Interactive pet monitors are devices used by pet owners to monitor their pets and ensure their safety in their absence. These monitors enable owners to track the activities of their pets when they are away from their homes. Some of the devices have a pet food dispensing feature. With the help of these devices, owners do not require to worry whether their pets have eaten or not as they can feed them at any point in time through these devices.
The global interactive pet monitors market is expected to grow at a CAGR of 40.8% and 50.2% in terms of revenue and volume, respectively, during the forecast period 2016−2022. The sales picked up from just 81.02 thousand units in 2016 because of low awareness and high ASP of devices in the beginning. However, the sales are expected to increase to more than a million by 2022.
Interactive Pet Monitors Market at a Glance
The report provides a holistic view of the global interactive pet monitors market, the companies involved in the market, and the factors driving its growth. It also provides information about some of the latest trends that are likely to become strong market driving forces over the next five years. This report also provides the Porter’s Five Forces analysis along with a description of each force and its impact on the market. Further, the report also provides complete value chain analysis of the global pet monitoring market.
Interactive Pet Monitors Market: Key Vendor Analysis
Currently, the competitive scenario in the global interactive pet monitors market is moderate. There are multiple vendors offering similar products from which customers can draw a comparison. Petcube, Motorola Mobility, and Reolink are the major vendors in the market. Other vendors in the interactive pet monitors market include Tomofun, Petzila, iBaby Labs, CleverPet, Shanghai PETKIT, Feed and Go, Anser Innovation, Pawbo.
Interactive Pet Monitors: Market Dynamics
High likelihood to use technology for tracking pets
Rise in inclination to adopt pets as companion, high likelihood to use technology for tracking pets, and increase in user-friendly technology and easy-to-setup devices are the major factors that are likely to drive the pnteractive pet monitors market during the forecast period. Additionally, use of crowdsourcing techniques to launch products in market, positive influence of pets on human health, and high smartphone penetration in major markets are among the other factors that are likely to drive the market. The report also discusses the emerging trends that are going to shape the interactive pet monitors market during the forecast period. Increased tendency among pet owners to treat pets as part of family, high expenditure on pets’ diet in developed countries, ability of vendors to increase marketing budgets, and push for digital economy in developing economies are among the latest trends that are expected to push the market during the forecast period.
Interactive Pet Monitors Market: Segmental Overview
Monitoring devices with integrated food dispenser will surpass stand-alone devices
The stand-alone monitoring devices segment held 52.06% of the volume sales in the global interactive pet monitors market in 2016 and accounted as the largest segment. However, the market is likely to witness a major shift in this segment, and the monitoring devices with integrated food dispenser will surpass the stand-alone devices in 2022. Food integrated devices will constitute more than 73% of the global sales volume. Also, in terms of revenue, food integrated devices will be a dominant segment. The ASP of interactive pet monitors devices is expected to decline during the forecast period because of high demand.
Interactive Pet monitors Market: Geographical Analysis
North America to remain the dominant market
Globally, North America is the largest market for pet care, and the interactive pet monitors market is growing rapidly. This will fuel the demand for interactive pet monitors in the region coupled with the rise in adoption of pets in the region. Europe, led by the UK and Germany, will continue to be the second largest market. The market in APAC is characterized by demand for low-cost products. Further, there was limited awareness of interactive pet monitors in the region. However, as the awareness about the devices grows during the forecast period along with the better internet infrastructure and the rise in internet and smartphone penetration, the interactive pet monitors market is likely to witness growth in the adoption of interactive pet monitors in the region.
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