The Connected Toys Market is expected to grow from USD 5.7 billion in 2019 to USD 13.8 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 19.3% during the forecast period. The growing adoption of educational toys among kids and the rising demand for Science, Technology, Engineering, and Mathematics (STEM) toys are expected to increase the sales for connected toys across the globe during the forecast period.
The console-connected toys segment to hold the largest market size during the forecast period
Console-connected toys are commonly known as video games. These games are played on a device specially made called video game console. The player interacts with the game through a controller, a hand-held device with buttons and joysticks or pads. The gamer receives the video and sound through a television. For instance, SquareOne is the first connected board game console to merge two universes that never combined before: traditional and video games. Through its patented technology, SquareOne solves the issue of identifying objects as well as the gameboard’s physical importance. SquareOne screen is bordered with 26 dedicated squares that can be used by cardboard tiles, cards, and other connected toys.
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9–12 years age group segment to grow at the highest CAGR during the forecast period
Children in the 9–12 years age group can learn new things rapidly and are efficient at using tablets. Science, Technology, Engineering, and Mathematics (STEM) toys enable children in the age group of 9-12 years to solve complex problems, which enhances their solving skills. For instance, Osmo offers Osmo Genius Kit, specially designed for the kids aged between 9-12 years, which help the children to improve skills in areas such as math, drawing, language and vocabulary, and creative thinking. It helps adjust the children’s skill levels and keep them challenged and entertained.
The connected toys market includes major vendors, such as 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). These players have embraced different growth strategies to expand their global presence and increase their market shares. New product launches and partnerships/collaborations are some of the significant strategies adopted by the major players to grow further in the connected toys market.
Mattel (US) has witnessed continuous growth over the past few years in the connected toys market. The company offers a broad range of products to fulfill the requirements of diversified customers. It has adopted both organic and inorganic growth strategies to compete with the other players in the market effectively. For instance, in May 2019, Mattel expanded its global licensing agreement with Disney for Pixar Animation Studios spanning new releases and iconic blockbusters. Moreover, in February 2019, Mattel partnered with MGM to produce a live-action motion picture based on the iconic View-Master franchise.
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LEGO Group (Denmark) is a prominent player in the connected toys market with an extensive partner network across the globe. The company’s focus has always been on providing fun and engaging play materials of the highest quality and safety for the children. LEGO believes in low-risk, a high-reward method which has helped the company in innovating more original ideas, which has been a successful strategy for the company than the industry has ever seen. The company aims at organic and inorganic growth strategies for its business growth. For instance, in May 2019, LEGO Group unveiled the latest addition to its much-loved Star Wars range. The new LEGO Star Wars BOOST Droid Commander set offers all the creativity and coding fun of LEGO BOOST alongside the chance to build 3 of the film franchise’s most iconic droids: R2-D2; the Gonk Droid; and the Mouse Droid.
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