Smart-Connected Pet Collars Market, 36% of Growth to Originate from North America, Technavio

NEW YORK, May 9, 2024 /PRNewswire/ -- The global smart-connected pet collars market size is estimated to grow by USD 596.76 million from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of over 9.5% during the forecast period.

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Region Outlook

1. North America
2. Europe
3. APAC
4. South America
5. Middle East & Africa

1. North America - In the forecast period, North America is poised to drive 36% of global market growth. Analysts at Technavio elucidate regional trends and drivers shaping this market. Pet popularity in North America surpasses other regions, buoyed by a burgeoning millennial population and the trend of pet humanization. Owners here allocate substantial funds, favoring premium and luxury pet products over basic pet food. The region boasts a high number of dual-income nuclear families, known for lavish pet expenditures. Consequently, North America is anticipated to experience the swiftest market expansion.

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Segmentation Overview

1. Distribution Channel
• 1.1 Offline
• 1.2 Online
2. Application 
• 2.1 Dogs
• 2.2 Cats
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Fastest growing segment: The offline market segment, covering specialty stores, department stores, supermarkets, and hypermarkets, is set to experience substantial growth during the forecast period. Department stores are anticipated to lead in revenue generation among these channels, offering competitive pricing to attract customers. With a value of USD 742.00 million in 2017, the offline segment has steadily expanded until 2021.

• Key players like Tesco Plc, Walmart Inc., and Target Corp. have dedicated retail segments for pet care products, employing promotional strategies such as signage branding and product discounts. Specialty stores, known for their diverse product offerings, have seen a consistent rise in numbers over the past decade. Companies prioritize marketing budgets for enhancing product visibility in these retail formats. Overall, these retail channels play a pivotal role in driving sales in the global market.

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Research Analysis

The Smart-Connected Pet Collars market represents a significant segment of the pet wearable industry, driven by the spending power and expendable income of pet owners. These collars serve as multi-purpose tools, integrating Wi-Fi and Bluetooth capabilities for real-time location tracking and training activity monitoring. Employed people with busy schedules find these smart-connected collars invaluable for pet control, ensuring their pet's safety and wellbeing.

Radio Systems and other organizations have been investing in organic growth strategies to expand their offerings in this market. The integration of sensors for detecting animal illnesses adds another layer of functionality, enhancing the value proposition for pet owners. The pet collar market is expected to witness substantial growth, as more and more pet owners seek advanced technology solutions for their beloved pets.

Market Overview

The Smart-Connected Pet Collars market represents a significant technological advancement in pet care solutions. These innovative devices enable pet owners to track and monitor their pets' activities, locations, and health in real-time. The Global Positioning System (GPS) technology integrated into these collars allows for precise location tracking, ensuring peace of mind for pet owners. Additionally, these collars may include features such as activity monitoring, temperature sensing, and even bark recognition.

The Pet Technology sector continues to invest in research and development to create more advanced and comprehensive smart pet collar solutions. The market for these devices is projected to grow substantially due to increasing pet ownership rates and the rising demand for advanced pet care solutions. The Collar market encompasses various players, including technology companies and pet care organizations, who are constantly competing to offer the most feature-rich and cost-effective solutions. The Smart-Connected Pet Collars market is a testament to the intersection of technology and pet care, providing pet owners with valuable insights into their pets' wellbeing and safety.

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Key Topics Covered:

 1 Executive Summary
 2 Market Landscape
 3 Market Sizing
 4 Historic Market Size
 5 Five Forces Analysis
 6 Market Segmentation
 7 Customer Landscape
 8 Geographic Landscape
 9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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