Smart Toys Market size is expected to reach USD 34.13 billion by 2028

 Smart Toys Industry Overview

The global smart toys market size is expected to reach USD 34.13 billion by 2028, based on a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 16.5% from 2021 to 2028. The rise in disposable income, coupled with the growing demand for coding skills, is fueling the growth of the market. The growing importance of coding and STEM learning in schools and other organizations is propelling the demand for smart toys. The use of educational robots in classrooms for storytelling and play-to-learn interactive tablet toys help in delivering superior gaming and learning experience to students and players.

 

Smart Toys Market Segmentation

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

Based on the Product Insights, the market is segmented into Interactive Games, Robots, Educational Robots

  • The interactive games segment held the largest revenue share of over 85.0% in 2020 owing to the growth of edutainment services, coupled with high smartphone penetration. Interactive games are a fun way to learn and explore creative knowledge in a new way. 
  • The educational robots segment is anticipated to expand at the fastest CAGR over the forecast period. Smart robot toys are useful for boosting creativity, problem-solving ability, communication, and teamwork. These robots are usually operated through remote control or can be operated through a smartphone or a tablet. 

 

Based on the Distribution Channel Insights, the market is segmented into Online and Offline

  • The offline channel segment accounted for the largest revenue share of over 60.0% in 2020. The changing landscape for distribution channels has increased the competition among both online and offline retailers. Consumers opting for smart toys are demanding immersive experiences from brands. One of the key players in the smart toy industry, Hasbro is partnering with retailers such as Target and Walmart to expand its business. The company is also utilizing its warehouse in the Midwest U.S. to reduce delivery and trucking mileage.
  • The online segment is expected to register the fastest CAGR of 17.0% over the forecast period. E-commerce channel provides consumers with several options. During the pandemic, the sales of educational toys were affected and several toymakers had to shift their operations virtually. The availability of toys online allows key players to diversify by adopting social advertising of their products and utilizing TV media to cater to a larger consumer base. Parents now have the option of comparing prices and the online channel gives the ability to choose between different retailers.

 

Smart Toys Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Central & South America
  • Middle East & Africa

 

Key Companies Profile & Market Share Insights

The key players in the smart toy industry depict a strong geographical presence. Key players in the industry are adopting e-commerce and social media platforms to expand their consumer base. 

Some prominent players in the global smart toys market 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. 

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