Connected Toys Market Size, Share with Focus on Emerging Technologies, Top Countries Data, Top Key Players Update, and Forecast 2028
The Connected Toys Market size is projected to grow from USD 9.3 billion in 2023 to USD 24.1 billion by 2028, at a CAGR of 20.7% during the forecast period. The increasing prevalence of two working parents’ households has increased the demand for connected toys with monitoring and tracking capabilities. This shift in family dynamics has contributed to the growing popularity and adoption of connected toys.
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By age group, the 9-12 years segment has the highest growth rate during the forecast period.
The adoption of connected toys among teenagers is driven by factors such as their familiarity and comfort with technology as digital natives, and Teenagers are part of the digital-native generation, highly familiar with and comfortable using technology. Connected toys align with their tech-savvy lifestyles, offering a bridge between the physical and digital worlds. It also offers educational content or opportunities for skill development, which can be attractive to teenagers seeking to learn and improve in a specific area. They interact with the screen as they play and learn.
By interfacing devices, the smartphone/tablet segment holds the highest market share during the forecast period.
The widespread ownership of smartphones and tablets has created a large and diverse user base, making these devices a convenient and accessible platform for connected toy manufacturers. The ubiquity of smartphones and tablets ensures that connected toys can easily reach a broad audience of consumers, including children, parents, and tech-savvy individuals.
Unique Features in Connected Toys Market:
Unique elements that were changing children’s play experiences were on display in the market for connected toys. Through connectivity, these toys enabled interactive and customised play thanks to their smooth integration with the Internet of Things (IoT).
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While some toys included augmented reality (AR) and virtual reality (VR) for immersive play, educational material and interactive aspects improved learning and engagement. Parental controls ensured safe usage while personalization and data collection for improvement were major features.
Connected toys promoted language development and cooperative play while frequently emphasising STEM education. Online communities and storytelling elements promoted interaction and creativity in a hybrid physical-digital play environment.
Major Highlights of the Connected Toys Market:
Significant developments in the market for connected toys were changing how kids play. With these toys, the Internet of Things (IoT) was effortlessly integrated, boosting play through connectivity and unique interactions.
With toys that responded to children’s actions, voices, or touches and encouraged creativity, interactive engagement was a significant focus. Many connected toys included instructional information that encouraged the development of the brain and problem-solving abilities.
Virtual and physical elements were blended to create immersive play experiences through the use of augmented reality (AR) and virtual reality (VR) technologies. Personalization played a crucial role in enhancing the play experience by tailoring interactions to a child’s interests and developmental stage.
In order to enhance user experiences and ensure parental controls and security measures for safe play, manufacturers gathered data. Children’s social involvement was enhanced through the encouragement of cooperation and multi-player interactions.
The development of language skills and exposure to STEM concepts were important components that improved learning while preserving the fun of play. Online communities and storytelling tools also improved participation and creativity.
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Top Key Companies in Connected Toys Market:
Various globally established players such as Mattel (US), Hasbro (US), LEGO (Denmark), Sony (Japan), and VTech (Hong Kong) are dominating the connected toys market. These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions, to expand their footprint in the connected toys market.
Mattel is a major toy firm that designs, manufactures, and markets toys worldwide. The company aims to create innovative products and experiences that inspire, entertain, and develop children through play. It engages customers through its portfolio of iconic franchises, which include Barbie Signature, Hot Wheels Collectors, WWE, Jurassic World, Karma’s World, Fisher-Price, American Girl, UNO, Little People, Star Wars, and more. Mattel also offers film and television content, operates across 40 locations, and delivers its products in more than 150 countries in collaboration with the world’s leading retail and technology companies, such as Walmart, Target, and Amazon.
Hasbro is a global play and entertainment company committed to creating the world’s best play experiences. The company uses its brand blueprint to focus on reinforcing storylines associated with several outlets, including television, motion pictures, and digital brands. It offers a variety of ways for audiences to experience its iconic brands, including NERF, My Little Pony, Transformers, Play-Doh, Monopoly, and Baby Alive, as well as premier partner brands. The company’s Hasbro Studios and Allspark Pictures, its film label, create entertainment brand-driven storytelling across various mediums, including televisions and films. Hasbro continues to focus on innovation and developing its world-class brand portfolio. Hasbro Studios continues to drive entertainment, and brand-driven storytelling for Hasbro across televisions, films, commercial productions, and short-form content. It develops, produces, and distributes TV shows to leading networks in more than 35 countries, globally.
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