Smart Toys Market to Record Growth at 16.5% CAGR During the Forecast Period 2023-2028

Posted on 2023-03-27 by researchinsights in Technology // 0 Comments

San Francisco, California , USA, Mar 27, 2023 — /EPR Network/ —

Smart Toys Industry Overview

The global smart toys market size was valued at USD 10.11 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 16.5% from 2021 to 2028.

A rise in the middle-class population, coupled with the rising smartphone penetration, is a major factor fueling the market growth in the forecast period. Furthermore, the increasing awareness regarding smart toys through tablets, smartphones, and social media platforms is encouraging customers to adopt technology-led toys.

The Covid-19 pandemic has impacted the toy industry owing to the rising cases and disruption in the supply chain. Additionally, labor restraints impacted the demand for smart toys in the early months of the pandemic. During the pandemic, the support of social media platforms and the influence of the TV and media industry supported the industry growth.

Gather more insights about the market drivers, restraints and growth of the Global Smart Toys Market

Key players like Hasbro are introducing television series and videos based on famous movies such as Frozen and Mulan. Key players in the industry are increasing the adoption of e-commerce and social media platforms to expand their consumer base. The growing importance of education-based learning is acting as an opportunity for key players to introduce learning toys equipped with technologies such as IoT and Artificial Intelligence (AI).

Key players operating in the smart toys industry have also optimized the use of online retailing by providing discounts and offers to consumers to increase revenue. For instance, as per Spielwarenmesse, a fair organizer has reported that several independent retailers during the pandemic shifted to online operations to survive during the pandemic.

Browse through Grand View Research’s Electronic & Electrical Industry Related Reports

White Noise Machine Market – The global white noise machine market size product type was valued at USD 1,389.1 million in 2022 and is expected to register a CAGR of 6.2% from 2023 to 2030.
Smart Shower Market – The global smart shower market size was valued at USD 1.11 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 11.8% from 2023 to 2030.

Smart Toys Industry Segmentation

Grand View Research has segmented the global smart toys market based on product, distribution channel, and region:

Smart Toys Product Outlook (Revenue, USD Million, 2016 – 2028)

Interactive Games
Robots
Educational Robots

Smart Toys Distribution Channel Outlook (Revenue, USD Million, 2016 – 2028)

Online
Offline

Smart Toys Regional Outlook (Revenue, USD Million, 2016 – 2028)

North America
Europe
Asia Pacific
Central & South America

MEA (Middle East & Africa)

Key Companies profiled:

Some prominent players in the global Smart Toys Industry include

Playmobil
Pillar Learning
Sega Toys Co. Ltd.
LeapFrog Enterprises Inc.
Mattel Inc.
Hasbro Inc.
Lego System A/S
Robofi LLC
Tomy Co. Ltd.
Doctor’s Associates Inc.

Order a free sample PDF of the Smart Toys Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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