- A smart connected pet collar is a device used in pet monitoring. The device is usually connected wirelessly to a smartphone via Bluetooth or Wi-Fi to monitor the location and activities of pet animals. Currently, most of the products available in the market are designed specifically for dogs and cats. Based on the breed type, a variety of sizes are available to suit different neck sizes of dogs and cats.
Key Trends in the Global Smart Connected Pet Collar Market
- Technology advancement and growing pet adoption are identified as key market drivers for the global smart connected pet collar market. Increasing adoption of smartphones ensures the better utilization of IoT for pet care and overall monitoring. The pet is just like a human baby for many people and it needs constant care and attention. The most recent pet ownership study by the American Pet Products Association (APPA) noted that 85 million families (68% of all U.S. households) own a pet, and more and more of these families are viewing their pets as family members.
- In developed countries, the smart connected pet collars are more popular and records strong demand compared to developing countries. High per capita income and the presence of Tier 1 companies are the key market drivers in developed countries. Moreover, significant consumer awareness about the products available in the market is expected to drive the future growth of the smart connected pet collar market in developed regions.
Opportunities in the Global Smart Connected Pet Collar Market
- Emergence of new technologies which can be easily integrated with the existing smart home technologies are expected to offer potential opportunities to the smart connected pet collar market. Also, consumers in developing countries are becoming more aware about smart pet wearable.
- Multipurpose smart collars which encompasses all the essential functions in a single device is expected to gain significant opportunities in the coming years, especially in the North America and Europe market.
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The Impact of COVID-19 on the Smart Connected Pet Collar Market
- The pandemic has shown strong impact on consumer spending across the globe. The loss of income during lockdown and uncertain future is expected to affect the consumer spending on pet ownership and pet care. However, the pandemic has allowed pet owners to spend more time with their pets and to realize their nutritional and emotional needs in a better manner. Strengthened bonds are expected to boost the demand for IoT enabled pet care products once the economic conditions improve.
North America Records Dominant Share in the Overall Smart Connected Pet Collar Market
- By geography, the global smart connected pet collar market is classified into South America (SA), North America (NA), Europe (EU), Middle East & Africa (MEA), and Asia Pacific (APAC).
- Country-level bifurcation of the North America market includes the forecast and analysis for the U.S., Canada, and Rest of North America. Country-level analysis and forecast for the Europe market includes historical and forecast analysis of the smart connected pet collar market in the U.K., Germany, France, and Rest of Europe. Country-level analysis and forecast for the Asia Pacific market includes major countries in the region such as India, China, Japan, and Rest of Asia Pacific. Middle East & Africa country-level analysis and forecast for the smart connected pet collar market includes GCC countries, South Africa, and Rest of Middle East & Africa. The South America smart connected pet collar market is categorized into Brazil, and Rest of South America.
- The market growth in North America is attributed to the strong investment in research and development coupled with high consumer awareness and willingness to pay for advanced technologies. According to American Pet Products Association, Inc. (APPA) estimations, in 2019, U.S. pet expenditure amounted to USD 95.7 Billion. The expenditure includes spending on pet food, medical care, treatments, general care, and other grooming services.
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Key Players Operating in the Global Market
Investment in new technology and upgrade of existing product offering are the key strategies adopted by companies. Additionally, companies are gaining better consumer knowledge and undertaking product promotions to encourage the adoption of smart connected pet collars across untapped markets. Online distribution networks and technical proficiency are anticipated to offer competitive advantage to key market players. Companies are partnering with international e-commerce retailers to market and sell their products in overseas markets.
Some of the major companies identified in the global smart connected pet collar market include:
- SCOLLAR Inc.
- Eureka Technology Partners LLC
- FitBark Inc.
- Wagz Inc.
- Mars Inc.
- PetPace
- Radio Systems Corp.
- Tractive GmbH
- Smart Tracking Technologies LLC
- Garmin Ltd.
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