Smart Pet Collar Market to Reach $798.69 Billion, Globally, by 2028 at 9.94% CAGR: Brandessence Market Research

LONDON, Oct. 17, 2022 /PRNewswire/ -- The global Smart Pet Collar Market is anticipated to Reach a valuation of USD 798.69 Billion by 2028 from USD 411.42 Billion in 2021, registering a CAGR of 9.94% over the forecast duration of 2022-2028.

Smart Pet Collar are specifically designed to enable owners monitor, track, and receive notifications regarding the whereabouts of their pets. These interconnected devices are also equipped with health monitoring features which provides accurate information on the heart rate and temperature of the pets. These collars are wirelessly linked to the owner's smartphone via Bluetooth or Wi-Fi.  The users can find their pet's location through the integrated GPS technology and can also keep a watch on the activity of their pets which in turn reduces their safety concerns.

The rising rates of pet adoption, increase in the number of nuclear families, along with the increasing disposable income of the masses are primarily augmenting the outlook of this industry vertical.

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Competitive Landscape

The Prominent Payers characterizing the competitive terrain of this business vertical are

• Tractive
• Garmin
• Fit Bark
• Whistle
• Findster
• Link AKC
• Pet Pace
• Find My Pet
• KYON
• PETBLE
• Others

These companies are taking robust efforts to build a brand name in this sector. They are engaging in mergers & acquisitions, alliances, product, launches, and partnership, among others to amplify their global footprints. Also, growing R&D investments, rising focus of industry players to develop highly advanced pet collars, along with the ability of certain smart collars to accurately detect health constraints in pets are adding momentum to the progression of this market.

Moreover, increasing awareness of owners regarding safety and health of their pets, integration of smart technologies such as AI and IoT into these collars along with rapid urbanization are creating lucrative opportunities of this industry sphere. On the contrary, high costs pertaining to these collars coupled with the lack of awareness about the benefits offered by smart collars are hindering the remuneration scope of the worldwide smart pet collar market. Furthermore, technological advancements in the field, rapid internet penetration, and widespread adoption of smart devices are spurring the growth of this business sphere.

Category-wise Outlook

Which is the Dominant component Segment Present in the Market?

The sensors segment presently leads the industry in terms of volume share. Certain smart collars are equipped with sensors which can not only track a pet's location but can also monitor their heart rate, temperature, sleep cycle, and calorie levels, among others. The multiple benefits offered by these sensor-based pet collars are adding traction to the segmental growth.

Which is the Fastest Growing Application Segment in the industry?

The tracking-based application segment is gaining robust momentum in the marketplace. This is attributable to the growing pet safety concerns of the masses and hectic work schedule of pet owners which restraints them to be in proximity with their pets. 

Major Developments

·  In January 2022, Invoxia announced its decision to expand its pet products line up by introducing smart collars for pet dogs with exclusive location tracking and health monitoring features.

Smart Pet Collar Market Segmentation

The Global Smart Pet Collar Market is Segmented on the component, product type, application, region & country level. Based on components, the global smart pet collar market is segmented into sensors, displays, Bluetooth chips, and GPS chips. By product type, the global smart pet collar market is segmented into radio-based, GPS-based, and others. By application, the global smart pet collar market is segmented into tracking, monitoring, and training.

By Component:

• Sensors
• Displays
• Bluetooth Chips
• GPS Chips

By Product Type:

• Radio Based
• GPS Based
• Others

By Application:

• Tracking
• Monitoring
• Training

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Market growth Comparison Pertaining to the Historical years and forecast timeline of 2022-2028

The industry is amplifying exponentially due to various growth inducing factors which have emerged in the past few years.

There has been a rising trend of pet humanization across the globe. With rapid urbanization, people have started living in nuclear families and are also growing distant from their near ones. In order to get rid of their loneliness, many people are adopting companion animals. They treat their pets as a family member and take care of their every needs. This has escalated the demand for smart collars worldwide.

The data recorded in smart collars are used by veterinarians to understand the health condition of the pets. Due to the integration of various advanced technologies, smart collars can record the exact body temperature and heart rate of companion animals. This facilitates fast paced disease diagnosis and enables physicians to start early treatment.

Moreover, smart collars are expensive in nature since they are equipped with high end technological and offer a wide array of benefits. Therefore, surge in the per capita income of the masses which contributes to their high spending power is stimulating the overall dynamics of this market.

Besides, the COVID-19 pandemic had a positive impact on the overall industry development. The stringent lockdowns imposed across various nations restricted the movement of the masses, thereby forcing them to stay behind lock doors. This impacted the mental health of many and made them extremely lonely. Many individuals decided to find solace in pet animals which in turn resulted in the rising pet adoption rates across the globe. This further resulted in the high sales of smart collars and other pet related products.

Region-Wise Insights

Which is the fastest growing region in the global smart pet collar market?

North America presently captures a substantial market share and is anticipated to expand substantially over the stipulated timeline. This is attributable to the rising pet adoption rates, growing disposable income levels, and widespread internet proliferation.

Also, surging R&D activities in the field, presence of potential players, rising adoption of smart devices, and increase in the number of nuclear families are further adding traction to the industry growth in this region.

What is the position attained by Asia Pacific in this business sphere?

Asia Pacific is witnessing significant gains in the market vertical owing to the increasing pet safety concerns among the masses, rising income levels, presence of adequate technological infrastructure, along with surging trends of pet humanization.

On Special Requirement Smart Pet Collar Market Report is also available for below region:

North America

• U.S, Canada

Europe 

• Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe

Asia-Pacific

• South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC

Latin America

• Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America 

Middle East and Africa

• Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA

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