SecurityWorldMarket

14/08/2019

Continuing surge in pet owner ship drives pet monitoring market

San Francisco, Ca (USA)

The global pet monitoring camera market size is expected to reach USD 250.1 million by 2025, according to a new report by Grand View Research, Inc. The market is projected to expand at a CAGR of 26.0% during the forecast period. Continuous surge in pet ownership among the millennial population has been driving the growth. Furthermore, the rapid adoption of the latest technology among consumers is expected to increase spending on advanced monitoring products for pets.

The one-way video functionality accounted for more than 85% of the market share in terms of revenue. Over the past few years, the consumers have been attracted to the innovative features of these products. Manufacturers have added features, including laser dot chase games, automatic treat dispensers, motion and sound detection, and built-in ringtone, to their monitoring devices. Furthermore, two-way voice communication has made these devices more interactive.

The online distribution channel is expected to witness a steady CAGR of over 28% from 2019 to 2025. Rising popularity of e-commerce among consumers due to the convenience of shopping is expected to boost the segment in near future. Major online retailers include Amazon; Petsmart Inc.; Walmart; Target Brands, Inc.; Ebay Inc.; and Petco Animal Supplies, Inc.

Asia Pacific is expected to register the fastest CAGR of 27.2% from 2019 to 2025. Prominent markets of this region include China, Japan, Australia, and India. Over the past few years, an increased number of pets in the aforementioned countries has been witnessed. For instance, according to the Japan Pet Food Association, the number of domestic cats has increased by 123,000 to more than 9 million from 2017 to 2018. Additionally, a high number of the millennial population in developing economies including China and India is expected to open new avenues over the next few years.

Key players in the pet monitoring camera market include Guardzilla; Wagz, Inc.; Tomofun (Furbo Dog Camera); Motorola, Inc.; Petcube, Inc.; Zmodo; Acer Inc. (Pawbo Inc.); Anser Innovation LLC (Petchatz); Hangzhou Hikvision Digital Technology Co., Ltd. (Ezviz Inc.); and Vimtag Technology Co., Ltd.


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