Rockville, March 01, 2023 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global pet companion robot market is estimated to be valued at US$ 874.5 million in 2023 and is expected to expand at an impressive CAGR of 12.3% during the forecast period, reaching a valuation of US$ 2.8 billion by 2033.
As per a study conducted by Guide Dogs, a charity group in UK, 74% of dog parents reported their pooch exhibited mental health issues, including depression and anxiety, and 18% said they noticed symptoms on a weekly basis.
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Pet companion robots monitor and record the moments and rewards them with treats. The rise in awareness of pet wellness and health is one of the major factor driving the growth of pet companion robots market. Additionally, advancement of new technology in pet sitter robots like autonomous driving and smart IoT sensor, extends profitable opportunities to manufacturers of pet companion robots.
Key Takeaways from Market Study
- The global pet companion robot market is projected to expand at an impressive CAGR of 12.3% and be valued at US$ 2.8 billion by 2033.
- The market witnessed 8.4% CAGR for the period of 2018-2022.
- Under type, autonomous pet feeding robot is predicted to dominate the market and are estimated to be valued at US$ 571.6 million in 2023.
- The U.S. is expected to dominate the market share in North America by likely accounting for 86.1% of its market share in 2023.
- Pet feeding robot under application segment is likely to represent 41.5% market share in 2023.
- Bluetooth connected pet companion robot in connectivity segment is predicted to have a market valuation of US$ 492.9 million in 2023.
“Rising Disposable Income & Pet Spending is Expected to Aid the Market Growth,” says a Fact.MR analyst.
Market Development
Companies are continuously launching new pet companion robot with advanced technologies. With increasing number of players entering the market, pet companion robot market will witness a substantial growth in the near future.
Manufacturers of pet companion robot are developing pet companion robots with advanced AI technology, powerful speakers and self-charging capability. Few companies are also developing multifunctional robots that can serve as a pet companion robot as well.
For instance, EBO robot by ENABOT, is a robot companion that can interact with family, children, home, as well as pets. Samsung, debuted its Bixby enabled vacuum cleaner that serves as a pet sitter also in May 2021 using a combination of advanced sensors and AI.
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Eminent Players
- Anthouse Technology Ltd.
- DTK Computer FZE
- ENABOT
- GURUIoT
- Pebby
- Pumpkii Inc
- Rocki
- Samsung
- Skymee
- VARRAM
Competitive Landscape
Robotic manufacturers are entering the pet companion robot market by expanding their portfolio. For instance, in March 2021, Guru IoT, an IoT product developer form Korea launched a pet care robot named PEDDY. PEDDY is capable of relieving the loneliness of pets left alone at home and monitors them to avoid any accidents, along with providing food.
In September 2020, a group of engineers and pet lovers launched a robotic companion for pets, Pumpkii with modular design and multifunctional options. The pet companion robot ensures entertainment, food, cleanliness and companionship to pet regardless of owner’s presence.
Fact.MR has provided detailed information about the price points of key manufacturers of pet companion robot positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.
Segmentation of Pet Companion Robot Industry Research
- By Type:
- Autonomous
- Remote Controlled
- By Application:
- Pet Entertainment
- Pet Video Monitoring/ Recording
- Pet Feeding
- By Connectivity:
- Wi-Fi
- Bluetooth
- By Sales Channel:
- Online Sales
- Company Owned Platform
- e-Commerce Website
- Offline Sales
- Pet Stores
- Franchised Stores
- Independent Stores
- Other Sales Channel
- Online Sales
- By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global pet companion robot market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study reveals essential insights on the basis of type (autonomous, remote controlled), application (pet entertainment, pet video monitoring/ recording, pet feeding), connectivity (Wi-Fi, Bluetooth) sales channel (online sales (company owned platform, e-commerce website), offline sales (pet stores, franchised stores, independent stores, other sales channel)) across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East & Africa).
Key Questions Covered in the Pet Companion Robot Market Report
- What is the projected value of the Pet Companion Robot Market in 2023?
- At what rate will the global Pet Companion Robot Market grow until 2033?
- Which are the factors hampering the growth in the Pet Companion Robot Market?
- Which region is expected to lead in the global Pet Companion Robot Market during 2023 to 2033?
- Which are the factors driving the Pet Companion Robot Market during the forecast period?
- What is the expected market value of the Pet Companion Robot Market during the forecast period?
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