Toy Type ( App-enabled Mechanical Toys & Drones, Voice/Image Recognition Toys, Health Tracking Toys/Wearables), Age Group ( 2–5 Years, 6–8 Years, 9–12 Years, Teenagers), Device Type ( Smartphone & Tablet Connected Toys, Laptop Connected Toys, Console Connected Toys, App-connected Drones), Connectivity Type ( Wi-Fi, Bluetooth, RFID/NFC), Sales Channel ( Online Retail, Direct Retail),Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa)
Connected Toys Market is expected to reach USD 28109.62 million by 2029 in the forecasted period of 2020-2029 with a substantial CAGR of 17.30%. Increasing adoption of Science, Technology, Engineering and Mathematics (STEM) toys, and widespread and easy availability of connected platforms are boosting the growth of the market in forecasted period.
The key factor which drives the market in the forecasted period is technological improvements in non-destructive testing. In addition, the growing industrialization and urbanization trend and the fast IoT deployment fuel demand. The increasing complexity of NDT systems, however, will impede market growth. Nonetheless, potential convergence of new technologies will expand the demand in coming years.
Non-destructive testing equipment are equipment used to analyze, measure and track various materials, components and assemblies ' properties. The products under review are not modified or harmed by this unit. The properties of materials and buildings are determined based on ductility, tensile strength, impact resistance, tightness of the fracture and fatigue strength. Non- destructive test equipment maintains a consistent level of quality and reduces production costs.
Connected Toys Market Scope and Market Size
Connected Toys Market has been segmented on the basis of toy type, age group, device type, connectivity type, sales channel.
- On the basis of toy type, the Connected Toys Market is segmented into app-enabled mechanical toys & drones, voice/image recognition toys, and health tracking toys/wearables.
- Based on age group, Connected Toys Market is segmented into 2–5 years, 6–8 years, 9–12 years, and teenagers. Segment 9–12 years age group is expected to hold the largest market size during the forecast period. Connected Toys in the age group of 9–12 years allow children to demonstrate their personality and are fond of fast-moving vehicles, playing musical instruments, utilizing computers, and listening to music. Also common are stem toys and games which allow children to use complicated robots to solve problems.
- Basis of device type, the Connected Toys Market is segmented into smartphone & tablet connected toys, laptop connected toys, console connected toys, app-connected drones. App-connected drones are expected to grow over the forecast period at the fastest CAGR. Nevertheless, modern technology has contributed to the development of an autonomous interface and many businesses use it for their new toys. Modern remote control toys depend on specialized controller systems. High-end toys are still supported by dedicated remote controls, but many toy units fly only using an app and a Bluetooth or Wi-Fi connection.
- On the basis of connectivity type the connected toys market is segmented into Wi-Fi, Bluetooth, and RFID/NFC.
- Based on distribution channel the connected toys market is segmented into Online Retail, Direct Retail.
Country Level Analysis of Connected Toys Market
- On the basis of region, the Connected Toys Market is segmented into North America and South America, Asia Pacific, Europe and Middle East and Africa.
- Countries covered under North and South America region are Canada, Mexico, Brazil, Rest of Americas, along with Germany, France, United Kingdom, Italy, Spain, Rest of Europe covered under Europe region and Japan, China, India, Australia, Rest of Asia-Pacific covered under Asia-Pacific region.
- North America will be projected to have the largest market share in the forecast period. Factors that drive the growth of connected toys market in the North American region in the forecasted period are due to early growth and groundbreaking toy programs, such as artificial intelligence (AI), machine learning (ML) and voice and speech recognition. High funding capacity, large client base, environment-friendly creativity and the availability of skilled workforce resulted to the growth of the connected toy market in the North America region in the forecasted period.
- The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, disease epidemiology and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands impact of sales channels are considered while provided forecast analysis of the country data.
Key Developments in the Market:
- In May 2019 Mattel, Inc. has confirmed an extension of its worldwide Disney licenses agreement in order to include new titles and to produce and grow the products based on characters from the whole Pixar Animation Studios. Their new agreement covers the forthcoming 2020 film releases of "Onward" as well as famous movies, including "Coco," "Finding Nemo," "Monsters, Inc.'s" and "The Amazing." Many of them are Academy Award recipients and nominees. Mattel's licensing will include a wide variety of Mattel items, including action figures, miniature and specialty toys, luxury goods and pickups available beginning in May 2020, in North American, Asia, Latin America, Australia and New Zealand.
Competitive Analysis and Connected Toys Market Share Analysis:
Connected toys market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of connected toys market for Global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Connected toys market competitive landscape provides details by competitors. Details included are company overview which includes Company focus, business segment, product categories, revenue generated, and global presence. Connected toys market report also provides information on recent financials and R&D expenditures over the years from 2020 to 2029.
Key Market Competitors:
Few of the major competitors currently working in the connected toys market are BANDAI NAMCO Entertainment Europe S.A.S, , Hasbro, Konami Digital Entertainment, K’NEX, a Division of Basic Fun, Inc., The LEGO Group., Leka SAS, Mattel, Disruptive Technology Associates, Ltd.,, Sony Corporation, PLAYMOBIL, Sphero, Wonder Workshop, Inc, WowWee Group Limited., and many others.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key market players involved in this industry
- Detailed analysis of the market segmentation
- Competitive analysis of the key players involved