The smart connected pet collar market is predicted to be worth USD 58.66 million by 2029 from USD 35.72 million in 2024, growing at a CAGR of 10.43% during the forecast period.
Smart-connected pet collars are gadgets connecting wirelessly to smartphones through Bluetooth and Wi-Fi supplying facts associated with the pet on the related device. These collars are multipurpose collars that display the temperature, position, coronary heart price, and vicinity of pets. These statistics are additionally used with the aid of veterinarians to deal with pets. Increasing pet ownership and swelling fashion involving pets as a member of the family drives the market growth. Further, growing demand from working humans for pet monitoring acts as an important driver for Latin America smart-connected pet collars. Also, the growing pet expenditure helps the market grow. As per the Latin America Pet Products Association, the pet expenditure in Brazil was 75.38 billion in 2019. However, electricity consumption and brief battery existence impede the increase of the market over the forecast period. However, super lookup to strengthen new flavors to extend the product portfolio affords a profitable opportunity for the market.
The key elements that pressure the boom of the Latin America Smart Connected Pet Collar Market encompass making bigger expenditures on pet products, an upward push in instances of pets getting lost, non-stop monitoring and monitoring of pets' health, and ease of comfort for the use of smart collars. However, elements such as the extent of allergic reactions of pets and excessive fees in contrast to its counterparts are anticipated to obstruct market growth. Furthermore, novel improvements in aesthetics have won large traction in recent years, which in flip are expected to create rewarding possibilities for market enlargement in the upcoming years.
Smart-related pet collars are designed to display the temperature, coronary heart rate, position, and vicinity of pets via the capability of Wi-Fi communication. These collars aid in the monitoring of the fitness of puppies and cats through cell applications. Smart pet collars are geared up with wireless monitoring instruments and track the pet's necessary fitness parameters such as however now not restricted to temperature, coronary heart rate, and so on.
Impact of COVID-19 on Latin America smart connected pet collar market:
COVID-19 is a deadly disease that disturbed the global economy in an enormous way. The Latin American smart-connected pet collar market is esteemed to have significant growth opportunities in the foreseen years amid the COVID-19 pandemic. The sudden outburst of COVID-19 has shown a negative impact on the shares of the market where the growth rate is expected to increase in 2021 as the world is slowly falling into its previous position. The Latin America smart connected pet collar market is expected to have a significant growth rate in the coming years.
This research report on the Latin America smart connected pet collar market has been segmented and sub-segmented into the following categories.
Latin America Smart Connected Pet Collar Market – By Pet Type:
Based on pet type, the dog phase accounted for around 68% share of the clever-related pet collar in 2018 and is poised to develop at a considerable CAGR during the forecast period. Moreover, an upward push in customer consciousness regarding good technology, and lengthening in expenditure and pet merchandise are predicted to propel the Latin America Smart Connected Pet Collar Market growth.
Latin America Smart Connected Pet Collar Market – By Sales Channel:
The offline phase led to phrases of international clever-related pet collar market share in 2018. However, this phase is anticipated to lose market share, owing to the developing incidence of online income channels. The online income channel phase is to achieve giant traction in the upcoming years and is anticipated to witness a CAGR of 10.6% throughout the forecast period.
Latin America Smart Connected Pet Collar Market – By Country:
Latin America cash owed for the best Share in the Overall Smart Connected Pet Collar Market the market increase in Latin America is attributed to the robust funding in search for and enhancement coupled with excessive purchaser activity and willingness to pay for most superb technologies. According to American Pet Products Association, Inc. (APPA) estimations, in 2019, Brazil's pet expenditure amounted to USD 95.7 Billion. The expenditure consists of spending on pet food, scientific care, treatments, regular care, and special grooming services. The Brazil-wide associated pet collar market is principal Latin America with a fantastic share in the path of the comparison period. Argentina is the subsequent most important part of Latin America. The smart linked pet collar market in Argentina has a massive boom. Latin America accounts for the lion's share in the Smart Connected Pet Collar Market throughout the forecast period. The Brazil Smart Connected Pet Collar Market is leading Latin America with the highest share during the assessment period.
KEY MARKET PLAYERS:
Companies playing a major role in the Latin America smart connected pet collar market include FitBark, Radio Systems Corporation, PetPace, Scollar, Tractive, Eureka Technology Partners, Wagz, Inc. and KYON.
RECENT HAPPENINGS IN THE MARKET:
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