Global Connected Toys Market: Overview
Gone are the days when monopoly or a game of building a LEGO spaceship could hold children’s attention. Interactive tech toys or connected toys are a reality that most kids see as a given. A recent study concluded that 90% kids under the age of 2 know how to use a tablet/smartphone.
But, connected toys are not just for the pleasure of kids. They are also gaining popularity among parents who see these as a means to monitor their children while away. For instance, with toys like Teddy the Guardian, they can measure their babies’ temperature as well as heart rate.
Therefore, it should come as no surprise that the market for connected toys is expected to grow at an impressive CAGR.
Want to know what lies in store for the future of global connected toys market? Request Brochure
Global Connected Toys Market: Notable Developments
From board games to Iot-based games, children’s play world has transformed in more ways that could have been imagined just few years back. Participants on the consumer-end of the spectrum demand more from what children’s play thing contribute to in their development. Here are some developments that may define the future of connected toys.
2018 – Facebook partnered with Sphero to utilize play for expanding education and making it more accessible. With more visibility in the classrooms and a favourable opinion created in the minds of parents and teachers alike, the move might create more receptivity in the connected toys market.
2019 – Mattel expanded its licensing agreement with Pixar Animation Studios to bring in fresh releases and epochal blockbusters into its fold. For instance, it made good of the opportunity created by capitalising on the deal in case of Toy Story 4 by eking out 1% sales in its Q2. It is looking at making more from the market interactive play experiences in the coming period.
2020 – Hasbro along with Sony plan on launching connected toys called Ghostbusters, ahead of the release of Ghostbusters 2020. This is similar to Mattel’s move in partnering with movie producers to snap up market share. The pattern discerned also shows that strategic partnerships and product developments remain the most important strategies in times to come.
Global connected toys market is partially fragmented. Major players include:
- Mattel (The United States of America)
- LEGO group (Denmark)
- Hasbro (The United States of America)
- Sphero (The United States of America)
- Sony (Japan)
- Leka (France)
Looking for customized insights to build your business for future? Ask for a Custom Research
Global Connected Toys Market: Key Trends and Drivers
- The toy industry is seeing a rise in the number of children and parents enchanted with the potential of internet of things which can successfully combine education with fun and also allows parents to keep a close watch. One such toy that keeps children hooked to Chemistry through the use of art and colours is Crayola Chemistry Set, a compilation of directions and guidelines to 50 science experiments.
- An increased adoption of Science, Technology, Engineering and Mathematics (STEM) toys is driving demand in a big way and the number of connected platforms are now facilitating it further. The year 2018 saw an increase of 23% in the sales of STEM toys. The toys make 1% of the United States’ toy industry.
Global Connected Toys Market: Geographical Analysis
An early adoption of initiatives for connected toys such as Artificial Intelligence, Machine Learning and voice and speech recognition is expected to help North America hold the largest chunk of the market. Another factor that helps the region have a high-powered grasp on global connected toys market share is availability of funding opportunities, broad consumer base. The positive environment for innovation and availability of skilled workforce also contributes to the position.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets
- An objective assessment of the trajectory of the market
- Recommendations to companies for strengthening their foothold in the market
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.