The Global Pet Smart Tracker Market size is expected to reach $1.7 billion by 2028, rising at a market growth of 9.7% CAGR during the forecast period.
Pet trackers are small gadgets that hook onto a pet's collar and generally use a union of Cellular signals and GPS to keep the owner updated about the pet's real-time location. Regardless of the training given to a pet, they are known to run away at least once in their lifetime if they are presented with the opportunity.
The running away can be due to any reasons, ranging from boredom to exploration purposes. Whatever may be the reason, a missing pet will always cause stress, fear, and anxiety to their owners as most of the owners consider their pets are part of their family, and without any good lead, they are tough to find.
A tracker fitted inside the pet’s collar can be very beneficial in such cases as it can provide the location of the pet, which is often linked wirelessly to a smartphone device through Bluetooth or Wi-Fi, and provide insights that aid in the activity and tracking of the pet.In addition, some advanced devices may also be used for training purposes and include several other parameters like GPS, location buzzer, and temperature monitoring.
Also, the demand for pet tracker is increasing due to the growth in working individuals. Due to their late working hours, owners want to know about their pet’s whereabouts and wish to connect with them from their workplace, which some advanced smart collars with tracking devices can enable. The growth in the per capita disposable incomes of families, a hike in the trend for nuclear families, and the humanization of pets are the reasons for the increase in pet adoption and usage of pet-related products.
For a long time, dogs have been more favored pets than other animals. But with the hike in people living in apartments, the popularity of small pets like cats is also increasing. In addition, the pet product businesses are rising as more couples opt not to have children, and choosing pets as an alternative is expanding.
During the pandemic period, residents across the affected nations were forced to be at home due to the imposed lockdown. As a result of this, pet adoptions increased, especially in nations with high individualism rates. This can be attributed to the fact that animal shelter homes in many countries faced a high surge in demands for adopting a pet due to the newly risen work-from-home trend. The growing demand for pets has also increased the market for various pet-based accessories. With a high adoption rate and emotional attachment during the last few years, pet welfare products have grown significantly.
Pets love running around, exploring their surroundings, and being outdoors without leashes. Many owners desire to send their pets outdoors and let them explore their neighborhood or run freely in their backyard without having to constantly look at them or make them be in a particular place. Pet trackers can help lower the owner's stress level when their pets are alone and also save them from installing high fencing around their house to keep their pets from running away.
There is a rise in pet health awareness among owners. The increasing adoption of animals as companions for children or adults and even for security & status purposes raise the adoption rate and the expenditure on their care. Private and public organizations have launched many initiatives to educate parents about their pet’s needs and care. Affection and Companionship are the basic pillars in the relationship between a pet and its owner. The rise in awareness towards the healthcare of pets is expected to boost the market for pet smart tracker.
Battery failure is a factor that can cause deep troubles for the pet and the owners. Trackers that rely on GPS technology can often suffer from battery failure. As these trackers are completely mobile devices, they hugely depend on a detachable or rechargeable battery. The GPS units and other electronic components responsible for storing data get the required power from the battery. The life span of this battery in a GPS collar lasts around a year if the conditions are ideal.
Based on the pet type, the pet smart tracker market is segmented into dogs and cats. The dogs segment procured the largest revenue share in the pet smart tracker market in 2021. This is due to the rising nuclear family trends, couples without children, dual income families, and the preference to choose dogs for security and companionship purposes. Dogs are the most common type of household pets.
On the basis of technology, the pet smart tracker market is divided into RFID, GPS and others. The GPS segment garnered the highest segment revenue share in the pet smart tracker market in 2021. The segment’s growth is result of the rising demand to monitor pet activities. GPS trackers provide progress in live positioning through smartphones and vast map areas. To further increase its usage, the GPS service providers have made various agreements with app developers, retailers, and phone manufacturers, so that pet owners can easily connect with the services.
By distribution channel, the pet smart tracker market is classified into offline and online. The online segment acquired the largest revenue share in the pet smart tracker market in 2021. This is due to the benefits like free home delivery and discounts. A variety of products are available in the online distribution market with a broader range of selections. The expansion of the pet smart tracker can be attributed to the simple accessibility from numerous marketplaces like the internet and modern trade.
| Report Attribute | Details |
|---|---|
| Market size value in 2021 | USD 917.1 Million |
| Market size forecast in 2028 | USD 1.7 Billion |
| Base Year | 2021 |
| Historical Period | 2018 to 2020 |
| Forecast Period | 2022 to 2028 |
| Revenue Growth Rate | CAGR of 9.7% from 2022 to 2028 |
| Number of Pages | 165 |
| Number of Tables | 329 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Pet Type, Distribution Channel, Technology, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
|
| Restraints |
|
Region-wise, the pet smart tracker market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region dominated the pet smart tracker market with maximum revenue share in 2021. Nowadays, more individuals are treating their pets such as dogs, cats, birds, and other animals as a part of their family and hence developing family-like emotions with them. Thus, they are spending more on their daily needs and safety items. This is rising the demand for pet smart tracker across the North America region.
Free Valuable Insights: Global Pet Smart Tracker Market size to reach USD 1.7 Billion by 2028
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Jio, Inc. (Life360, Inc.), Whistle Labs, Inc. (Mars Petcare) (Mars Incorporated), Dynotag, Inc., Felcana (Pet Technology Limited), High Tech Pet Products, Inc., NUM’AXES, Loc8tor Ltd., Avid Identification Systems, Inc., and Datamars SA.
By Pet Type
By Distribution Channel
By Technology
By Geography
The global Pet Smart Tracker Market size is expected to reach $1.7 billion by 2028.
Allow Pets Exploring Outdoors Securely are driving the market in coming years, however, Signal Obstruction And Battery Life Span restraints the growth of the market.
Jio, Inc. (Life360, Inc.), Whistle Labs, Inc. (Mars Petcare) (Mars Incorporated), Dynotag, Inc., Felcana (Pet Technology Limited), High Tech Pet Products, Inc., NUM’AXES, Loc8tor Ltd., Avid Identification Systems, Inc., and Datamars SA.
The Offline segment acquired maximum revenue share in the Global Pet Smart Tracker Market by Distribution Channel in 2021 thereby, achieving a market value of $1.1 billion by 2028.
The North America market dominated the Global Pet Smart Tracker Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $694 Million by 2028.
Unique Offerings Our team of dedicated experts can provide you with attractive expansion opportunities for your business.
