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Smart Connected Pet Collar Market: Segmented: By Sales Channel (Online and offline); By Application (Cats and Dogs);and Region -Analysis of Market Size, Share &Trends for 2016 - 2019 and Forecasts to 2030
Smart Connected Pet Collar Market to surpass USD 842.9 Billion by 2030, which is valued at 307.1 billion in 2019 at a compound annual growth rate of 9.60%
The smart connected pet collar is an appliance that connects to the smartphone of the user via Wi-Fi or Bluetooth and enables the user to gather information about his/her pet. The information may include details like the location of the pet, daily activities, and routines, etc. In comparison to the conventional collar, it is a multipurpose device and enables the user to track the pet using GPS. Smart connected pet collar helps the pet in interacting with others with the LED display provided. With the help of this device regular information, recording facility, and other updates on the animal can be obtained. Some additional health features such as pet’s temperature heart rate can also be measured and this information can also be used by the veterinarians in the treatment of the pet.
The market is anticipated to grow on the back of opportunities generated by the advent of rising demand from the working population who need to monitor their pet in their absence. The employment rate is constantly rising across the world and the demand for smart collars that enable animals to communicate with the pets from their workplaces is rapidly increasing due to a busy lifestyle and long office hours.
Based on the distribution channel, the offline market held over 80% of the market share globally. This growth is due to easy accessibility and affordability in offline stores. Offline store saves the purchasing time of the customer and users can practically try the device before ordering which is not the case with the online segment. However, the online segment is also anticipated to grow with significant CARG owing to internet and smartphone penetration and easy facility of placing the order without even going out. This is particularly useful to individuals who have long office hours or are majorly occupied throughout the day.
The dog segment holds around 65% of the global demand for smart connected pet collars. The rise in health consciousness among people regarding their pets and a constant need for monitoring the dogs fueled the market growth. However, increasing demand for smaller pets such as cats are anticipated to push the market growth for the smart collar of cats.
Helps monitor the pet in the owner’s absence
Rising demand from the working population who need to monitor their pet in their absence is anticipated to fuel the market growth. The employment rate is constantly rising across the world and the demand for smart collars that enable animals to communicate with the pets from their workplaces is rapidly increasing due to a busy lifestyle and long office hours.
Multipurpose use of the device
The rise in health consciousness among people regarding their pets and a constant need for monitoring the pet fueled the market growth. The rise in the number of pets getting lost and the need for other information on pets like heart rate, subjection to allergy, etc. has gained traction in recent times. Veterinarians use this information to provide required treatment to the pet and thus making it more important to use such devices
Factors such as rising allergy problems due to the pet collar and high cost of the device restrict the market growth. Moreover, the introduction of counterfeit products which are available at lower price restricts the market growth even further.
In terms of value and volume, North America was the largest market accounting for XX% of total market volume share in 2019
The USA contributed to the maximum share in the regional market owing to an increase in pet owner families in the nation. Rising purchasing power and an increase in per capita income in the region is anticipated to fuel the regional growth of the market. Increased working hours in North America and the need for individuals to monitor their pets, growing pet problems related, and rising cases of lost pets in countries like the USA, Canada, and Mexico have surged the market demand for smart collars.
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