Pune, India, Aug. 07, 2023 (GLOBE NEWSWIRE) -- The connected toys market size is expected to grow significantly during the forecast period. The increasing demand for smart, interactive, and technology-based play kits and toys from the children population is the key factor driving the connected toys market growth during the forecast period. For instance, according to the Toy Association data, building set sales in the U.S. increased from USD 2.29 billion in 2020 to USD 2.67 billion in 2021.
Fortune Business Insights™ mentioned this in a “Connected Toys Market, 2023-2030 Report.”
COVID-19 Impact-
Rising Consumer Demand during Pandemic Aided Market Growth
During the COVID-19 pandemic, there was a significant increase in parents’ adopting Science, Technology, Engineering, and Math (STEM) gadgets and toys to motivate their children to stay indoors and improve the children’s educational learning experiences. The adoption of STEM gadgets and toys significantly increased the demand for smart educational toys favoring market growth during the pandemic.
However, departmental stores and toy shop closures due to worldwide COVID-19 lockdowns have decreased offline product sales affecting market growth during the pandemic.
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List of Key Players Profiled in the Connected Toys Market:
- Mattel Inc. (U.S.)
- The LEGO Group (Denmark)
- Hasbro Inc. (U.S.)
- Sphero Inc. (U.S.)
- PLAYMOBIL (Germany)
- Konami Holdings Corporation (Japan)
- Basic Fun, Inc. (U.S.)
- Sony Corporation (Japan)
- PlayFusion Ltd (U.K.)
- BANDAI NAMCO Entertainment (Japan)
- Wonder Workshop Inc. (U.S.)
Report Scope & Segmentation:
| Attributes | Details |
| Forecast Period | 2023-2030 |
| Historical Data | 2019-2021 |
| No. of Pages | 100+ |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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Segments:
By technology, the market is segmented into Bluetooth, WLAN, NFC, and others.
By age group, the market is classified into 0-3 years, 3-5 years, 5-12 years, and above 12 years.
By distribution channel, the market is divided into supermarkets & hypermarkets, specialty toy shops, online stores, and others.
Geographically, the market is studied across North America, Europe, Asia Pacific, South America, and the Middle East and Africa.
Report Coverage:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- The latest industry developments include product launches, partnerships, mergers, and acquisitions.
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Competitive Landscape:
Increasing Key Players' Focus on Promotional Campaigns to Drive Market Growth
Many key market players, including Lego Group, Hasbro Inc., and others, are focused on launching different promotional campaigns to increase their global product reach and build brand image. The promotional strategies of these companies are contributing to the rising toy demand worldwide, driving market growth during the forecast period. For instance, in October 2020, Lego A/S, a toy manufacturing company, launched a campaign called ‘The Little Red Brick’ to increase its brand image in the Indian toy market.
Drivers:
Increasing Popularity of Technology-Based Toys to Boost Market Growth
The increasing popularity of several technology-based toy products, such as WIFI and Bluetooth-based puzzles, building and construction sets, and other educational toys for school students, is aiding the market growth during the forecast period. The cost-effectiveness of technology-based products is also boosting connected toys market growth. The increasing governmental assistance to spread awareness related to entrepreneurship opportunities worldwide is estimated to propel connected toy sales during the forecast period.
Regional Insights:
Growing Toy-Gifting Trend to Aid Market Growth in North America
The North American connected toys market is estimated to witness the largest connected toys market share during the forecast period. The growth in the region is attributed to the significant spending by Canada and the U.S. on products and services related to leisure and entertainment. The increasing trend of gifting toys among the North American population is estimated to aid connected toy product sales across the region. For instance, according to the Bureau of Labor Statistics (BLS) and the United Nations Statistical Bureau data, in 2020, the U.S. spending on entertainment-related products and services reached USD 2.91 million.
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Key Industry Developments:
July 2019 – Toy manufacturer BANDAI NAMCO Entertainment and technology firm ISKN partnered to launch Tori, a software platform enabling children to connect smartphones with their toys.
May 2019 – The LEGO Group Inc. introduced a new connected toy edition, ‘Star Wars’, in the U.S.
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