The smart pet collar market is estimated to expand to a valuation of US$ 412 billion in 2023 and is anticipated to exhibit a compound annual growth rate (CAGR) of 10% from 2023 to 2033 and reach US$ 1,293.03 billion in 2033. A smart pet collar is an advanced tech collar that connects wirelessly to a cellphone via Wi-Fi or Bluetooth and provides insights that aid in monitoring the pet's actions and venue.
Furthermore, one of the growth aspects of the smart pet collar market is the increasing requirement for pet control from employed people. Additionally, because of extended working hours, animal owners are requesting smart-connected collars that allow them to communicate with their pets from their organization.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value (2023) | US$ 412 billion |
| Anticipated Forecast Value (2033) | US$ 1,293.03 billion |
| Projected Growth Rate (2023 to 2033) | 10% CAGR |
In the present era, as spending power in developed countries rises, so does consciousness of the pet's mental and physical characteristics, which is anticipated to influence the pet wearable industry's growth in the upcoming decades.
Because of strict government laws and pet owners' love for their pets, pet well-being has become a significant concern in recent decades. For instance, the Queensland Government requires pet owners to enroll their pets in certain union councils and to offer their pets adequate food, shelter, and complete care. The administration also guarantees animal welfare in order to supply them with the best possible care, love, and life experience. Furthermore, as expendable income increases, pet owners can spend more on tracking and overseeing their pets to reduce the risk of animal illnesses.
The sensors segment currently leads the business in terms of components. Specific smart collars include sensors that can detect a pet's position as well as evaluate their heart rate, heat, sleeping pattern, and calorie levels, among other things. The numerous advantages provided by such sensor-based pet collars are accelerating the growth of this segment.
The tracking segment is gathering steam in the industry based on application. This is due to the general public's increasing concerns about pet security, as well as pet owners' busy schedule schedules, which limit their ability to spend time with their pets.
North America's expansion in markets is due to significant expenditures on study and development, as well as greater consumer consciousness and willingness to spend on sophisticated technology. According to the American Pet Products Association, Inc. (APPA), pet spending in the United States reached USD 95.7 billion in 2019. Expenses on pet food, healthcare, treatments, basic care, and other pampering services are included.
Asia Pacific is experiencing substantial gains in the business vertical as a consequence of growing pet security concerns among the general public, higher disposable incomes, the existence of sufficient technological facilities, and surging correlations in pet transformation.
Manufacturers' key initiatives include investing in new technology and upgrading existing product portfolios. Moreover, companies are enhancing consumers' perceptions and launching promotional items to stimulate the use of smart pet collars in emerging economies. Major market competitors are anticipated to benefit from an edge in competition from internet streaming networks and technical skills. Companies are forming alliances with worldwide e-commerce retailers in order to promote and sell their products in foreign markets.
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The relationship between owner and pet is a very superior one. So it’s very dramatic when the owner’s pet is lost/ stolen as there is an emotional attachment. Parallel to the growth of the mainstream wearable market there has been increasing in the market for smart pet collar/ pet wearables.
A smart pet collar is a multi-purpose tool, unlike the traditional collar. A smart pet collar is a high-tech collar that links wirelessly to a smartphone through Wi-Fi or Bluetooth and provides insights that help in tracking the activity and location of the pet.
Smart pet collars can also be used for training, and also includes several parameters like GPS, temperature, and buzzer for location.
Moreover, the growing demand from working individuals for pet monitoring is one of the growth factors for the smart pet collar market. Further, due to the late working hours, pet owners demand for smart-connected collars that enable them to connect with their pets from their workplace.
Nowadays, awareness about the pet’s physical and mental ability is being raised due to the raise in disposable income in developed countries which drives the pet wearable market growth in coming years.
Rising concerns for the pet’s health are encouraging owners to invest in devices like smart pet collar, which monitors the pet’s nutrition, track sleep patterns, calories burnt, etc.
The amalgamation of the technology enables easy chasing of pets through smart devices, helping owners to find their lost and stolen pets. The adoption of smart pet collars keeps pets in safe zones, out of danger, and off-limits spots. With the increase in the adoption of smart pet collars, players are focusing on providing more innovative products for improving pet care.
Principal Consultant
The increase in the advent of technology and smart devices an the increasing trend towards pet adoption and the raise in disposable income are the major growth drivers of the smart pet collar market.
The smart pet collar market is classified into seven key areas: North America, Europe, Latin America, East Asia, South Asia, Oceania, and the Middle East & Africa. North America is expected to be the leading market in the global smart pet collar market. Also, increase in innovative pet care products and other significant factors for driving the growth of smart pet collars in North America.
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The global market players of smart pet collar consist of some leading players which are as follows:
The global smart pet collar market can be categorized on the following basis:
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Smart Pet Collar Market
