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Connected Toys Market Size, Analysis, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2024 – 2032
- Report ID: GMI4119
Connected Toys Market Size
Connected Toys Market size is poised to grow with a lucrative CAGR between 2024 and 2032, with the growing adoption of IoT and connected devices. Globally, both parents and children are increasingly inclining toward innovative technologies that blend education with playtime. This has resulted in the high acceptance rate of connected toys as they help parents always keep track of their children’s activity.
According to a news published in June 2023 in Financial Express, over the past nine years, there has been a substantial surge in exports within the Indian toy industry. Starting at $36.91 million in the fiscal year 2013-14, the export figures have notably climbed to $153.88 million by 2022-23, marking an impressive growth of 316% during this period.
Connected Toys Market Trends
There is increased adoption of science, technology, engineering, and mathematics (STEM) toys and the widespread acceptace of handheld devices and the internet. Besides, the introduction of more fun and interactive features in these toys, attributed to the consistent advances in the application programming interface (API), will further create a positive outlook for the worldwide connected toys industry.
However, the privacy concerns associated with internet-connected toys and their greater vulnerability to cyberattacks are expected to impact the market performance. Lately, several connected toy manufacturers have been accused of spying and undertaking deceptive practices. Moreover, the surging incidences of massive cloud failures in these devices have kept user security at stake.
Connected Toys Market Analysis
Based on mode of interface, the tablet-connected toys segment is likely to record significant gains through 2032, attributed to the rising adoption of tablets and the increasing number of internet users across the globe. Over the past few years, the use of tablets among children and young adults for gaming, education, and other purposes has grown exponentially.
Based on the distribution channel, the retailers segment is estimated to grow at a notable pace from 2024 to 2032, as local retail stores have access to a broader consumer base and ensure the availability of a wide range of premium and affordable products. Moreover, their strong supply chain and better understanding of consumer requirements will drive the market expansion.
Europe connected toys market is slated to generate notable revenues during the forecast period, owing to the ongoing developments in AI, ML, and voice & speech recognition technologies. The growing adoption of handheld devices among kids to have fun and interactive learning session will also stimulate the regional industry gains.
In the U.K., for example, the Information Commissioner Office’s (ICO) Age-Appropriate Design Code came into effect in September 2021. According to the ICO, one in five internet users in the country was under 18 years old. The code applies to applications, programs, connected toys and devices, online games, streaming services, social media platforms, and other services accessed by children which process personal data.
Connected Toys Market Share
Some of the leading companies in the connected toys industry include:
- Globally
- K'NEX Industries Inc.
- Lego Group
- Nintendo Co. Ltd.
- LeapFrog Enterprises Inc.
- Fisher-Price Inc.
- Mattel Inc.
- Tomy Company Ltd.
- VTech Electronics North America LLC.
- Jabil Inc.
- Kids II Inc.
- Melissa & Doug
- Little Tikes
- Hasbro Inc.
- Tru Kids Inc.
- Sphero Inc.
New, more improved, and technologically advanced toys for children are constantly entering the market as these companies focus on capitalizing on the product’s growing popularity.
Connected Toys Industry News
- In August 2023, Melissa & Doug, announced a new collection of enjoyable, purposeful, and nature-inspired toys in collaboration with the National Park Foundation.
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