Smart Connected Pet Collars are designed to monitor temperature, heart rate, position, and location of pets through wireless communication media. These necklaces display all the necessary information that you have collected through mobile apps. They are specially designed to monitor and track the location of pets. Moreover, veterinarians also use this information to treat pets.
The global smart connected pet collar market was assessed at $ 382.7 million in 2020 and is foreseen to reach $ 613.5 million by 2025, developing at a CAGR of 9.5% from 2020 to 2025.
The relationship between the owner and the animal is much higher. So it's very dramatic when the owner's pet is lost or stolen because there is an emotional connection. Along with the growth of the conventional wearable device market, the smart connected pet collars and wearable pet devices market has grown. The smart connected pet collar is a versatile tool unlike the traditional collar that can connect wirelessly to a smartphone via Wi-Fi or Bluetooth and provides information that helps track pet activity and location. The smart pet collars can also be used for training and also include various settings like GPS, temperature and buzzer for location. In addition, the growing demand from people who work for the control of pets is one of the growth factors of the global smart connected pet collars market. Additionally, due to late working hours, pet owners demand smart connector collars that allow them to monitor their pets from their workplace.
Impact of COVID-19 on Smart Connected Pet Collar Market:
The coronavirus pandemic has had a strong impact on consumer spending around the world. The loss of income during the lockdown and the uncertain future are supposed to affect consumer spending on pet ownership and care. However, the pandemic has made it possible for pet owners to spend more time with their pets and to better understand their nutritional and emotional needs. The stronger ties are expected to drive demand for IoT-enabled pet care products once economic conditions improve.
• Tractive recently released a GPS Tracker and Cat Activity Tracker, which allows owners to find out where the cat is going, how long the cat is spending in various locations, and search if necessary.
• Fit Bark has partnered with Fit Bit, which allows them to add more functionality to smart pet collars so that the device can track distance travelled daily, including calories burned.
Market Growth and Trends:
• Technological advancements and growing adoption of companion animals are identified as the major market drivers for the global smart connected pet collars market. The growing adoption of smartphones ensures better use of IoT for pet care and general surveillance. The animal is next to a human baby to many people and needs constant care and attention. The most recent study on pet ownership conducted by the American Pet Products Association (APPA) found that 68% of all U.S. households own a pet and increasing number of these people see their pets as members of the family.
• In developed countries, smart connected pet collars are more popular and in high demand than in developing countries. High per capita income and the presence of Tier 1 companies are the main market drivers in developed countries. Furthermore, significant consumer knowledge about the products available in the market is supposed to drive the future growth of the smart connected pet collars market in the developed areas.
Drivers and market Restraints:
Key factors driving the growth of the global smart connected pet collars market include increasing spending on pet products, rising cases of animal loss, ongoing surveillance and monitoring of pet health, and ease of use of smart wearables. However, factors such as increased pet allergy and high cost compared to their counterparts are expected to hamper this business growth. Additionally, new aesthetic innovations have gained popularity in recent years, which in turn is supposed to create lucrative opportunities for market expansion in the coming years.
Based on the pet type, the global smart connected pet collars market is bifurcated as cats and dogs. The dog segment represented the main market share; however, the cat segment is likely to grow with the highest CAGR during the analysis period. The increasing popularity of smart connected products, due to their multiple benefits, has resulted in an increased demand for smart wearables in developed regions. Additionally, extensive advertising and marketing, increased consumer awareness of smart technology, and augmented spending and pet products are expected to drive the growth of the smart connected pet collars market.
On the basis of the sales channel, the market is classified into offline channels and online channels. Online channels will continue to gain popularity in the coming years as they offer greater advantages over points of sale. American, French and Canadian pet owners especially prefer online sales to the traditional channel, due to its many advantages, such as a hassle-free shopping experience, varied options and countless offers.
Depending on the region, the global smart connected pet collar industry is studied in North America, Europe, Asia Pacific, and LAMEA. North America leads in terms of market share; however, the Asia-Pacific region is predicted to grow with the highest CAGR during the outlook period.
Market growth in North America is attributed to heavy investment in research and development, coupled with strong consumer awareness and willingness to pay for advanced technologies. According to estimates by the American Pet Products Association, Inc. (APPA), in 2019, money spent on pets in the United States was $ 95.7 billion. These include expenses for pet food, medical care, treatment, general care, and other grooming services.
Key market players:
Some of the major players in the global Smart Connected Pet Collars market include FitBark, Radio Systems Corporation, Tractive, PetPace, Eureka Technology Partners, LLC, Scollar, Wagz, Inc., KYON, Whistle Labs Inc., and Fi.
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Smart Connected Pet Collar Market, By Pet Type
6.1.3 Market Size Estimations & Forecasts (2019-2024)
6.1.4 Y-o-Y Growth Rate Analysis
6.1.5 Market Attractiveness Index
6.2 Smart Connected Pet Collar Market, By Sales Channel
6.2.3 Market Size Estimations & Forecasts (2019-2024)
6.2.4 Y-o-Y Growth Rate Analysis
6.2.5 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.2 By Pet Type
7.2.3 By Sales Channel
7.3.1 By Country
188.8.131.52 Rest of Europe
7.3.2 By Pet Type
7.3.3 By Sales Channel
7.4 Asia Pacific
7.4.1 By Country
184.108.40.206 South Korea
220.127.116.11 South East Asia
18.104.22.168 Australia & NZ
22.214.171.124 Rest of Asia-Pacific
7.4.2 By Pet Type
7.4.3 By Sales Channel
7.5 Latin America
7.5.1 By Country
126.96.36.199 Rest of Latin America
7.5.2 By Pet Type
7.5.3 By Sales Channel
7.6 Middle East and Africa
7.6.1 By Country
188.8.131.52 Middle East
7.6.2 By Pet Type
7.6.3 By Sales Channel
8. Key Player Analysis
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Radio Systems Corporation
8.5 Eureka Technology Partners, LLC
8.7 Wagz, Inc
8.9 Whistle Labs Inc
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures