CHICAGO, Sept. 22, 2022 /PRNewswire/ -- Connected Toys Market size is projected to grow from USD 8.0 billion in 2022 to USD 20.7 billion by 2027, at a CAGR of 20.9% during the forecast period, according to a new report by MarketsandMarkets.
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By age group, 9-12 years segment to have highest growth rate during forecast period
Kids aged 9-12 years love to participate in fast-paced games, play musical instruments, use tablets, and listen to music. STEM toys and games that allow children to use complicated problem-solving skills to build robots are also popular. For instance, Osmo Genius Kit by Osmo helps kids to make great use of time. This award-winning toy turns the iPad into a fun, hands-on teaching machine and helps build skills in math, language and vocabulary, creative thinking, and drawing. It helps adjust the children's skill levels and keeps them challenged and entertained. The Osmo Genius Kit contains game pieces and a base that allows them to interact with the screen as they play and learn.
By interfacing device, smartphone/tablet segment to grow at highest CAGR during forecast period
The goal of the tablet is to help build core skills in mathematics, reading, science, music, problem-solving, logic, and creativity as kids go through the tutorials and learn independently. The demand for connected toys is rising due to its benefits for kids, working parents, and tutors, but it comes up with some privacy concerns. VTech, a company that produces tablets for children and develops smart connected toys for children, has faced the largest consumer data breach in which the personal information of almost approximately 5 million parents and more than 200,000 kids were hacked.
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Asia Pacific to have highest growth rate during forecast period
China, South Korea, and India are the major revenue-contributing countries for the Asia Pacific Connected Toys Market. The ongoing digital transformation in various industries including retail, mining, defense, aviation, and transportation and logistics in this region, has dragged the attention of education industry specialists to design smart learning products for kids. Children and parents alike well receive toys that combine learning and fun. eSports games have witnessed rapid growth on the Chinese mainland in recent years, and their development has fuelled the growth of the electronic and connected toy market.
Market Players
The major players in the Connected Toys Market are Mattel (US), The key market players profiled in the Connected Toys Market report include Mattel (US), Hasbro (US), LEGO (Denmark), Sony (Japan), VTech (Hong Kong), UBTECH (China), DJI (China), iRobot (US), Sphero (US), Digital Dream Labs (US), Pillar Learning (US), Wonder Workshop (US), TOSY Robotics (Vietnam), Workinman Interactive (New York), WowWee Group (Hong Kong), KEYi Technology (China), Miko (India), Makeblock (China), Smart Teddy (US), Intelino (US), Fischertechnik (Germany), Potensic (China), Mainbot (France), ROYBI (US), PlayShifu (India). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions, to expand their footprint in the Connected Toys Market.
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