Global Connected Toys Market size is expected to reach US$ XX Mn. by 2026 from US$ XX Mn. in 2019, at a CAGR of 14% during the forecast period.
The report covers the detailed analysis of the global connected toys industry with the classifications of the market on the basis of an interactive device, technology, age group, distribution channel, and region. Analysis of past market dynamics from 2016 to 2019 is given in the report, which will help readers to benchmark the past trends with current market scenarios with the key players' contribution in it.
The report has profiled major key players in the market from different regions. However, the report has considered all market leaders, followers, and new entrants with investors while analyzing the market and estimating the size of the same. The manufacturing environment in each region is different and focus is given on the regional impact on the cost of manufacturing, supply chain, availability of raw materials, labor cost, availability of advanced technology, trusted vendors are analyzed and the report has come up with recommendations for a future hot spot in North America region.
Global Connected Toys Market Dynamics
Increased adoption of STEM toys to drive the market
The adoption of STEM toys for the development of critical problem-solving skills, thinking, and creativity is expected to drive the market during the forecast period. STEM toys are specifically designed to encourage healthy cognitive development, and specifically sharpen a child’s independence and ability to overcome challenges. Many toys in this category present youngsters with various perceived challenges and problems that the child must work out in order to win the game. Connected toys also help children to teach the basics of coding and build skills in math, drawing, spelling, creative etc.
Security and Privacy concerns to restrain the market
Parents are increasingly concerned about online privacy for their children. The use of connected toys includes the risk of data breach and private information about the child. Toy companies are not taking responsibility for these privacy and security failures. Instead, they’re using complicated terms and conditions to shift responsibility to consumers and in the case of children to their parents, which is expected to restrain the growth of the market.
Global Connected Toys Market Segment Analysis
According to the report 8-12 years old age group is expected to hold the largest market share of the global connected toys market by 2026. Connected toys are highly adopted by the 8-12 years old kids due to the interest in taking part in fast-paced games, play musical instruments, use tablets etc.
However, STEM toys help kids to build complicated problem-solving skills and demonstrate their personality. Toys for 8-12 years children are specifically developed to boost their IQ, enhance the development of problem-solving skills, creativity, and help to learn about the world around them.
North America is expected to witness the highest growth during the forecast period
North America dominated the global connected toys market in 2019 and expected to continue its dominance during the forecast period at a CAGR of XX%. The dominance is attributed to the increased adoption of smartphones, tablets, and digital devices by children in countries like the US and Canada.
However, the rapid adoption of AI, ML, and Voice & speech recognition enabled connected toys is expected to boost the market growth in North America. Other factors like availability of skilled workers, favorable environment for innovation, and high funding opportunities is expected to fuel the growth in the connected toys market.
The objective of the report is to present a comprehensive analysis of the global connected toys market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language.
The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, SWOT, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding global connected toys market dynamics, structure by analyzing the market segments and project global connected toys market clear representation of competitive analysis of key players by price, financial position, by detection and equipment portfolio, growth strategies, and regional presence in the global connected toys market make the report investor’s guide.
Global Connected Toys Market scope:
Global Connected Toys Market, by Region
• North America
• South America
• Middle East & Africa
Global Connected Toys Market Key Players
• Hasbro Inc.
• K’NEX Industries Inc.
• Leka Inc.
• Mattel Inc.
• Sony Corporation
• Sphero Inc.
• The Lego Group
• Wonder Workshop
• BANDAI NAMCO
• DXTR Labs
• Tech EdVentures
• Makeblock Co. Ltd.
• JAKKS Pacific
• Moose Toys
• Spin Master
• VTech Holdings Ltd.
• Giochi Preziosi
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