Global Robotic Pet Toys Market 2017-2021
About Robotic Pet Toys
Robotic pet toys are pre-assembled and pre-programmed robots that have personal applications. The robot-human interface in robotic pet toys is designed in a way that even consumers with less knowledge on robotics can operate them effectively and conveniently. People with pets have been observed to enjoy longer and happier lives than those who do not own one. This is because having pets reduces the risk of heart diseases and chances of feeling lonely.
Technavio’s analysts forecast the global robotic pet toys market to grow at a CAGR of 64.79% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global robotic pet toys market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Robotic Pet Toys Market 2017-2021
Technavio recognizes the following companies as the key players in the global robotic pet toys market: Hasbro, Spin Master, and WowWee Group.
Other Prominent Vendors in the market are: Consequential Robotics, ihoven, MGA Entertainment, Tekno Robotics, and WEofferwhatYOUwant.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is emergence of robotic pet toys incorporated with AI technology. Increasing investments in R&D facilities of robotics have led to the development of robotic pet toys, with AI. Voice recognition and proprietary algorithms, which can detect human emotions from their expression, are also incorporated in such robots. Subsequently, such robots can understand phrases, sentences, and simple commands.”
According to the report, one driver in the market is rising global aging population, especially in developed countries. The rising global aging population, especially in the developed countries, is one of the key factors driving the market. This is because elderly people need caretaking and companionship, two responsibilities, which entertainment robots, like robotic pet toys, seamlessly perform. According to The World Bank Group in 2016, the population aged 65 years and above recorded 8.48% of the global population. Japan with 27% of its total population and Italy with 23% of its total population are two countries, where elderly people form a large fraction of their respective populations.
Further, the report states that one challenge in the market is greater initial investments and servicing costs required in designing process. The need for high initial investments in designing and developing entertainment robots, including robotic pet toys, hampers the growth of the global robotic pet toys market. Though the market is a relatively small value market, it is growing steadily and involves a large number of small and individual end-users. Robotics requires a lot of development and testing time before being commercialized and a long return on investment (ROI) period. Although some robotic start-ups are emerging, they lack the financial capability to bring in ground-breaking innovations within a short span of time.
Hasbro, Spin Master, WowWee Group, Consequential Robotics, ihoven, MGA Entertainment, Tekno Robotics, and WEofferwhatYOUwant.