Analysts at Arizton say that the global interactive pet monitors market is expected to grow at a CAGR of 40.8% and more than 50% in terms of revenue and volume, respectively during the forecast period 2016−2022.
The report Interactive Pet Monitors Market – Global Outlook and Forecast 2017−2022, consists of 154 pages and includes the vital information about the global interactive pet monitors market.
The growth in per capita disposable income has led to increased discretionary spending worldwide. The increase in per capita income and the number of dual-income households constitute the basis of increasing spending on innovative devices such as innovative interactive pet monitors. Apart from an increasing demand from developed markets, factors such as the growth in working population and enhanced marketing and visibility of these products online have contributed to the adoption of interactive pet monitors in the market. Increased per capita income, high usage of internet and smartphones, and growth of dual-income households constitute the basis for increasing spending on smart devices worldwide.
The volume sales are expected to rise at a higher rate because of the growth in demand by the end of the forecast period. The unit shipment is likely to witness high growth because of the gradual growth rate in the beginning and to match up the rise in demand due to high awareness and low ASP. The difference between unit shipment and volume sales is expected to reduce because of accurate demand forecasting as the market progresses.
According to Arizton, the unit shipment of interactive pet monitors will increase at a CAGR of 53.13% and reach approximately 1,362.74 thousand units during the forecast period.
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Online Sales of Interactive Pet Monitors Market is Expanding
The online interactive pet monitors market is also particularly well-developed and growing, with the presence of online retailers such as Amazon, Alibaba, Best Buy, and eBay offering products from vendors. The demand will grow further from retailers in countries such as the US, the UK, and China, where the ease-of-access to the internet and the convenience of shopping for smart devices through such channels enable the growth of the consumer base in these countries. Cost-effectiveness of devices offered online (often at discounted prices) is also attracting price-sensitive and new buyers in the interactive pet monitors market.
Retail channels are also contributing to the growth of the global interactive pet monitors market, and their contribution is expected to increase during the forecast period as they would attract the consumers who are not early adopters of latest technologically advanced products, however, belong to the favorable demographics of the target consumer, i.e., a pet owner with middle to high income owning a smartphone and using the internet.
Product Innovation to Boost the Market
Innovations will drive investors’ confidence in the interactive pet monitors market, and the market will witness an increase in VC funding during the forecast period. Startups are expected to improve upon the interactive pet monitors technology with advanced features while existing vendors will continue developing their product portfolio with upgrades which would fuel the market growth during the forecast period.
The report also provides the market analysis of each segment of the market and offers market outlook for major regions and key countries.
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