Smart Toys Global Market Report 2024

Smart toys are advanced and intelligent playthings designed to behave according to predetermined patterns while also adapting their behavior in response to external stimuli. These toys are equipped to configure and connect to the Internet through wireless networks like Wi-Fi or Bluetooth technology.

The primary types of smart toys include robots, interactive games, and educational robots. Robot toys encompass products with built-in motors that allow them to interact intelligently with their environment. These robotic toys offer numerous educational opportunities for children. A robot toy is essentially a machine capable of independently performing various tasks, with some even showcasing distinct personalities. Technologies such as Wi-Fi, Bluetooth, NFC, and RFID are commonly employed, and these toys are distributed through various channels, including online markets, specialty stores, and toy shops. Different interfacing devices include smartphone-connected toys, tablet-connected toys, console-connected toys, and app-connected drones. Smart toys cater to a wide range of age groups, including toddlers, preschoolers, school-age children, and adolescents.

The smart toys market research report is one of a series of new reports that provides smart toys market statistics, including smart toys industry, regional shares, competitors with a smart toys market share, detailed smart toys market segments, market trends and opportunities, and any further data you may need to thrive in the smart toys industry. This smart toys market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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 observed during the historical period can be attributed to several factors, including an increase in sports participation, heightened awareness about health and wellness, the growth of e-commerce, a rise in internet penetration, and an upsurge in the popularity of 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 anticipated growth in the forecast period can be attributed to a growing demand for tracking fitness and athletic performance, an increase in disposable income, rising participation in recreational activities, and overall economic growth. Major trends expected during this period include the adoption of wearable health monitoring devices, the integration of augmented reality (AR) in training practices, the incorporation of esports and virtual sports, the enhancement of safety features, and an increased focus on accessibility and inclusivity in sports and recreational activities.

The anticipated growth in the smart toys market is driven by the increasing awareness of technology-led education. Technology-led education involves integrating instructional technology into the school learning environment, making learning more engaging and enjoyable for children. The educational value associated with smart toys has led to the introduction of more advanced e-learning technologies featuring enhanced voice recognition features and hardware sensors, making the products more intelligent, interactive, and dynamic. According to thinkimpact.com, an Australia-based non-profit organization, in 2021, nearly 75% of schools planned to operate online, 57% of all US students were equipped with digital tools, and 80% of schools either purchased or were preparing to purchase additional technology for students. This rise in awareness of technology-led education is expected to contribute to the growth of the smart toys market as it enhances children's IQ and promotes problem-solving skills.

The expected increase in the number of IoT-linked devices is another factor set to boost the smart toys market. IoT-linked devices, referring to nonstandard computing devices wirelessly connected to a network, have the ability to transmit data. The integration of these devices with smart toys enhances their functionality and interactivity, providing new possibilities for learning and entertainment. This integration makes smart toys more appealing to both parents and children, thereby driving market growth. According to a report by Ericsson, a Sweden-based telecommunications company, broadband IoT (4G/5G) reached 1.3 billion connections in 2022, with nearly 60% of cellular IoT connections expected to be broadband IoT connections by the end of 2028. The increasing prevalence of IoT-linked devices is contributing to the growth of the smart toys market.

Key players in the smart toys market are focusing on developing technologically advanced products, including artificial intelligence companions, to expand their customer base, drive more sales, and increase revenue. Artificial intelligence companions, which are virtual or digital entities utilizing artificial intelligence, engage and assist users in various tasks and interactions. For example, Toymint, a Canada-based provider of toys, introduced TeddyGPT in April 2023. TeddyGPT is an AI teddy chat that offers an interactive, engaging, and educational experience for children and families. Developed by OpenAI, TeddyGPT combines the charm of a traditional teddy bear with advanced AI features, fostering interactive experiences that encourage communication, companionship, and learning beyond the capabilities of ordinary toys.

Major companies in the smart toys market are also investing in innovative products with voice recognition capabilities. Voice recognition in smart toys enables them to understand and respond to spoken commands or interactions from users. Robosen, a China-based company specializing in advanced robots, launched a Buzz Lightyear toy with conversational AI and voice recognition in September 2022. This intelligent, interactive, and programmable robot uses natural language comprehension to recognize and react to spoken commands, providing a lifelike interaction with children.

In October 2021, Goliath, a US-based manufacturer and distributor of toys and games, completed the acquisition of Endless Games, a Turkey-based game development company, for an undisclosed amount. This strategic move aims to fully integrate Endless Games into Goliath's distribution network by Q1 2022.

Major companies operating in the smart toys market include K'NEX Industries Inc., The Lego Group, Mattel Inc., Hasbro Inc., JAKKS Pacific Inc., WowWee Group Limited, Anki Inc., Sphero Inc., LittleBits Electronics Inc., UBTECH Robotics Inc., Ozobot Inc., Miko (Emotix), Playmobil, Fisher-Price Inc., LeapFrog Enterprises Inc., Tomy Company Ltd., DJI Technology Co. Ltd., Wonder Workshop Inc., Innovation First International Inc., Yuneec International Co. Ltd., Spin Master Corp., Botzee India Private Limited, Siam Mandalay Co. Ltd., Wondermento Ltd., Bluebee Pals, CogniToys, Tinkerbots Games Ltd., Modular Robotics, Pai Technology Ltd., Makeblock

North America was the largest region in the smart toys market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart toys market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the smart toys market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.

The smart toys market consists of sales of intelligent toys, connected toys, gaming toys, construction toys, and creative toys.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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