Global Pet Companion Robots Market Size, Trends, Share Analysis & Forecast 2016-2024

Startups Like “Sybo Tech” In Singapore And “Smartpaw” In China Are Expected To Drive The Pet Companion Robots Market Growth In Asia-Pacific Region

The global pet companion robots market is set to reach USD 0.80 billion by 2024, at a CAGR of 10.0% over the forecast years.The market of pet Companion robots accounted for more than 20% share in smart pet devices which is expected to dominate the market over the forecast period owing to its versatility and wide applications.

Many startups are developing and producing their own products, which are ready to hit the market. For instance, SmartPaw a smart pet devices manufacturer from China and Taiwan introduced the pet robots that can monitor and can feed the pets. Sego I Robots is another pet companion robot that meets the pet owner needs to interact, feed, entertain and monitor them through smartphone apps. Big market players are funding and acquiring new startups to enter the pet companion robots market, as these companies can foresee the bright future of pet companion robots owing to huge pet lover population across the globe, like Taiwanese company Pawbo who developed Pawbo+ pet companion robot, acquired by the Acer, a multinational hardware and electronics corporation in 2016.

According to Goldstein Research, pet companion robots market is segmented on the basis of product and application. On the basis of product type, movable robots hold the largest market share i.e. around 65% in the global pet companion robots market owing to growing pet ownership around the world.North America accounted for the largest consumer of pet companion robots owing to the huge population of pet lovers and rising expenditures over pets. Many startups in the United States are entering this market with innovative robots. For instance, Anthouse Technology Ltd. successfully developed their pet companion robot and was ready to hit the market by the end of 2017. Moreover, the company has been successfully backed up by the crowdfunding of more than USD 17.0 million and aimed to receive USD 50.0 million by the end of the year.

“Global Pet Companion Robots Market Outlook, 2016-2024” covers the present ground scenario and future opportunity prospects for the market players to analyze the target markets across the globe. Moreover, the competitive analysis includes the in-depth analysis of the major players and leaders in hardware & ICT industry. The market study conducted on the basis of primary as well as secondary research where the analysts fragment the data from various databases such as Bloomberg, Factiva, Owler, and others. Our primary research team conducted various interviews, surveys and group discussions of industry pet companion robots manufacturers, suppliers, and distributors, hardware companies, veterinary institutions, veterinary clinical centers, medical research laboratories and academic medical centers and universities to analyze the future prospects of the overall pet care industry.

Global Pet Companion Robots Market Segmentation can be classified on the basis of:

 

Based on Products

  • Stationary Robots
  • Movable Robots

 

Based on Applications

  • Video recording and Monitoring
  • Pet Entertainment
  • Pet Feeding

 

Based on Geography

  • North America (US, Canada)Pet Companion RobotsMarket {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
  • Europe (UK, France, Italy, Germany, Spain, Hungary, Sweden, Russia, Poland and Rest of Europe) Pet Companion RobotsMarket {Market Share (%), Market Size (USD Billion), Adoption Rate (%)The }
  • Middle East and Africa (GCC Countries, North Africa, South Africa and Rest of the Middle East & Africa) Pet Companion RobotsMarket {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
  • Latin America (Brazil, Mexico and Rest of Latin America)Pet Companion RobotsMarket {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
  • Asia Pacific (China, Japan, India, Singapore, South Korea, Australia, New Zealand and Rest of Asia-Pacific) Pet Companion RobotsMarket {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}

 

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Market Trends, Drivers, & Challenges

According to Petsecure, a pet insurance provider there is more than 100 million dog ownership alone in China and USA i.e. one of the major hubs for robots. High disposable income population in these countries coupled with large robotics market is expected to boost the sales of pet companion robots in nearby future. According to Petsecure, more than half of Americans have cat or dog in their homes, spending over USD 50 billion over their pets.  On the other hand, digitization across the globe and emerging IoT technologies making it much easier to deploy these robots with pets. Artificial intelligence (AI) technology also enabled the smart robots to take care of pets. Emerging new technologies and innovations are expected to breakthrough pet companion robots among pet lovers. However, being in its nascent stage, manufacturers are more prone to the risk of unforeseen obstacles and can face problems related to production and shipments of orders.

Pet companion robots industry analysis report has been prepared based on an in-depth market analysis from industry experts. The report covers the competitive landscape and current position of major players in the market space. The report also includes Porter’s five force model, SWOT analysis, company profiling, business strategies of market players and their business models. Global Pet Companion Robots market report also recognizes value chain analysis to understand the cost differentiation to provide a competitive advantage to the existing and new entry players.

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