The global smart toys market is expected to post a CAGR of close to 5% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the adoption of STEM toys for childrens skill enhancement. Smart toys allow children to think critically and creatively about technology, thereby developing their analytical skills. With smart interaction and behavioral learning, these toys are expected to play an important role in developing professional skills among children such as coding, programming, and even engineering. For instance, Mattel provides Barbie Robotics Engineer, which has six free coding lessons for kids. Smart toys can be programmed and controlled by parents and children. Compared with traditional toys and games, smart toys are estimated to experience high sales. This is because more parents seek products that can aid the intellectual development of their children. This is expected to be a prominent factor driving the market during the forecast period.
This market research report on the global smart toys market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the 3D printing of toys as one of the key emerging trends in the global smart toys market:
Global smart toys market: 3D printing of toys
3D printing is a process in which material is joined or solidified under computer control to create a three-dimensional object. It is an emerging trend and is expected to have a negative impact on the market. 3D printing can help consumers obtain their own 3D prints of their favorite toy characters from the comforts of their homes. This is estimated to increase piracy and help pirate toy vendors replicate original toys and sell them at lower prices, thereby diminishing profit margins of the authentic players. With 3D printers likely to become affordable over the years, they can pose a serious challenge to the growth of the overall toys and smart toys industry. Launzer, a Finnish 3D printing company, entered into an agreement with Warner Bros. Consumer Products and RV Studios Global Entertainment in 2014, to print ITVs Thunderbirds and Warner Bros.
Licensed toys have increasingly become a vital part of the toys market. The prominent factors driving the growth of the market include digital media proliferation as well as the growing popularity of local licenses in the Asia Pacific. Therefore, toys manufacturers are increasing their dependence on licensed brands to enhance market penetration and increase revenues, says a senior analyst at Technavio for research on retail goods and services.
Global smart toys market: Segmentation analysis
This market research report segments the global smart toys market by technology (WiFi, Bluetooth, RFID/NFC) and geographical regions (APAC, EMEA, and the Americas).
The Americas led the market in 2018 with a market share of more than 44%, followed by EMEA and APAC respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth, followed by the EMEA region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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