LONDON--(BUSINESS WIRE)--The global robotic pet dogs market 2019-2023 is expected to post a CAGR of close to 21% during the forecast period, according to the latest market research report by Technavio.
Robotic pet dogs have recently emerged as an effective way to alleviate depression, anxiety, distress, and loneliness, especially among the geriatric population. It has been observed that the regular interaction with robotic pet dogs at least thrice a week can decrease stress and anxiety. These robotic dogs are designed in such a way that they mimic most of the activities that live dogs do, such as they can wink their eyes, wag their tail, bark and many more. Thus, the adoption of robotic pet dogs is expected to increase significantly, which will drive the growth of the market during the forecast period.
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As per Technavio, the introduction of eco-friendly robotic pet dogs will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Robotic Pet Dogs Market: Introduction of Eco-Friendly Robotic Pet Dogs
The growing demand for robotic pet dogs among children has also raised various health and safety issues associated with the raw materials used in their production. Thus, parents are opting for robotic toys that are made from eco-friendly materials, which are generally called green toys. Thus, vendors are focusing on offering robotic pet dogs that are made from eco-friendly materials such as acrylonitrile butadiene styrene (ABS) plastic, which will drive market growth over the forecast period.
“Factors such as the added responsibility and health problems associated with live pets, along with the increased adoption of multichannel marketing and promotional strategies by vendors will have a significant impact on the growth of the robotic pet dogs market value during the forecast period,” says a senior analyst at Technavio.
Global Robotic Pet Dogs Market: Segmentation Analysis
This market research report segments the global robotic pet dogs market by distribution channel (offline and online), and geographic regions (North America, Europe, APAC, South America, and MEA).
The North American region led the robotic pet dogs market in 2018, followed by Europe, APAC, South America, and MEA, respectively. The dominance of the robotic pet dogs market share in North America can be attributed to factors such as the launch of featured and premium products, increasing the use of online platforms and awareness and adoption of robotic pet dogs in the region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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