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The rising children population's demand for smart technology-based interactive play kits & toys is mainly driving the connected toys market growth. In addition, the increasing popularity of WIFI and Bluetooth technology-based puzzles, building & construction sets, and other educational toys among school students further accelerates the product demand globally.
Furthermore, the continual provision of the interactive, WIFI, and Near Communication Field (NFC) technology-based toys by the key manufacturing companies, such as Mattel Inc., Hasbro Inc., and others, is likely to influence kids toward buying such items, thereby favoring global connected toys industry growth.
Additionally, governmental assistance in spreading awareness regarding the toy industry-related entrepreneurship opportunities is expected to support the connected toys market development.
Nowadays, Lego Group, Hasbro Inc., and other prominent toy manufacturing companies launch various promotional campaigns to build their brand image and increase product reach. These companies' efforts will increase the connected toys demand globally.
During the COVID-19-related lockdown restrictions, parents prefer giving their children Science, Technology, Engineering, and Math (STEM) toys and gadgets to motivate them to stay indoors and improve their educational learning experiences. This aspect has resulted in a significant increase in consumer demand for smart educational toys and favored the market growth amid the pandemic.
However, the closure of toy shops and departmental stores due to COVID-19 related lockdown restrictions in many countries has lowered the connected toy products sales from these stores and hampered the market growth.
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The largest share of the North American connected toys industry is attributed to the significant U.S. and Canadian spending on entertainment and leisure-related products and services, resulting in considerable key players' revenue generation from connected toys.
Furthermore, the growing toy gifting trend among the North American population is expected to support the region's connected toy products revenues.
By Technology | By Age Group | By Distribution Channel | By Geography |
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The Bluetooth segment holds a major connected toys industry share due to the users' ease of Bluetooth-based toy usage over other products equipped with other communication technologies. In addition, the cost-effectiveness and low battery consumption of Bluetooth-based toys over counterparts are further likely to support the segmental growth.
The 5-12 years segment is expected to hold a major connected toys industry share due to the significant school students' demand for educational and puzzle toys for building their creativity and thinking ability. Furthermore, the growing popularity of sports & recreation-purpose smart toys, such as remote-controlled drones, helicopters, cars, and others among teens, is more likely to accelerate the segmental growth.
The online stores segment is anticipated to hold a major connected toys industry share due to the significant consumers' preference for online shopping of toys and games from the comfort of their homes. In addition, continual online toy retailers' provision of discounted toy products and related subscription box services are further expected to accelerate the online stores segmental revenues.
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