The Smart Toys Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Smart Toys Global Market Report 2024, The smart sports equipment market size has grown strongly in recent years. It will grow from $3.86 billion in 2023 to $4.12 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to rise in participation in sport, increased awareness about health and wellness, e-commerce growth, rise in internet pentration, rise in esports.
The smart sports equipment market size is expected to see strong growth in the next few years. It will grow to $5.63 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to increasing demand for tracking fitness and athletic performance, rise in disposable income, rising participation in recreational activities, economic growth. Major trends in the forecast period include wearable health monitoring, augmented reality (ar) in training, esports and virtual sports integration, enhanced safety features, accessibility and inclusivity.
The increase in awareness of technology-led education in the smart toys market is expected to propel the growth of the smart toys market in the forecast period. Technology-led education refers to the integration of instructional technology into the learning environment of schools. This type of technology education will make learning fun and help children to learn more. Education value associated with such toys has increased participants to introduce more e-learning technologies with more advanced voice recognition features and hardware sensors that make the product more intelligent, interactive, and dynamic. E-learning is one of the biggest revolutions in the smart toys Industry. For instance, in the year 2021, according to think impact.com, an Australia-based non-profit organization, nearly 75% of schools are planning to operate online, 57% of all US students were equipped with digital tools, and 80% of schools have purchased or are preparing to purchase additional technology for students. An increase in awareness of technology-led education will help the children increase IQ and promote problem-solving skills. Thus due to an increase in technology-led education, there will be growth in the smart toys market.
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The smart toys market covered in this report is segmented –
1) By Technology: Wi-Fi, Bluetooth, Other Technologies (NFC And RFID)
2) By Distribution Channel: Online Market, Speciality Stores, Toy Shops
3) By Type: Robots, Interactive Games, Educational Robots
4) By Interfacing Device: Smartphone-Connected Toys, Tablet-Connected Toys, Console-Connected Toys, App-Connected Drones
5) By End User: Toddlers, Pre-Schoolers, School-Going, Stripling
Major companies operating in the smart toys market are developing technologically advanced products, such as artificial intelligence companions, to meet larger customer bases, more sales, and increase revenue. An AI companion, short for artificial intelligence companion, refers to a virtual or digital entity that uses artificial intelligence to engage with and assist users in various tasks, activities, or interactions. For instance, in April 2023, Toymint, a Canada-based provider of toys and children’s products, launched TeddyGPT. The innovative AI teddy chat offers an interactive, engaging, and educational experience designed for children and families. TeddyGPT represents a unique fusion of a physical toy’s charm and the latest in artificial intelligence capabilities. This exceptional toy combines the enchanting appeal of a traditional teddy bear with advanced AI features, delivering an unparalleled interactive experience that encourages communication, companionship, and learning. Developed by OpenAI, TeddyGPT empowers this toy companion to comprehend and respond to a wide array of subjects, questions, and prompts, resulting in captivating conversations that stimulate children’s curiosity and creativity, surpassing the capabilities of ordinary toys.
The smart toys market report table of contents includes:
1. Executive Summary
2. Smart Toys Market Characteristics
3. Smart Toys Market Trends And Strategies
4. Smart Toys Market – Macro Economic Scenario
5. Global Smart Toys Market Size and Growth
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26. South America Smart Toys Market
27. Brazil Smart Toys Market
28. Middle East Smart Toys Market
29. Africa Smart Toys Market
30. Smart Toys Market Competitive Landscape And Company Profiles
Top Major Players:
- K’NEX Industries Inc.
- The Lego Group
- Mattel Inc
- Hasbro Inc
- AKKS Pacific Inc
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