Global Smart Toys Market Report and Forecast 2023-2028

Global Smart Toys Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global smart toys market reached a value of USD 11.8 billion in 2022. Aided by the evolving nature of interactive play and the integration of advanced technologies in toy manufacturing, the market is projected to further grow at a CAGR of 9.37% between 2023 and 2028 to reach a value of USD 21.5 billion by 2028.

Smart toys, embodying a fusion of traditional play elements with modern technology, offer a dynamic play experience by interacting directly with the user or through a smart device. These toys often incorporate sensors, artificial intelligence, and interactive features to engage the user. Smart toys range from robots and interactive dolls to drones, each designed to educate, entertain, and sometimes even assist in the developmental stages of children.

The impetus driving the global smart toys market demand hinges on the exponential growth of technology and its increasing accessibility to younger generations. As the digital era evolves, the boundaries between digital interaction and physical play are blurring, leading to an escalated demand for smart toys. The educational sector, seeing the potential of these toys in cognitive development, has further added fuel to the market growth.

The rise of augmented and virtual reality has paved the way for innovative toy designs, enriching the play experience manifold, thus adding value to the smart toys market size. Toys with AR capabilities allow children to interact with digital elements in a real-world setting, enhancing both fun and learning. On the flip side, virtual reality toys offer immersive experiences, transporting kids to fantastical worlds, ensuring both entertainment and educational value.

Moreover, the surge in IoT (Internet of Things) integration has made smart toys more interactive than ever. Toys connected to the internet can receive updates, evolve as per the child's usage patterns, and offer a customised play experience. While this offers an unprecedented level of engagement, it also brings parental controls to the forefront, ensuring child safety in digital interactions.

Consumer trends also play a pivotal role in steering the market trajectory. With increasing disposable incomes and the prevailing notion of 'tech-forward' parenting, parents are more inclined to invest in toys that offer both fun and foundational learning. This shift in consumer behaviour, coupled with the ubiquity of smart devices, has cemented the position of smart toys in the modern toy market.

Additionally, collaborations between tech giants and toy manufacturers are set to redefine the smart toys market outlook. These partnerships are yielding toys with enhanced capabilities, better user interfaces, and improved safety features.

Market Segmentation

The market can be divided based on product, distribution channel, and region.

Market Breakup by Product

• Interactive Games
• Robots
• Educational Toys (Robot)
• Others

Market Breakup by Distribution Channel

• Offline
• Online

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global smart toys market. Some of the major players explored in the report by Expert Market Research are as follows:

• Mattel, Inc.
• LeapFrog Enterprises, Inc.
• TOMY Company, Ltd.
• RoboFi LLC
• Pillar Learning
• Particula
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.