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Elderly people need caretaking and companionship and this purpose is best served by robotic pet toys. Owing to companionship, robotic pet toys are gaining traction in developed countries where aging population is more and this in turn is driving the robotic pet toys market. Technavio’s market research report has identified rising global aging population, especially in developed countries as one of the primary factors that will fuel the growth of the robotic pet toys market in the coming years. Robotic pet toys exhibit several health benefits specially for old people such as decreasing blood pressure, cholesterol levels, and memory deficits like Alzheimer. Apart from this, robotic pet toys have significant therapeutic effects. Our market research analysts estimate that this market will grow steadily at a CAGR of almost 65% by 2021.
The emergence of robotic pet toys incorporated with AI technology will be one of the key trends contributing towards the growth of the robotic pet toys market. Development of robotic pet toys coupled with AI is on rise due to Increasing investments in R&D facilities of robotics. Factors such as voice recognition and proprietary algorithms, which can detect human emotions from their expression, are also integrated in such robots and due to this the robots can understand phrases, sentence and commands.
The robotic pet toys market is concentrated due to the presence of few established players. The players compete on parameters such as price, quality, brand, and variety. To increase the market share, the companies are adopting different marketing strategies. For retaining the dominance in the robot pets market, the leading competitors will depend on acquisition of new brands. The market is marked by high competition based on product differentiation, product portfolio, and pricing.
The leading vendors in the market are-
The other prominent vendors in the market are Consequential Robotics, ihoven, MGA Entertainment, Tekno Robotics, and WEofferwhatYOUwant.
During 2016, the dogs segment accounted for the major shares of the robotic pet toys market. Owing to the presence of multiple sensors, the interactive pet dogs behaves like a live pet dog. Moreover, the popularity factors of dogs as pets is also driving the robot pets market. People prefer robotic pet dogs as companion who cannot afford to maintain live dog.
This market study estimates that in terms of geographic regions, the Americas will be the major revenue contributor to the robotic pet toys market throughout the forecast period. Factors such as larger customer base, increasing working couples, and greater adoption of new technologies are driving the robotic pet toys market. Moreover, high product awareness and high adoption technologies in the region are triggering the growth of the robot pets market.
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PART 01: EXECUTIVE SUMMARY
PART 02: SCOPE OF THE REPORT
PART 03: RESEARCH METHODOLOGY
PART 04: INTRODUCTION
PART 05: MARKET LANDSCAPE
PART 06: MARKET SEGMENTATION BY PRODUCT
PART 07: MARKET SEGMENTATION BY DISTRIBUTION CHANNEL
PART 08: REGIONAL LANDSCAPE
PART 09: DECISION FRAMEWORK
PART 10: DRIVERS AND CHALLENGES
PART 11: MARKET TRENDS
PART 12: COMPETITOR LANDSCAPE
PART 13: COMPETITOR ANALYSIS
PART 14: APPENDIX
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