>Outlook on the Worlds $13.8B Connected Toys Market, 2019-2024 - Lucrative Revenue Opportunities in App-Connected Drones
The global connected toys market is expected to grow from USD 5.7 billion in 2019 to USD 13.8 billion by 2024, at a CAGR of 19.3% during the forecast period.
The market study covers the connected toys market across segments. The report aims at estimating the connected toys market size and future growth across segments, namely, interacting devices, age groups, and regions. Furthermore, it also includes an in-depth competitive analysis of the key players in the market, their strengths and weaknesses, recent developments, and key strategies.
Major vendors offering connected toys software and services across the globe include Mattel (US), Hasbro (US), LEGO Group (Denmark), Sphero (US), Sony (Japan), PLAYMOBIL (Germany), BANDAI NAMCO (Japan), K'NEX (US), Konami (Japan), Wonder Workshop (US), PlayFusion (UK), Anki (US), WowWee (Hong Kong), DXTR Labs (Denmark), and Leka (France).
Increasing adoption of educational toys among kids to drive the growth of the global connected toys market
It is driven by various factors, including the growing adoption of Science, Technology, Engineering, and Mathematics (STEM) toys and widespread and easy availability of connected platforms. However, the high cost of connected toys can hinder the market growth.
Among interactive devices, the app-connected drones segment to grow at the highest CAGR during the forecast period
Traditionally, kids were likely to play with remote control toys that operate with the help of controllers. With the rapid development in technology, smart devices are growing rapidly as they are easy to carry. In the tech-savvy world, children love to play with app-connected drones. For instance, DJI announced the launch of Mavic Air, which is a compact folding drone that combines the best of the Mavic Pro and Spark one. Mavic Air uses hand gestures and a mobile app to fly.
9-12 years age group to hold the largest market size during the forecast period
9-12 years age group children can understand and learn innovative connected toys, which include advanced technologies such as Artificial Intelligence (AI), Machine Learning (ML), and speech and voice recognition. Children in the age group of 9-12 years are more likely to play fast-paced games, capable of learning and playing musical instruments, and effectively use tablets. STEM toys for the age group of 9-12 years allow children to solve difficult problem-solving games and therefore help them to enhance their creative thinking skills.
Asia Pacific (APAC) to record the highest growth rate during the forecast period
APAC is expected to hold the highest growth rate during the forecast period, due to the growing economies of countries, such as China, Japan, India, Australia, and New Zealand, and Singapore provides enormous opportunities for connected toys. Moreover, high-tech electronic toys have become increasingly popular in recent years. Interactive, electronic toys with relatively high technology content have emerged as mainstream items. Furthermore, North America is projected to hold the largest market size during the forecast period.