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Connected Toys Market to Reach USD 41.5 Billion by 2031 Due to Increasing demand for Adoption of Augmented Reality & Virtual Reality Technologies

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The SNS Insider report highlights the potential of the connected toys market, estimating a value of USD 9.1 Billion in 2023 and a projected surge to USD 41.5 billion by 2031. This impressive growth signifies a Compound Annual Growth Rate (CAGR) of 20.9% over the forecast period 2024-2031.

Growing Demand for Interactive and Educational Play

The connected toys market is being propelled by a growing consumer preference for interactive and educational play experiences. These toys transcend traditional play by incorporating features that encourage active participation and response from the child. Many connected toys are multifunctional, serving as both playthings and learning tools. They may include features like games, storytelling, language learning, and interactive quizzes, making them appealing to both children and parents. Educational content and interactive features transform learning into a fun and engaging experience, allowing children to develop problem-solving skills, creativity, and critical thinking across various subjects. Additionally, parental control features provide peace of mind, enabling parents to manage their child’s interactions and restrict access to certain functionalities or content.

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 Major The Key Players of Connected Toys Market

Sphero Inc., Hasbro, Mattel, DJI, Wonder Workshop, Konami Holdings Corporation, Playmobil, K’NEX Industries Inc., TOSY Robotics, WowWee Group, and other players

Segmentation Analysis

The online distribution channel is poised for the highest CAGR within the connected toys market. This segment thrives on the convenience and broad accessibility offered by online platforms. Consumers can explore a vast array of products from various brands, benefit from exclusive offers, and enjoy direct-to-consumer approaches with global market access.

The smartphone/tablet segment is also anticipated to experience significant growth. The widespread usage and familiarity with smartphones and tablets make them ideal platforms for interactive play through companion apps. These devices offer versatility, personalized experiences, and seamless connectivity, ensuring connected toys remain engaging and up-to-date through real-time updates.

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Key Market Segments

By Age-Group

  • 1-5 years
  • 6-8 years
  • 9-12 years
  • 13-19 years

By Interfacing Device

  • Smartphones
  • Tablet
  • PCs
  • Laptop

By Application

  • Education
  • Entertainment

By Distribution Channel

  • Online Stores
  • Supermarket
  • Hypermarket
  • Specialty Toy Shops
  • Other Shops

Impact of Global Events

The Russia-Ukraine war has presented challenges for connected toy companies. Disruptions to supply chains, which often rely on components and materials from the region, have led to product shortages and price hikes. Rising shipping, insurance, and other expenses have further squeezed profit margins. The geopolitical uncertainty has also impacted future planning, causing delays or cancellations of new product launches. A report indicates a decline of 2.5% in the connected toys market for 2022, following a growth of 10.5% in 2021. Mattel, a leading toymaker, has acknowledged the war’s significant impact on its business, experiencing declining sales and rising costs.

An economic slowdown can also dampen the connected toys market. Consumers with reduced spending power may prioritize essential purchases over non-essential items like connected toys. However, the long-term outlook remains positive, with the market expected to recover as economic conditions improve.

Key Regional Developments

North America is expected to retain the largest market share throughout the forecast period. This dominance can be attributed to the region’s tech-savvy population, with a strong preference for digital devices and experiences. Connected toys cater perfectly to this digital lifestyle, offering interactive and engaging play options that resonate with children and teenagers. Furthermore, North America’s expertise in advanced technologies fosters the development of cutting-edge connected toys, keeping the region at the forefront of interactive play experiences.

Recent Developments

In June 2023: Hasbro signed a worldwide administration deal with Sony Music Publishing to support its entire brand portfolio, including Peppa Pig and Transformers. This strategic move strengthens Hasbro’s ability to leverage popular music within its connected toys and create engaging experiences for children.

Connected Toys Market
Connected Toys Market

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Key Takeaways

  • The connected toys market is flourishing due to the rising demand for interactive and educational play experiences.
  • The online distribution channel and smartphone/tablet segment are anticipated to witness the highest growth within the market.
  • Global events like the Russia-Ukraine war and economic slowdowns can pose challenges, but the long-term outlook for the connected toys market remains positive.
  • North America is expected to retain dominance due to its tech-savvy population and expertise in developing cutting-edge connected toys.

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