LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global pet accessories market to grow at a CAGR of close to 7% during the forecast period, according to their latest market research report.
The advent of smart pet accessories is one of the major trends being witnessed in the global pet accessories market 2019-2023. Vendors have introduced various smart pet accessories, such as smart bed, smart pet feeder, and connected pet collars. The players invest in R&D to design smart pet furniture to attract affluent customers. For example, Petrics Smart Pet Bed & Activity Tracker, a pet health technology company, launched a Smart Pet Bed, Activity Tracker, and Pet Health and Nutrition Application at Consumer Electronics Show (CES) in January 2018.
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According to Technavio analysts, one of the key factors contributing to the growth of the global pet accessories market is the availability of a wide range of fashionable and multifunctional pet accessories:
Global pet accessories market: Availability of a wide range of fashionable and multifunctional pet accessories
The demand for improved pet accessories, including pet toys and pet furniture, has increased. Designs of pet accessories have evolved tremendously over the last couple of years.
According to a senior analyst at Technavio, “Vendors are exploring innovative ways of combining multiple functions and styles to cater to the demands of pet lovers. They are designing and developing accessories including furniture that fit seamlessly in homes without compromising on the aesthetic value. Traditional pet furniture only served certain uses. However, advanced furniture such as beds, sofas, gates, crates, and trees, are designed to blend with other home furniture. It is functional and looks good with other home interiors.”
Global pet accessories market: Segmentation analysis
The global pet accessories market research report provides market segmentation by product (pet toys and others), by application (dogs and cats), by distribution channel (offline and online), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the two major applications, including dogs and cats, the dogs segment held the largest market share in 2018, contributing to over 45% of the market. This application segment is expected to continue to dominate the global market throughout the forecast period.
The Americas held the largest share of the market in 2018, accounting for more than 45% share, followed by EMEA and APAC respectively. The region is expected to continue to dominate the market during the forecast period.
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Market Landscape
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- Market segmentation analysis
Market Sizing
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Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
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Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
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