Companies Compete for a Share of the Booming AI Toy Market
With the AI toy market rapidly growing, public companies are vying for layout and a thriving upward rate
Artificial intelligence continues to be a hot topic and now, AI toys are gathering steam at a fast pace. As a result, the market is going through a rapid annual compound growth rate experts claim exceeds 16%. According to industry insiders, AI toys represent the ideal avenue for large model technology in hardware.
The fast and steady growth has witnessed several listed companies intensifying their efforts in what is a blue ocean market. This has led to the stronger growth of AI toys. Further, market research experts, Research and Markets predicts that the global AI toy market size will reach $35.11 billion by 2030, thanks to enormous compound annual growth rate.
Many AI toys have emerged in the market, including the Magicbox launched by toy company FoloToy, and the BubblePal smart pendant toy, created by Haivivi. These two among others, have gained popularity over traditional toys. Besides, their successful launch indicates a significant potential demand for trendy AI toys in the market.
The market response is a good indicator, as reports show that in less than a month of its launch, BubblePal had over 10,000 device activations. FoloToy's Magicbox matches that energy with a cumulative shipments of about 20,000 units. These figures indicate a growing consumer demand for AI toys.
In the coming years, production companies and capital will continue to flood into this sector. With that, the sector is set for a significant rise in its stock prices. Another research from Zheshang Securities indicated that the continuous upgrading of large model capabilities is accelerating the integration of AI and trendy toys in companionship scenarios. The report lists representative products, such as Casio's AI robotic pet Moflin developed in collaboration with a startup, and has achieved market performance that reflects the steep rise of AI trendy toys.
Consumer demand for toys backed by interactive features from AI will continue to grow. Many companies are ready to provide modern technological advancements and innovation to contribute to overall experience and increased market growth.
