PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1299763
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1299763
Pet tech market size was valued at USD 9,009.8 Million in 2022, expanding at a CAGR of 2% from 2023 to 2030.
Pet are animals kept mainly for a person's company or entertainment instead of working animals. These days' pets are considered a part of the family and owners are willing to spend on their pet's health, fitness, and well-being. Additionally, this has circumstances have led to a new market called pet tech where the owner gets the live location of their pet and other important stats via mobile apps. Moreover, modern pet owners perceive automated pet management task includes checking pet's health and feeding with some sort of technology. Technology includes automatic pet feeders, monitoring cameras, and fitness is being adopted by pet owners.
The rising utilization of remote tracking and monitoring of pets is the key factor stimulating pet tech growth. Pet owners can easily manage their pet's activity level, manage weight, and make exercise programs more enjoyable with remote tracking and monitoring. Additionally, these devices include contemporary technology such as Wi-Fi networking, activity tracking, and monitoring. However, GPS trackers operating window is limited and in the weather, they are unreliable as a result such factors may hamper the pet tech market growth.
Moreover, several companies are manufacturing groundbreaking devices that permit pet owners to keep an eye on their pet's activities all the time which is expected to provide lucrative opportunities for the pet tech market growth. The COVID-19 has negatively affected the pet tech market. The shutdown of manufacturing facilities caused supply chain disruption for market players operating in the pet tech market.
The global pet tech market is segmented on the basis of product, type, application, end-use, and region.
The market is divided into three categories based on product: RFID, GPS, sensors, and others. The RFID sector is expected to dominate the market. RFID chips are becoming more popular for pets as they offer a way to keep track of pets without the need for traditional tags and collars.
The market is divided into five categories based on type: monitoring equipment, tracking equipment, entertainment equipment, feeding equipment, pet wearables, and others. The pet wearable sector is likely to possess the market share. Owing to its benefits such as using sensors to monitor and track vital statistics including respiratory rate, heart rate, body temperature, and sleep pattern.
The market is divided into four categories based on application: pet safety, pet healthcare, pet owner convenience, communication & entertainment. The pet safety sector is estimated to hold market growth. To keep their pets tracked in their absence owners are focusing to buy safety products such as smart collars that use GPS technology.
The market is divided into two categories based on end-use: household and commercial. The household sector is likely to maintain its dominance over the forecast period. In the household, the use of pet tech can be seen when owners are adopting a new method to train their pets and maintain them well.
The market players are focusing on a strategic partnership to enlarge their capabilities in terms of new product launches and technology innovation. Market players are primarily focusing on adopting better productivity, reliability, and product cost. Moreover, rising awareness about the advantages of pet tech among people globally led to a growing demand for products that can help to control pet behavior and provide entertainment. The rising development of feeders, smart exercise, games, exercise trackers, and others provide a handful of technical advances in the pet tech industry.
This proposed research study on pet tech market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year.
The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for pet tech market.
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the pet tech market.
Impact of COVID-19 on pet tech market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on pet tech market post-COVID will also be covered.
In order to give the users of this report a comprehensive view on the pet tech market, we have also included competitive landscape and key innovator analysis for the pet tech market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offersdetailed company profiling featuring major market participantswhich will help users to understand their financial information and strategic initiatives of players operating in the pet tech market.
In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
The global pet tech market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts.
The scope of this report covers the market by its major segments, which include as follows: