The smart/AI toys market is expected to earn US$ 48,861.0 million in sales by 2032, up from US$ 12,143.2 million in 2022, with a projected CAGR of 14.9% over the forecast period.
The global market for smart/AI toys is flooded with a tremendous selection of toys designed for children, teenagers, and adults. Due to ongoing innovation and the advent of smart/AI toys, the market for traditional toys has gradually diminished while the market for these toys has increased dramatically.
The market is also thriving thanks to a new generation of smart/AI toys, games, and apps that kids can operate and program themselves.
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Smart/AI Toys Market: Drivers and Restraints
Drivers
An interesting trend influencing the Smart/AI toys market is the growing disappointment of children towards traditional toys and games. The period of engaged play with the same toys and games is declining. This has resulted in the introduction of new and different games and Smart/AI toys. Manufacturers are pushing to develop smart/AI toys due to the increasingly digital lifestyles of consumers and exposure to technology at an early age. App-integrated toys and toys that can be controlled by smartphones and tablets are emerging as the new frontiers of growth in Smart/AI market.
Restraints
The manufacturers are faced with the challenge of continuously developing Smart/AI toys that grab and sustain the attention of children. The high cost of Smart/AI toys can be a restraint to the growth of Smart/AI Toys market.
Smart/AI Toys Market: Regional Overview
According to the regional analysis, the smart/AI toys market will be dominated by the United States, due to the high demand in this region and the strong performance of smart toys in this region. However, the market in APAC is set to disrupt this trend with the increase in disposable income and the presence of developing countries in this region which will result in high demand for the Smart/AI toys. Also, the presence of key players in this region will fuel the growth of the smart/AI market in this region.
Leading Key Players:
- Dream International Ltd.
- Integrity Toys, Inc.
- JAKKS Pacific Inc.
- Kids II, Inc.
- K’NEX Brands, Inc.
- Konami Corporation
- LeapFrog Enterprises, Inc.
- Mattel, Inc.
- Fisher-Price, Inc.
- Playmates Toys, Inc.
- Sanrio Company Ltd.
- TOMY Company Ltd.
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Smart/AI Toys Market Segmentation:
By Age:
- 0-3 years
- 3-8 years
- 8-12 years
By Region:
- North America
- Latin America
- Asia Pacific
- The Middle East and Africa
- Europe
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