Robotic pet dogs market forecast
The report finds that the efficiency of robotic pet dogs in entertaining the aged population – such as providing companionship and palliative care in the case of those with dementia – is notably driving the robotic pet dogs market growth, although factors such as the high price for advanced robotic pet dogs may impede the market growth. While the high price for advanced robotic pet dogs is one of the factors hindering the robotic pet dogs market growth, the vendors are deploying growth strategies such as brand, labor, quality, and innovation to compete in the concentrated market.
According to the report, 35% of the market’s growth will originate from North America during the forecast period. The US is the key market for robotic pet dogs market in North America. Market growth in this region will be slower than the growth of the market in other regions. The increasing use of online platforms for purchasing robotic products will facilitate the robotic pet dogs market growth in North America over the forecast period.
Drivers of the robotic pet dogs market from 2022-2026 are expected to include the following:
- The efficiency of robotic pet dogs in entertaining the aged population is one of the key drivers supporting the robotic pet dogs market growth.
- The robotic pet dogs are efficient in addressing dementia, a disease that causes problems with thinking, memory, and reasoning. Alzheimer’s disease is the most common cause of dementia. These robotic pet dogs are designed in such a way that they almost mimic most of the activities that live dogs do, such as winking their eyes, wagging their tail, barking at a time, and many more.
- For instance, Hasbro, one of the prominent vendors operating in the global robotic toys market, offers a robotic dog named Fur Real Friends Biscuit My Lovin Pup. This dog follows various commands such as sit down, lie down, and speak. Moreover, the dog whimpers and nods its head whenever it wants a bone. These actions performed by the robotic pet dogs attract attention and positively entertain older adults.
Challenges faced by the robotic pet dogs market during the forecast period include
- The high price for advanced robotic pet dogs is one of the factors hindering the robotic pet dogs market growth. The high price of such artificial dogs can be attributed to the infusion of advanced technology into their production.
- For instance, Sony Aibo, one of the major robotic dogs, is priced at $2,899. The Aibo is encrypted with three touch sensors, two cameras, one time of flight (ToF) sensor for proximity detection, four microphones, and a motion detector. In addition, the ultra-compact one- and two-axis actuators are used to allow the dog to move along 22 axes. Also, the in-built sensors help the dog to detect and analyze sounds and images. Hence, the high price for such advanced robotic pet dogs will hamper the market growth in developing regions during the forecast period.
Some of the major market participants in the robotic pet dogs market include Ageless Innovation LLC, BIRANCO Ltd., Consequential Robotics Ltd., Contixo, Dimple NYC., Hyundai Motor Co., Sony Group Corp., SoundOriginal Electronics Co. Ltd., Tombot Inc., WEofferwhatYOUwant, and WowWee Group Ltd.