Pet Smart Tracker Market to Reach $2.6 Bn, Globally, by 2031 at 10.3% CAGR: Allied Market Research

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Nov 23, 2022, 08:30 ET

Increase in per capita disposable income, growing trend of nuclear families, and rise in humanization of pets drive the growth of the global pet smart tracker market.

PORTlAND, Ore., Nov. 23, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Pet smart tracker Market by Pet Type (Dogs, Cats), by Technology (RFID, GPS, Others), by Distribution Channel (Offline, Online): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global pet smart tracker industry was estimated at $938.9 million in 2021, and is anticipated to hit $2.6 billion by 2031, registering a CAGR of 10.3% from 2022 to 2031. The report offers an explicit analysis of the changing market trends, top segments, key investment pockets, value chains, competitive scenarios, and regional landscapes.

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Determinants of growth-

Increase in per capita disposable income, growing trend of nuclear families, and rise in humanization of pets drive the growth of the global pet smart tracker market. At the same time, easy availability of pet smart trackers over a variety of marketplaces has supplemented the market growth even more. Furthermore, to increase GPS usage in new applications, GPS providers have formed strategic agreements with retailers, phone manufacturers, and app developers, which in turn has created lucrative opportunities for the key players in the industry.

Covid-19 scenario-

Downturn of financial status of people worldwide impacted the global pet smart tracker market negatively, especially during the initial period.
However, as the global situation started recovering at a swift pace, the market for smart tracker also got back on track.

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The dogs segment to cite the highest share-

By pet type, the dogs segment accounted for the highest share in 2021, holding more than three-fifths of the global pet smart tracker market. This is because pet owners have now become more concerned about their pets' health, and smart solutions such as smart trackers are getting more & more popular these days. The cats segment, on the other hand, would portray the fastest CAGR of 10.9% during the forecast period. Due to significant growth in pet cat population, manufacturers of smart trackers are now concentrating on the premium & health categories of pet trackers for cats. Some smart trackers can aid with oral health, weight control, and immune system strength.

The GPS segment to dominate by 2031-

By technology, the GPS segment contributed to the major share in 2021, generating more than half of the global pet smart tracker market, due to its multiple benefits including high precision, infinite range, and autonomous localization. The others segment, simultaneously, would manifest the fastest CAGR of

10.7% from 2022 to 2031. The other types of technologies included in this segment are Bluetooth, IoT-enabled trackers, Wi-Fi, and sensors. Pet trackers can show owners their pet's current position and past movements by linking to a smartphone or online application, saving them from having to wait for their pet to return.

The offline segment garnered the major share in 2021-

By distribution channel, the offline segment held nearly three-fifths of the global pet smart tracker market, accounting for the major share in 2021. Increase in disposable income, rise in pet humanization, and surge in awareness toward pet health have made pet parents more conscious of their pets' well-being. As a result, pet smart tracker purchase from offline stores has increased. The online segment, at the same time, would showcase the fastest CAGR of 10.9% throughout the forecast period. This is because online sales have been steadily increasing. Due to rapid development in pet humanization, availability of creative and modern solutions such as online sales that meet consumer demand has grown even more popular than before.

North America grabbed the lion's share-

By region, the market across North America contributed to the major share in 2021, garnering more than one-third of the global pet smart tracker market. Increase in trend of pet adoption & humanization, growth in disposable income, and surge in per capita animal healthcare expenditure across the region fuel the market growth. The Asia-Pacific region, simultaneously, would grow at the fastest CAGR of 11.0% throughout the forecast period. Rise in the adoption of wearable technology and increase in pet health awareness among people propel the market growth.

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Key players in the industry-

Kippy SRL
Smart Track Technologies Co.
Num'axes-eyenimal
Pawscout Inc.
Tractive
Petpace LLC
Pitpatpet Ltd.
Shenzhen Motto Electronics Co. Ltd.
High Tech Pet Products Inc.
Life360 Inc.

The report analyzes these key players in the global pet smart tracker market. These players have incorporated various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in assessing the operating segments, their business performance & product portfolio, and so on.

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