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Pet Monitoring Camera Market Overview
The increasing pet ownership rate among the millennials in developing countries, surging consumer purchasing power, increasing demand for reducing depression and anxiety, and growing awareness toward pet health and care are some of the major factors driving the growth of the global pet monitoring camera market.
Pet monitoring cameras are used for monitoring the activity of a pet, which includes house pets, aquarium animals, birds, small pets, herptiles, and outdoor pets, so an owner can watch their pets at home from a distance. Owners usually install these cameras to take care or help their pets, in case of any accident. Further, they can use these devices to monitor their pets at day care centers and check if the caretaker is properly addressing the needs of the animals.
One-way video functionality cameras held the larger share in the pet monitoring camera market in 2019 and are expected to remain at the top in the forecast period (2020–2030). This can be attributed to the low cost of these products, thereby making it cheaper for customers to monitor their pets. In addition to this, these devices provide live high-definition (HD) video streaming, directly on customers’ computers/laptops or phones. The owners find it entertaining to watch their pets play, which helps relieve stress and anxiety. Further, market players are adding more functionalities to the cameras, such as laser tracking, treat dispenser, and ringtones, to increase their attractiveness.
Two-way video functionality cameras are witnessing a swift increase in their pet monitoring camera market share, year-on-year (Y-o-Y), which is why this category is expected to register higher growth rate, as compared to one-way video functionality cameras, during the forecast period. With the help of two-way video functionality cameras, owners can live stream the videos of their pets. Pet owners are increasingly preferring these products, as they can provide more comfort to the pets.
Based on distribution channel, the offline channel category held the larger revenue share, in the pet monitoring camera market, of over 80.0%, in 2019, and it is expected to witness a significant CAGR in the forecast period. The primary factor driving the growth of this category is the increasing availability of these systems in supermarkets and hypermarkets. Apart from this, pet owners prefer to check the camera at the store, first, to be assured of the video quality and get a more-personalized experience.
Online channels, however, are expected to register the faster growth rate, in the pet monitoring camera market, during the forecast period, owing to the expanding e-commerce industry, globally. It is expected that consumers would move toward online sales channel to compare different cameras and choose what is best for them. Apart from this, owing to the increasing targeted advertisements, the sales of pet monitoring cameras are increasing, and those via e-commerce platforms are expected to surpass the offline channel during forecast period.
North America held the largest revenue share in the pet monitoring camera market in 2019. The region, particularly the U.S., has a high number of house pets when compared to other countries, globally. In 2018, in the U.S. alone, there were over 136 million households owning a pet, including birds, cats, dogs, horses, freshwater fish, saltwater fish, reptiles, and other small animals. Further, the country has one of the highest per capita income, owing to which the spending on pets is quite high. Owing to these factors, the demand for pet monitoring cameras is high in North America.
Pet Monitoring Camera Market Dynamics
The increasing pet ownership rate is the major driver boosting the growth of the pet monitoring camera market. Apart from the growing adoption of pets by millennials, rise in multi-pet households and demand from baby boomers are some of the major factors driving the pet ownership rate, worldwide. People are adopting more than one pet, to provide a companion to the other pets. These kinds of owners are more reluctant to buy accessories through online sales channels. Further, baby boomers are increasingly purchasing a greater number of pets due to an increasing need for a companion. Around 40% of the adults, during 2015–2016, owned a pet or two, which was an increase from 34% in 2005–2006. Apart from this, millennials are also increasingly adopting pets for practicing taking care of a living being, before having babies.
Pet Monitoring Camera Market Competitive Landscape
As a result of the presence of numerous players, the pet monitoring camera market is highly competitive in nature. The players are focusing on launching new products with attractive features, to increase their revenue. In September 2019, Ring (owned by Amazon Inc.) launched a stick-up cam with two-way audio and night vision functionality, to help the owner track their pet. Further, companies are witnessing an increasing competition from the unorganized market.
Some of the key players operating in the global pet monitoring camera market are Guardzilla, Motorola Inc., Wagz Inc., PetChatz LLC, Google LLC, Amazon Inc., Petcube Inc., Ezviz Inc., Furbo, Acer Inc. (Pawbo Inc.), Zmodo Technology Corporation Ltd., and Vimtag LLC.
The report will also provide a country-wise analysis. Some of the major countries that are covered in the report are the U.S., Canada, the U.K., Germany, France, Italy, Spain, Russia, Poland, China, Japan, India, South Korea, Australia, Thailand, Indonesia, Malaysia, Singapore, Mexico, Brazil, Argentina, Colombia, Peru, South Africa, Turkey, the U.A.E., Saudi Arabia, Israel, Iran, Qatar, and Kuwait.
Pet Monitoring Camera Market Segmentation
Market Segmentation by Product
Market Segmentation by Distribution Channel
Market Segmentation by Geography