Published Date: 20-Jan-2023
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According to a new report, published by KBV research, 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.
The Cats segment is showcasing a CAGR of 11.9% during (2022 - 2028). This is because they are more affordable when compared to other household pets. Due to their small size, they require less cost on their diet & care and less expense on toys as they are unlikely to destroy them. They take up less space and require less maintenance. Cats bring many other benefits with them, like they are known to hunt and make house bugs & pests free. Their scent can keep rodents away.
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 total net income of people has increased in past few years and the awareness for the care and more comprehensive options for pets also has grown. Due to this, the purchase of pet tracking from offline stores has increased.
The RFID segment has shown the growth rate of 10.3% during (2022 - 2028). This is because of the increasing number of complaints regarding missing pets. The government and concerned authorities of several nations is encouraging owners to use Radio Frequency Identification (RFID) to track their pets’ whereabouts and their health. For example; the government of India has recently passed a law requiring all pet owners to register and microchip their pets with the Kennel Club of India (KCI).
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. The Europe market is experiencing a CAGR of 9% during (2022 - 2028). Additionally, The Asia Pacific market would exhibit a CAGR of 10.8% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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
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