The Global Connected Toys Market size is expected to reach $23.4 billion by 2028, rising at a market growth of 19.7% CAGR during the forecast period
NEW YORK, Nov. 24, 2022 /PRNewswire/ -- The Global Connected Toys Market size is expected to reach $23.4 billion by 2028, rising at a market growth of 19.7% CAGR during the forecast period.
On the basis of technology, the connected toys market is divided into Wi-Fi, Bluetooth, and other technologies. In 2021, the Wi-Fi segment recorded the highest revenue share in the connected toys market. These interactive toys use wireless connections to online databases to recognize sounds and images, as well as to recognize and respond to childrenâ€™s questions, instructions, and requests.
Interfacing Device Outlook
By interfacing device, the connected toys market is divided into smartphone/tablet, and PC/laptop. In 2021, the smartphone/tablets segment garnered a significant revenue share in the connected toys market. As children work through the tutorials & learn independently, the tablet aims to support the development of fundamental skills in mathematics, science, reading, problem-solving, music, logic, and creativity.
Distribution Channel Outlook
Based on distribution channel, the connected toys market is classified into online, and offline. In 2021, the offline segment witnessed the highest revenue share in the connected toys market. Toy vendors can communicate with their customers in a variety of ways through the offline distribution channel for linked toys. One of the most popular ways for suppliers of connected toys to get in touch with regional distributors and retailers is by taking part in trade exhibitions.
Region wise, the connected toys market is analyzed across North America, Europe, Asia Pacific and LAMEA. The North America region led the connected toys market with the maximum revenue share in 2021. The use of linked toys has grown significantly in the North American market, and this trend is predicted to continue throughout the forecast period. The existence of prominent players in the connected toy industry is anticipated to play a significant role in the marketâ€™s expansion.
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; LEGO Group (KIRKBI A/S) is the forerunner in the Connected Toys Market. Companies such as Mattel, Inc., Hasbro, Inc., VTech Holdings Limited are some of the key innovators in Connected Toys Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Hasbro, Inc., Mattel, Inc., LEGO Group (KIRKBI A/S), VTech Holdings Limited, ROYBI, Pillar Learning, Ubtech Robotics Corp. Ltd., PlayShifu, Sphero, Inc. and Mainbot SAS
Strategies Deployed in Connected Toys Market
Sep-2022: The LEGO Group came into a partnership with Food Panda, an online food and grocery delivery platform. This partnership aimed at expanding quick commerce for toys.
Jul-2022: Mattel teamed up with SpaceX, an American spacecraft manufacturer, space launch provider, and satellite communications corporation. Under this collaboration, Mattel & SpaceX would develop iconic toymaker products that inspire children & collectors alike to tap into their inner space explorer.
Jul-2021: VTech launched the 2021 Kidi Tech collection. By this launch, VTech continues to be at the forefront of innovation with its new collection, offering children the on-trend technology features they want in kid-friendly, age-appropriate devices.
Mar-2021: ROYBI partnered with Douglas Stewart EDU. a leading distributor with a focus on educational resources and technologies for the education marketplace. By this partnership, the ROYBI would implement its award-winning educational robot, Roybi Robot, to schools & educational institutions as well as expand its presence in the UK and Europe.
Feb-2020: ROYBI took over KidSense.AI, the leading speech recognition AI platform. This acquisition would enable Roybi Robot to offer the most powerful AI engine in language learning across the globe. The acquisition would support the brand portfolio enabling ROYBI to accelerate the development of additional languages along with maintaining privacy and accuracy for children globally.
Sep-2019: VTech released Kidi Star Dance, an innovative new toy that lets kids play games, learn popular moves & dance along with the music. The launch would be a part of VTechâ€™s Kidi line of electronics, which also includes the new KidiGo Walkie Talkies and Kidizoom Pixi.
Aug-2019: Sphero completed the acquisition of littleBits, a New York City-based startup. This acquisition aimed at building on each otherâ€™s strengths to become an even more massive player in the education space.
Apr-2019: UBTECH Robotics unveiled Star Wars fans, its first-ever humanoid robot inspired by the Marvel Cinematic Universe (MCU): the Iron Man MK50 Robot. This launch would mark UBTECHâ€™s entry into the world of connected play pairs advanced robotics with augmented reality (AR) with aim of giving kids & adults an exceptional superhero experience.
Nov-2018: PlayShifu introduced Orboot, a globe enhanced by Augmented Reality for kids learning. This launch enables children to explore the world beyond boundaries through the companion app, providing an immersive & interactive learning experience.
Aug-2018: Pillar Learning launched Codi, an AI interactive childrenâ€™s toy. This launch aimed at reducing childrenâ€™s daily screen time. Codi provides children with customized, interactive content & developmental support outside of the classroom.
Feb-2018: Hasbro partnered with Nickelodeon, the number-one entertainment brand for kids. This partnership aimed at designing a full PLAYSKOOL toy line, inspired by the series.
Scope of the Study
Market Segments covered in the Report:
â€¢ Other Applications
By Age Group
â€¢ Teenagers (13-19 years)
â€¢ 9-12 years
â€¢ 6-8 years
â€¢ 1- 5 years
By Interfacing Device
By Distribution Channel
â€¢ North America
o Rest of North America
o Rest of Europe
â€¢ Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
â€¢ Hasbro, Inc.
â€¢ Mattel, Inc.
â€¢ LEGO Group (KIRKBI A/S)
â€¢ VTech Holdings Limited
â€¢ Pillar Learning
â€¢ Ubtech Robotics Corp. Ltd.
â€¢ Sphero, Inc.
â€¢ Mainbot SAS
â€¢ Exhaustive coverage
â€¢ Highest number of market tables and figures
â€¢ Subscription based model available
â€¢ Guaranteed best price
â€¢ Assured post sales research support with 10% customization free
Read the full report: https://www.reportlinker.com/p06364433/?utm_source=PRN
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