LONDON--(BUSINESS WIRE)--The global robotic pet toys market is expected to grow at an impressive CAGR of close to 65% from 2017-2021, according to a new market research report by Technavio.
Global robotic pet toys market segmentation by product and distribution channel Technavio’s report on the global robotic pet toys market analyses the business dimensions and presents a comprehensive breakdown in terms of market segmentation by product, which includes robot dogs and robot cats. In 2016, the global robotic pet toys market was dominated by the dog segment and is expected to maintain this position during the forecast period. This segment experiences high demand due to the number of varieties available in the market.
“Interactive puppies with multiple sensors that ensure that it behaves like a live pet dog is one variant. Robotic dogs are the most popular robotic pet toys because dogs, in general, are the more common pets. Hence, people who want to keep a dog, but cannot afford to maintain a live dog, prefer robotic pet dogs as a companion. Robotic pet dogs have multiple pre-programmed actions and can be controlled using a remote,” says Narendra Nandaigari, a lead analyst at Technavio for pet supplies research.
Based on distribution channel, the global robotic pet toys market is segmented into three major segments comprising of specialty stores, department stores, and online retail. In 2016, specialty stores led the global robotic pet toys market with a share of more than 55%. These shops house popular brands of robotic pet toys and offer of products. They sell similar types of products in all their outlets. RobotShop is one of the popular specialty stores for robotic pet toys.
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Robotic pet toys market: competitive vendor landscape
The global robotic pet toys market is the global robotic pet toys market has few established players, which makes it a slightly concentrated market. Product innovation is expected to be a key trend in the market during the forecast period. These competitors compete on many different factors including price, quality, brand, and variety. Hasbro, Spin Master, and WowWee Group are the key vendors in the global robotic pet toys market.
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Other topics covered in the report:
Market drivers:
- No mess and stains around
- No baths and grooming required
Market challenges:
- Malfunctioning and safety issues
- Presence of unorganized players and availability of counterfeit products
Market trends:
- Advent of solar-powered robotic pet toys
- Introduction of open software platform in robotics industry
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