Vancouver, Aug. 24, 2023 (GLOBE NEWSWIRE) -- The latest analysis conducted by Emergen Research forecasts that the global market for connected toys is poised to attain a noteworthy market size of approximately USD 36.63 Billion by 2030. This projection is underpinned by a consistent and robust compound annual growth rate (CAGR) of 20.9% in terms of revenue. The escalating prevalence of households with two working parents has emerged as a pivotal factor driving the upward trajectory of the connected toys market. A significant contributing factor to this growth is the increasing emphasis on the monitoring and tracking capabilities of toy devices. This phenomenon can be linked to the evolving dynamics of modern family structures, notably the prominence of two working parents. This shift is underscored by substantial statistics across various regions.
As a result of these changing dynamics, the demand for connected toys has witnessed a notable surge. These innovative toys offer parents the means to effectively monitor and track their children, thus addressing the challenges posed by dual-working arrangements. This trend, in turn, has been a pivotal driver behind the escalating revenue growth observed in the connected toys market. A notable emerging trend within the market revolves around the adoption of virtual drone games. Notably, the Epson Moverio AR glasses have unlocked new possibilities in this domain. Epson, in collaboration with a company named EdgyBees, has introduced an innovative game that leverages the capabilities of their AR glasses. This advancement enables users to engage in virtual drone games, presenting a distinctive experience.
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The central concept of these games involves utilizing the Epson Moverio AR glasses to immerse oneself in augmented reality drone flying simulations. Developed by EdgyBees, these games offer users the opportunity to hone their drone piloting skills within an interactive environment. The user's personal drone's camera captures a first-person view of the skies, which is then overlaid with a simulated obstacle course. This synthesis creates a dynamic and engaging scenario for users to navigate. An appealing facet of this trend is the incorporation of multiplayer functionality. Users can opt to participate in multiplayer mode, engaging in gameplay with fellow enthusiasts. This social dimension adds a layer of competition and interaction, enhancing the overall experience.
However, the inclusivity of this trend is also noteworthy. Even users who don't own the Moverio glasses can partake in these virtual drone games. For this audience, the games can be accessed through their smartphones or tablets, ensuring accessibility for a wider range of players. The collaborative efforts of EdgyBees and Epson are oriented towards creating a synergistic fusion of their respective products. This fusion results in a unified and immersive experience that enhances the appeal of both the AR glasses and the virtual drone games. The convergence of innovative technologies in this manner exemplifies the ongoing evolution of interactive entertainment.
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Scope of Research
| Report Details | Outcome |
| Market size in 2021 | USD 6.59 Billion |
| CAGR (2022–2030) | 20.9% |
| Revenue forecast to 2030 | USD 36.63 Billion |
| Base year for estimation | 2021 |
| Historical data | 2021–2030 |
| Forecast period | 2022–2030 |
| Quantitative units | Revenue in USD Million and CAGR in % from 2022 to 2030. |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends. |
| Segments covered | Component, vertical, deployment mode, and region. |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa. |
| Country scope | U.S., Canada, Mexico, Germany, U.K., France, Spain, BENELUX, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, Israel, Rest of MEA. |
| Key companies profiled | Mattel, Hasbro, The LEGO Group, Sony Corporation, VTech Holding Limited, UBTech Robotics Corp., DJI, iRobot Corporation, Sphero, Inc., Digital Dream Labs, Inc. |
| Customization scope | 10 hours of free customization and expert consultation. |
Major Companies and Competitive Landscape
The global connected toys market is fairly fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective connected toy products. Some major players included in the global connected toys market report are:
- Mattel
- Hasbro
- The LEGO Group
- Sony Corporation
- VTech Holding Limited
- UBTech Robotics Corp.
- DJI
- iRobot Corporation
- Sphero, Inc.
- Digital Dream Labs, Inc.
