Global Robotic Pet Toys Market 2017-2021

Overview of the global robotic pet toys market

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.

Competitive landscape and key vendors

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-

• Hasbro
• Spin Master
• WowWee Group

The other prominent vendors in the market are Consequential Robotics, ihoven, MGA Entertainment, Tekno Robotics, and WEofferwhatYOUwant.

Segmentation by product type and analysis of the robotic pet toys market

• Dogs
• Cats

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.

Segmentation by geography and analysis of the robotic pet toys market

• Americas
• APAC
• EMEA

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.

Key questions answered in the report include

• What will the market size and the growth rate be in 2021?
• What are the key factors driving the global robotic pet toys market?
• What are the key market trends impacting the growth of the global robotic pet toys market?
• What are the challenges to global robotic pet toys market growth?
• Who are the key vendors in the market?
• What are the market opportunities and threats faced by the vendors in the global robotic pet toys market?
• Trending factors influencing the market shares of the Americas, APAC, and EMEA.
• What are the key outcomes of the five forces analysis of the global robotic pet toys market?

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