As youth electronics is highlighted as one of the key drivers of today’s toy industry, fresh predictions have surfaced that consumer robotics will hit $23 billion per annum by 2022.
While toy sales in the US have taken a hit to the tune of two per cent over the past year, key drivers in the space have been highlighted as youth electronics - the likes of Fingerlings and the growing tech toy space - as well as collectables and arts and crafts.
At the same time, Juniper Research has reaffirmed the strength of connected play that, by 2023, will represent an $18 billion market, up from an estimated $6 billion in 2018.
The AR gaming market is expected to reach over $280 billion by 2023 alone, while consumer robotics will reach almost $23 billion per annum by 2022.
With that kind of growth in the pipeline, there’s no surprise that innovators from around the world are creating new ways for children to play, learn and explore the world with connected experiences,” stated Peter Jenkinson, co-founder of the tech toy specialist, TechUp.
TechUp itself is celebrating a successful launch at Wired Live and Wired Next Generation, having joined forces with Living In Digital Tims and the Kids@Play Summit at CES 2019 to unveil and present the latest in connected products and youth electronics.
The outfit showcased developments from the likes of Immersive Play and Jay@Play’s Snow Shine, Hasbro’s Nerf Laser Ops Pro, Reach Robotics’ AR gaming robot MekaMon and SwapBots from the British start-up of the same name.
TechUp is the brainchild of Toyology’s Peter Jenkinson and tech and connected play outfit Collabsco’s Valerie Vacante.
Jenkinson said: "We're excited that the youth electronics market will form such a key growth strategy for those looking to take a slice of the anticipated growth in consumer robotics.
"Kids are absorbing STEM and robotics as part of their regular curriculum so this interest leaves the classroom and turns into demand away from school"
Vacante, co-founder of the firm, added: “We are excited to be bringing together the most forward-thinking innovators in connected play to a global stage and we look forward to future collaborations.”