LONDON–(BUSINESS WIRE)–Sep 28, 2020–
The pet furniture market research report examines the key questions around the implications of COVID-19 and provides a recovery analysis and outlook for the market in focus. Although the market has witnessed a negative impact due to the COVID-19 situation, the research analysts at Technavio expect the pet furniture market to recover and grow by USD 4.11 billion during the forecast period, accelerating at a CAGR of almost 6%.
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Technavio has announced its latest market research report titled Global Pet Furniture Market 2020-2024 (Graphic: Business Wire)
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Pet Furniture Market Segmentation Analysis by Product
- Pet house
- Pet bed and sofa
- Pet tree and condo
The pet house segment accounted for the highest pet furniture market share in 2019. The growing demand for pet houses is mostly attributable to their aesthetic appeal. Key market competitors design modern and sleek pet houses as per customers’ demands. This report provides an accurate prediction of the contribution of all the segments to the growth of the pet furniture market size.
Pet Furniture Market Regional Analysis
- The report covers regional analysis for APAC (India, China, Japan, and South Korea), Europe (Germany, France, UK, Italy), North America (US, Canada, Mexico), South America (Brazil, Argentina, Columbia), and MEA (UAE, Saudi Arabia, Iran).
- 37% of the growth will originate from the North American region.
- Factors such as the growing millennial population, the high number of dual-income nuclear families, and an ever-increasing trend of pet humanization will significantly drive the pet furniture market growth in this region during the forecast period.
- The US is the key market for pet furniture in North America.
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Pet Furniture Market: Key Market Drivers
Pet furniture market is expected to be driven by the availability of a wide range of fashionable and multifunctional pet furniture. Pet furniture designs have evolved significantly over the last couple of years. Market players are exploring innovative ways to combine multiple functions and styles to cater to the demands of pet lovers. For instance, they are designing furniture that fits seamlessly in homes without compromising on aesthetic value. This is resulting in the availability of a variety of pet furniture, which is driving the overall market growth.
Advent of Smart Pet Bed will be a Key Market Trend
The advent of smart pet beds is one of the major trends being witnessed in the global pet furniture market. Players in the global pet furniture market are investing a lot in research and development work to design smart pet furniture for affluent customers. These smart pet beds track pets’ weight, rest and activity while providing climate control. The data collected via a mobile app provides owners with more information about their pet’s health. Smart beds also offer thermostatic control that allows owners to adjust the temperature. Such features are driving their demand, thereby fueling the overall pet furniture market growth.
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Pet Furniture Market 2020-2024 : Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist pet furniture market growth during the next five years
- Estimation of the pet furniture market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the pet furniture market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of pet furniture market vendors
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- Market ecosystem
- Value chain analysis
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 – 2024
Five Forces Analysis
- Five forces summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Product
- Market segments
- Comparison by Product
- Pet house – Market size and forecast 2019-2024
- Pet bed and sofa – Market size and forecast 2019-2024
- Pet tree and condo – Market size and forecast 2019-2024
- Others – Market size and forecast 2019-2024
- Market opportunity by Product
Market Segmentation by End-user
- Market segments
- Comparison by End-user
- Dogs – Market size and forecast 2019-2024
- Cats – Market size and forecast 2019-2024
- Others – Market size and forecast 2019-2024
- Market opportunity by End-user
- Geographic segmentation
- Geographic comparison
- North America – Market size and forecast 2019-2024
- Europe – Market size and forecast 2019-2024
- APAC – Market size and forecast 2019-2024
- South America – Market size and forecast 2019-2024
- MEA – Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Pet Furniture Market drivers
- Pet Furniture Market challenges
- Pet Furniture Market trends
- Vendor landscape
- Landscape disruption
- Vendors covered
- Market positioning of vendors
- Cosmic Pet
- Go Pet Club
- Hangzhou Tianyuan Pet Products Co. Ltd.
- Inter IKEA Holding BV
- MiaCara GmbH & Co. KG
- MidWest Homes for Pets
- North American Pet Products
- PetPals Group Inc.
- Prevue Pet Products
- Ware Manufacturing Inc.
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
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INDUSTRY KEYWORD: RETAIL HOME GOODS PETS CONSUMER
SOURCE: Technavio Research
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PUB: 09/28/2020 07:00 PM/DISC: 09/28/2020 07:01 PM