Gone are the days when kids felt satisfied with boards games and cards. LEGO spaceships and Monopoly are therefore not as charming as they were some ten years back. Today, they crave for interactive experiences and it is not surprising considering that about 90% of children below the age of two know how to use a smartphones or tablet.
Thus, it does not come as a surprise that market is set to demonstrate a steady CAGR (Compound Annual Growth Rate), creating new growth opportunities in the smart toys market and helping it grow its worth.
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It is noteworthy here that smart toys are not just a pleasure for kids in this day and age but also a tool for parents to monitor them from remote locations.
North America and Europe will be dominant markets and Asia-Pacific will present untapped opportunities of growth owing to increase in disposable incomes and improving levels of technology adoption.
Competitive Landscape of Global Smart Toys Market to be Fragmented
It is also noteworthy here that the market is partially fragmented and some of the most prominent players include Leka, Sphero, Sony and Mattel. The market is seeing players entering into strategic collaborations. In order to maintain edge over competitors. For instance, this year Mattel joined hands with Pixar Animation Studios to make use of upcoming releases. It already put to good use the epochal blockbuster, Toy Story 4 by eking out sales of about1% in its second quarter. A trend now seems to be emerging. Hasbro and Sony prepare to launch Ghostbuster series of smart toys. And, it is pertinent to note that it is in advance of release of Ghostbusters 2020.
STEM Toys Driving Demand for Smart Toys Market
Science, Technology, Engineering, and Mathematics toys are seeing a massive increase in adoption. Last year (2018), they saw a 23% increase in terms of sales and make 1% if the United States toy industry. This can be considered a result of parents wanting to combine education with some play. Besides even in schools, this combination is winning people to its side with much ease. And. It is not surprising considering that it is brilliant to make chemistry look fun through art and colors – something Crayola Chemistry Set makes a reality. It includes some 50 sets of experiments in science. Not to forget here, smart toys can be used as monitors for parents working in distant locations.
The details have been picked from a TMR report titled, “Smart Toys Market (Toy Type – App – Enabled Mechanical, Voice or Image Recognition, Screenless, Toy-to-Life, Puzzles and Building Games, and Health Tracking or Wearables; Interfacing Device – Smartphones, Tablets, Consoles, and Drones; Wireless Communications Technology – Wi-Fi, Bluetooth, and RFID or NFC) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017-2022”.
The report is segmented as presented below:
By Product Type:
- App-enabled Mechanical
- Voice or Image Recognition
- Screenless
- Toy-to-Life
- Puzzles and Building Games
- Health Tracking or Wearables
By Interfacing Devices:
- Smartphones
- Tablets
- Puzzles and Building Games
- Health Tracking or Wearables
By Wireless Communication Technology
- Wi-Fi
- Bluetooth
- RFID or NFC
By Geography
- North America
- Europe
- Asia-Pacific
- Middle-East and Africa
- Latin America
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