"Overview of Pet Monitoring Camera Market"
The Pet Monitoring Camera market is forecasted to reach at US$ 6.9 Bn by 2027, growing at a CAGR of 22.4 % during the Forecast Period
The global Pet Monitoring Camera market is at its nascent stage and is anticipated to witness impressive growth in coming years. Some of the factors fuelling the growth if global market includes rising expenditure on pet monitoring devices and accessories, and rising awareness regarding pet security.
Rising Concern Regarding Safety and Security of Companion Pets is Fuelling the Market Growth
The rising working population is finding it stressful to take care of their pets which improve the risk of animals suffering from loneliness and depression when they are alone at home. Hence, monitoring cameras are high in demand to keep an eye on pets. The monitoring cameras are used for entertaining, interacting, treating, monitoring, and training the pets. These products are gaining traction from developed regions including Europe and North America. The consumers are spending more on companion animals due to dual-income in majority of households which is anticipated to boost the growth of global market. Moreover, the rising trend of adopting pets and increasing awareness regarding their safety is expected to create growth opportunities for the global pet monitoring camera market.
Based on Product Type, One-Way Video Functionality Accounted for Significant Share in Global Market
On the basis of product type, the one-way video functionality accounted for maximum share in 2018. These products are designed to record video clips on smartphones and allow live streaming of HD video which is increasing its popularity among large consumer base. Also, these products offer one-way or two-way voice communication through which the owners can interact with their companion animals. Moreover, integration of advanced technologies such as snapshots capturing, automatic treat dispenser, temperature monitoring, laser dot chase game, sound and motion detection, and customizable built-in ringtone is projected to boost the demand of these products across the globe.
On the other hand, the two-way video functionality is expected to witness robust growth in coming years. The rising demand for multi-purpose monitoring devices support the adoption of these products. These products enable the owners to interact with their pets, entertain them, making them play, and feed them at appropriate time.
Offline Distribution Channel Dominated the Global Market Whereas the Online Segment is projected to Show Prominent Growth
Based on distribution channel, the offline segment led the global market, accounting for larger market share. The growth of the segment is fuelled by rising penetration of supermarkets and hypermarkets across the globe. Since last few years the manufacturers have shifted towards the hybrid model in which they collaborate with online retailers along with physical stores which is expected to put a positive impact on the segment growth.
Furthermore, the online channels are projected to witness robust growth during the forecast period. The growth of the segment can be accredited to growing e-commerce in consumer electronics sector. Some of the major online retailers include Costco Wholesale Corporation, Amazon, eBay Inc, PetSmart Inc., Target Brands, Inc., Petco Animal Supplies, Inc., and Walmart.
Asia Pacific to hold key share in Global Pet Monitoring Market during the Forecast Period
By geography, North America is anticipated to lead the global market. The region is expected to be the leading one throughout the forecast period. This is mainly due to the high purchasing power and significant number of pet owners in the region. According to a study conducted by American Pet Products Association, Inc. in 2018 more than 60 % of U.S. population owned a pet, in which most of them were having a cat or dog. In 2018, the average spend on pet was across 72 billion in United States.
Asia Pacific is projected to witness impressive growth over the forecast period. The growth of the region can be credited to raid urbanization which is leading to high adoption of domestic animals. The rising expenditure on pet animals in major Asian countries including India, China, Australia, and Japan promotes the demand of pet monitoring cameras in Asia Pacific.
Some of the major players operating in global market include Vimtag Technology Co., Ltd, Guardzilla, Hangzhou Hikvision Digital Technology Co., Ltd., Wagz, Inc., Anser Innovation LLC, Tomofun , Acer Inc., Motorola, Inc., Zmodo, and Petcube, Inc.
Global Pet Monitoring Camera Market by product Type
- One-way Video Functionality
- Two-way Video Functionality
Global Pet Monitoring Camera Market by Distribution Channel
Global Pet Monitoring Camera Market by Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America