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The SNS Insider report indicates that the Connected Toys Market Size was valued at USD 9.1 Billion in 2023, and is expected to reach USD 41.5 Billion by 2031 and grow at a CAGR of 20.9% over the forecast period 2024-2031.
Connected toys bridge the gap between traditional playtime and engaging digital experiences.
Connected toys represent an evolution in playtime, reacting to the growing presence of screens in children’s lives. These toys integrate interactive features similar to those found on digital displays, breathing new life into traditional playthings. For instance, the Povi toy utilizes machine learning to collect data and track content modules consumed by children, their ability to discuss specific topics, and overall engagement levels and listening skills, offering valuable insights for parents. This growth is fueled by the increasing awareness of the internet and technology, coupled with rising disposable income in both developed and developing economies. This fosters opportunities for connected toy vendors as parents become more comfortable with smartphone and tablet-based toys, understanding the educational and interactive benefits they offer. Higher disposable income, particularly in developed countries, allows parents to invest in tech-enabled smart toys, driving demand for connected toy providers.
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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
Segmentation Analysis
- By Age-Group:The 9–12-year-old segment is projected to witness the highest growth rate. This age group is comprised of “digital natives” who are highly comfortable and familiar with technology. Connected toys align perfectly with their tech-savvy lifestyles, offering a bridge between the physical and digital worlds.
- By Application:The market is divided between educational and entertainment applications. The educational segment is anticipated to exhibit significant growth as connected toys offer interactive learning experiences that can enhance traditional classroom learning.
- By Distribution Channel:Online stores are the leading distribution channel due to their convenience and wide product selection. However, specialty toy shops remain relevant as they offer in-person experiences and expert advice.
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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 in supply chains due to reliance on components and materials from the region have resulted in product shortages and price increases. Rising shipping, insurance, and other expenses further squeeze profit margins. The geopolitical uncertainty has hampered future planning, leading to delays or cancellations of new product launches. These factors contributed to a decline in the connected toys market in 2022, estimated at 2.5% according to reports. Mattel, the world’s largest toymaker, has experienced declining sales in Russia and Ukraine and has been forced to raise prices due to rising costs.
The ongoing recession is also expected to significantly impact the connected toys market. Consumers with less disposable income are likely to decrease spending on non-essential items like connected toys. Manufacturers may raise prices further to compensate for rising materials and labor costs. Retail chains like Toys “R” Us and Hasbro have already reported declining sales of connected toys in 2023. A report by the NPD Group predicts a 2.5% decline in the US toy industry for 2023. Despite these challenges, opportunities still exist for connected toy companies in a recessionary environment. Parents may prioritize value and educational benefits, driving demand for connected toys that offer both entertainment and learning experiences.
Recent Developments
- In June 2023:Hasbro announced a global administration deal with Sony Music Publishing to support its entire portfolio of brands, including Peppa Pig, Transformers, and My Little Pony. This partnership will enhance the connected play experience by integrating popular music into Hasbro toys.
- In April 2023:Hasbro unveiled multi-year licensing agreements for co-branded toys and games. These deals involve iconic brands like Barbie (Monopoly) and Transformers (UNO and Hot Wheels). These collaborations will generate renewed interest in connected toys by combining established favorites with fresh play possibilities.
Key Regional Development: North America at the Forefront
The North American market is a leader in connected toy adoption and is expected to maintain its dominance. This is attributed to the region’s tech-savvy population, characterized by a strong affinity for digital devices and experiences. Connected toys cater perfectly to this lifestyle, offering interactive and engaging play options that resonate with children and teenagers. Furthermore, North America’s expertise in advanced technologies fuels the development of cutting-edge connected toys, ensuring North American consumers remain at the forefront of interactive play experiences.
Future Growth and Predictions
The future of connected toys is bright, with AI personalizing play, AR/VR creating immersive experiences, and a focus on mental and emotional well-being. Additionally, IoT connectivity will allow toys to interact with each other and the home environment, while subscription models will provide ongoing content and keep connected toys fresh and engaging.
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Key Takeaways
- The connected toys market is poised for significant growth driven by rising disposable income, tech-savvy populations, and the increasing awareness of internet and technology.
- Educational applications within the connected toys market are expected to experience notable growth due to their ability to enhance traditional learning methods.
- The ongoing Russia-Ukraine war and global recession pose challenges, including supply chain disruptions, rising costs, and declining consumer spending. However, opportunities exist for companies that prioritize value and educational benefits in their connected toys.
- North America is expected to remain the dominant market due to its tech-savvy population and advanced technological expertise.
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