Strategic Development
On 9 November 2022, Mattel embraced Caribu and its founders into the family after the development of fruitful content cooperation. There is a ton of educational material intended for children ages 0-12 on the well-known video-calling site ‘where kids and families can read, play, and draw together no matter how remote they are.’ The virtual playdate experience offered by Caribu is interactive and contains games, novels, and other creative activities from a range of Intellectual Property (IP) holders. Caribu's appeal, in the opinion of Mattel, is a good fit for the Mattel Future Lab, a project that was started earlier this year in an effort to pioneer the future of play.
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Some Key Highlights From the Report
- On 5 October 2022, Square Off, a company that creates Artificial Intelligence (AI)-driven automated board games, purchased the majority of Miko, an AI robotics business for children. Existing investors have been completely evicted from Square Off by Miko, who has acquired a 70% interest in the company. Miko's product line will now go beyond AI robot companions as a result of the acquisition. Children ages five and older can have fun while learning with Miko's namesake kid robots.
- The entertainment segment is expected to lead in terms of revenue share in the global market over the forecast period. Toys with advanced features such as facial or voice recognition can engage children by answering their questions or imitating their activities. Examples include iPads, programmable robots, and interactive dolls. The interactive nature of these features keeps kids interested and amused. Since children are naturally creative, the most exciting feature of these toys is precise that they offer a rewarding and creative element. Kids who play these games learn to produce instead of just consume. They are not continually exposed to screens; rather, they are used to teach students how to create, design, or Programme.
- The 1-5 years segment is expected to account for a large revenue share over the forecast period. A few of the connected toy innovations designed for older kids are networked fidget spinners and digitalized stacking games. more complex technologies have been produced, allowing toy companies to produce virtual elements in their products for younger children as well owing to the development of virtual reality. It is only natural for technology to be included in time-tested play formats as society advances. This is demonstrated by the Nerf drones that fire darts. By placing a camera into the dart projector and securing a remote control, kids can explore Mars while looking for aliens. Although it is a simple technology, it has enormous impacts when turned into a toy.
- The offline segment is expected to account for a large revenue share over the forecast period owing to offline stores facilitating a variety of options of connected toy products promoting both branded and privately labeled products. Retail establishments give customers the luxury of choice by allowing them to select from a variety of brands. To receive pertinent information about the various products, customers can also chat with the owners and employees of retail establishments. Retail store owners and employees can help customers make the best decision, which can be more convenient for them if they prefer an efficient purchasing procedure to browse online. Retail establishments help consumers make a complete transformation in their shopping behavior, increase their pleasure, and produce better purchasing decisions.
- Market in North America is expected to account for the largest revenue share during the forecast period, which is attributed to increasing activities by key market players in countries in the region. For example, the new Non-Fungible Token (NFT) platform Cryptoys and Mattel, Inc. declared plans to launch a digital collectible line based on the media series Masters of the Universe (MOTU), which has themes centered around swords and planets. The announcement indicates that the limited edition collection was introduced in conjunction with MOTU's 40th anniversary. MOTU characters He-Man and She-Ra are well-known because the popular 5.5-inch action-figure toy line was first released in 1981. There was the MOTU or He-Man animated picture series two years later, in 1983. Since Mattel's MOTU series made its debut 40 years ago, He-Man and Skeletor have made appearances in memes and new toy lines. For the new MOTU NFT line, Mattel worked with Cryptoys, an NFT company that combines toys, games, and entertainment.
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For the purpose of this report, Emergen Research has segmented the global connected toys market on the basis of application, age group, distribution channel, and region:
- Application Outlook (Revenue, USD Million; 2019–2030)
-
- Education
- Entertainment
- Other Applications
- Age Group Outlook (Revenue, USD Million; 2019–2030)
-
- 1-5 Years
- 6-8 Years
- 9-12 Years
- Teenagers (13-19 Years)
- Distribution Channel Outlook (Revenue, USD Million; 2019–2030)
-
- Online
- Offline
- Regional Outlook (Revenue, USD Million; 2022-2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
- North America
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