High likelihood to use technology for tracking pets
Rise in inclination to adopt pets as companions, 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 interactive pet monitors market during the forecast period. Additionally, the use of crowdsourcing techniques to launch products in the market, the 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. The increased tendency among pet owners to treat pets as part of the family, high expenditure on pets’ diet in developed countries, growth in the pet insurance industry, the ability of vendors to increase marketing budgets, and push for the 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 dispensers 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 monitor 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 a 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.
Interactive pet monitors market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
- Stand-alone monitoring devices
- Monitoring Devices with Integrated food dispensers
- Mobile monitoring devices
- Stationary monitoring devices
- North America