With the advent of advanced technologies, enterprises are focusing on connected toys to gain a competitive market edge. Moreover, the rising adoption of Science, Technology, Engineering, and Mathematics (STEM) toys among the children drive the growth of connected toys market.
The report segments the Connected Toys Market into interacting device, age group, and region. The market by interacting device comprises the smartphone-connected toys, app-connected drones, console-connected toys, and tablet-connected toys. The report also covers various age segments, namely, 2–5 years, 6–8 years, 9–12 years, and teenagers; the report also segments the connected toys market into four major regions, namely, North America, Europe, APAC, and Rest of the World (RoW).
The app-connected drones segment is expected to grow at the highest CAGR during the forecast period. Traditional remote control toys rely on dedicated controllers to operate, but modern technology put a competent, smart device in the pocket, and many manufacturers look to use it for their new toys. High-end drones still rely on a dedicated remote for actual flight controls, but many toys class units fly using nothing more than an app and Wi-Fi or Bluetooth connection. For instance, DJI announced Mavic Air, which is a compact folding drone that packs the best of the Mavic Pro and Spark into one. Mavic Air uses hand gestures and uses a mobile application to fly.
High-tech electronic toys have become increasingly popular in recent years. Interactive, electronic toys with relatively high technology content have emerged as mainstream items. Another growth area is educational toys with the ability to inspire children’s imagination, creativity, and enhancing their in-hand coordination skills. Children and parents alike well receive toys that combine learning and fun. eSports games have witnessed rapid growth in the Chinese mainland in recent years, and their development has fuelled the growth of the electronic toys and connected toys market.
Connected toys have created various opportunities for the vendors to grow in this market, such as an increase in Research and Development (R&D) spending on robots and toys. Programmable robots help students learn various skills from designing to assembling robots. Furthermore, robots are used in the education sector from schools to advanced studies, including dynamics, kinematics, communications, control theory, and image processing. Tremendous research activities are taking place from school level through post-graduation level across the world, especially in developing economies along with the support from several governments and private organizations across the globe, which have been investing into robotic research.