According to a new report published by Allied Market Research, titled, "Global Smart Connected Pet Collar Market by Pet Type and Sales Channel: Global Opportunity Analysis and Industry Forecast, 2019–2026," the global smart connected pet collar market size was valued at $322.7 million in 2018, and is projected to reach $653.5 million by 2026, registering a CAGR of 9.5% from 2019 to 2026.
Smart connected pet collars are collars designed for tracking and monitoring of pets. These collars help monitor the health of the pets via mobile application. They are equipped with wireless tracking instruments, and tracks the pet’s vital health parameters including but not limited to temperature, heart rate, and so on. These trackers also monitor the pet’s body posture and identifies pain or the recovery process from injuries by monitoring trends. Furthermore, these collars also track total calories burned by pets for weight loss information. Hence, smart connected pet collars play a vital role for monitoring obesity among pets. Smart connected pet collars help detect health issues at early stages and prevents further suffering & significantly reduces health-related medical bills for pets. As pet are unable to communicate their health problems and pains, the smart connected pet collars come into great aid for cats and dogs.
The concept of pet ownership is not just limited to developed countries, such as the U.S., China, Japan, the UK, and Australia, but is also escalating in the developing nations, such as India, Bangladesh, Iran, and others. With the rapid increase in personal disposable income, the people in such nations are able to own a pet and provide the best quality of life to them. The Asia-Pacific smart connected pet collar market is expected to experience tremendous smart connected pet collar market growth, owing to increase in pet population. Furthermore, improvement in consumer lifestyles and increase in incomes in developing countries results in increased acceptance for pets among all income groups.
The global smart connected pet collar market is segmented on the basis of pet type, sales channel, and region. Depending on pet type, the smart connected pet collars market is bifurcated into cat and dog. Based on sales channel, the global smart connected pet collar industry is studied across offline and online channels. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA
Key Findings of the Study:
- North America leads in terms of smart connected pet collar market share and is expected to retain its dominance during the forecast period.
- U.S. was the highest contributor to the global smart connected pet collar market, with $151.3 million in 2018. The country is expected to generate revenue of $274.5 million by the end of the forecast period.
- In 2018, based on sales channel, the offline segment leads in terms of global smart connected pet collar market share in 2018. However, this segment is expected to lose market share, owing to growing prevalence of online sales channel.
- The online sales channel segment to gain significant traction in the upcoming years and is expected to witness CAGR of 10.6% during the forecast period.
- The dog segment accounted for around 68% share of the smart connected pet collar in 2018, and is poised to grow at a significant CAGR during the forecast period.
- Based on region, Asia-Pacific is anticipated to grow with robust CAGR of 12.3% during the smart connected pet collar market forecast period.
Some of the key players operating in the smart connected pet collar market analysis include FitBark, Radio Systems Corporation, Tractive, PetPace, Eureka Technology Partners, LLC, Scollar, Wagz, Inc., KYON, Whistle Labs Inc., Fi.