Amey Godbole
The global connected toys market is expected to reach US$ 69.16 Bn by 2026, expanding at a CAGR of 14.1% during the forecast period from 2018 to 2026. The dramatic increase in the number of internet-connected devices including Internet of Things (IoT) has created numerous benefits for the consumers across the globe. Some of which include wearable technologies, smart thermostats, connected home security systems, etc. Similarly, in the recent past, children’s toys have evolved from simple, stuffed bears to connected toys.
Connected toys, also known as smart toys come in all shapes and sizes but all have some degree of connectivity allowing children to interact with the toy through a smart device. As the technology is evolving, children’s toys are already computerized and connected to the internet and will continue to evolve in the near future. Increase in number of internet users coupled with rising popularity of various hand-held devices like smartphones and tablets together are driving the awareness and growth of connected toys market worldwide.
Connected toys are everywhere these days and are becoming increasingly popular as they offer a varied range of opportunities and features to the children for interactive play and education. On the other hand, when a toy shift from being doll or an action figure to being a child’s interactive friend having a capability to accumulate personal data and offer external information, it becomes necessary to ensure that parents take security and privacy safeguards. Many connected toys have been found to lack sufficient security measures. As a result, lack of safety & security of these toys is expected to hinder the growth of connected toys market during the forecast period from 2018 to 2026.
Market Snapshot
App-enabled Mechanical Toys & Drones accounted for the Largest Market Share in 2017
In 2017, based on product type, app-enabled mechanical toys & drones exhibited largest market share in the global connected toys market. The segment expected to grow at a significant rate in the years to come. Advances in application programming interface (API) for connected toys is expected to enhance the market growth in the coming years. The trend shall prolong as market continues to evolve, offering notable growth opportunities during the forecast period from 2018 to 2026.
North America held Largest Market Share in 2017
The connected toys market, based on geography was led by North America in 2017 and is expected to remain dominant throughout the forecast period from 2018 to 2026. A growing number of devices in American households, including security systems, television, heating and cooling devices and connected toys rely on the internet connectivity to perform a range of functionalities. Increasing adoption of smart technologies in the region is expected to boost the growth of connected toys market in the years to come.
Competitive Insights
Connected toys manufacturers are adopting strategies like partnerships and new product development to cater the needs of their customers and gain competitive edge over other players. For instance, in May 2018, Lego launched a new line of connected toy, known as Powered Up and also released its first set in the series: Batmobile, which gets controlled from pre-built remote interfaces on the companion Powered Up iOS/Android app. Powered Up line consists multiple products that differ in complexity, instead of one set that can be used in building multiple things. Some of the sets might be battery-powered only, while others can be app-controlled or remote-controlled.
The major players in the global connected toys market include Sphero, Hasbro, Sony Corporation, KidsII Inc., Playmobil, Fisher-Price, Inc., The Lego Group, Mattel Inc., K’NEX Industries Inc., LeapFrog Enterprises, Inc., Tomy Company, Ltd., and Jakks Pacific, Inc. among others.
Historical & Forecast Period
2016 – Historical Year
2017 – Base Year
2018 - 2026 – Forecast Period
The research report presents the analysis of each segment from 2016 to 2026 considering 2017 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segments calculated for the forecast period from 2018 to 2026.
Amey Godbole (Editor)
Amey Godbole is a Senior Research Analyst working with Credence Research since its inception. He has an experience of market research in the fields of E-commerce, Information Technology (IT) Services & Solutions and Electronics segments. Amey has completed B.E. with specialization in Electronics & Telecommunication from University of Mumbai and MBA in Marketing.
Contact:
Email: Amey@industrynewsupdate.com
Mo. No. 919719670423
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