The Europe Smart Toys Market would witness market growth of 14.5% CAGR during the forecast period (2021-2027).
The toy industry has embraced advanced technology, which aids in the personal development of children through the use of educational learning methods via smart toys. In addition, toys that are wirelessly interconnected with other toys or company databases are referred as Internet of Toys. These toys are widely gaining the traction among kids and their parents across the world. Existing toy firms and start-ups are keen to innovate in this area, as it has the potential to become their greatest market as the number of customers grows.
Companies in the smart toys industry are targeting clients in developed economies to enhance product sales because to individuals' inadequate buying capacity as a result of the COVID-19 crisis. Manufacturers can diversify their revenue streams due to the increasing expansion of eCommerce and mobile shopping apps. Before investing in new manufacturing techniques, they make data-driven judgments. To boost product awareness in brick and mortar stores and online stores, clever toy companies are focused on packaging and marketing. Due to the growing number of smartphone users, demand for smartphone-connected toys is likely to expand.
The investment of people and governments on the development of educational sector across this country is constantly increasing. According to Eurostat, in 2017, in Sweden, the public expenditure on the education was recorded 7.1% of the overall GDP of the country. In addition, Denmark spent 7.3% of the total GDP of the country in the same year. Moreover, Romania also spent 2.7%of its GDP on the education sector. Along with that, factors like declining child mortality rates, rising birth rates, and growing middle-class population in the region would create lucrative opportunities for the regional market players.
Parents are now more concerned about several safety and health issues related to raw materials utilized in the manufacturing of toys, which would create demand for eco-friendly toys in the regional market. In addition, the region comprises countries which have significant number of millennial parents.
The Germany market dominated the Europe Smart Toys Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $1,520.3 million by 2027. The UK market is poised to grow a CAGR of 13.7% during (2021 - 2027). Additionally, The France market would showcase a CAGR of 15.4% during (2021 - 2027).
Based on Product, the market is segmented into Interactive Games and Robots. Based on Distribution Channel, the market is segmented into Offline and Online. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Smart Toys Market Size will Hit $24.2 Billion by 2027, at a CAGR of 15.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include LEGO Group (KIRKBI A/S), Mattel, Inc., Hasbro, Inc., Tomy Company, Ltd., VTech Holdings Limited, Pillar Learning, Geobra BrandstÄtter Stiftung & Co. KG, Sega Sammy Holdings, Inc. (Sega Toys Co., Ltd.), Primo toys, and Konami Holdings Corporation.
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