
  • Key Offerings: UBTECH offers humanoid robots like Alpha series, educational robots like JIMU robot kits, and AI robots like Cruzr, focusing on integrating robotics with education and smart living solutions.

iRobot (US):

  • Market Share: iRobot is a global leader in consumer robots, particularly known for its robotic vacuum cleaners and floor mopping robots.
  • Key Offerings: iRobot's popular products include Roomba vacuum robots and Braava mopping robots, aimed at automating household chores and improving convenience for consumers.

Sphero (US):

  • Market Share: Sphero is recognized for its programmable robots and educational STEM toys that promote learning through play.
  • Key Offerings: Sphero offers robotic balls like Sphero Mini and Sphero Bolt, programmable robots like SPRK+ and RVR, and educational tools like Sphero Edu app, focusing on coding and robotics education.

Digital Dream Labs (US):

  • Market Share: Digital Dream Labs acquired the assets of Anki, a pioneer in consumer robotics, to continue support for Cozmo and Vector robots.
  • Key Offerings: Digital Dream Labs focuses on enhancing the functionality and educational value of Cozmo and Vector robots through software updates and new features, promoting interactive play and learning.

These companies each bring unique innovations and products to the market, catering to various segments such as educational toys, robotics, AI integration, and consumer robotics for home automation and entertainment.

Related Reports:

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

Connected Toys Market Size,  Share & Growth Report
Report Code
TC 7183
RI Published ON
7/26/2023
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