As per a new report published by Report Ocean, the global smart connected pet collar market is likely to rise at a healthy growth rate between 2020 and 2027. The report is titled as “Global Smart Connected Pet Collar Market Size study, by Distribution Channel (Online, Offline), by Application (Dogs, Cats) and Regional Forecasts 2020-2027” and offers an in-depth analysis on this market.
Nowadays, the trend of owing a pet among consumers is on a rise. The Canadian Animal Health Institute states that, between 2016 and 2018, the population of pet dogs increased from 7.6 mn to 8.2 mn in Canada, alone. On the other hand, the population of pet cat was 8.3 mn in 2018. Further, the organization adds that that 41% of the Canadian households have at least one dog, whereas, 38% of the houses in Canada keeps at least one pet cat. The trend is more or less same across the world. The global market for smart connected pet collars derives much of its growth from this trend.
Another significant trend in this market is the increase in spending on pets. According to American Pet Products Association, the spending on pets in the US increased from US$69.75 bn in 2017 to US$72.56 bn in 2018 and to US$75.38 bn in 2019. This trend is expected to support the market’s growth in the long term. On the flip side, the high cost associated with these collars may act as a determinant for consumers and impact the market negatively over the coming years, reports the research study.
Dogs Surfaced as Key Application Segment
The report presents a detailed assessment of the worldwide smart connected pet collar market based on the performance of its segments. On the basis of application, dogs have been the most prominent application area of smart connected pet collars. Although, with the number of cat owners rapidly increasing, the cat application segment will also report an increase, experts project that the dog application segment will remain seated over the top position in the near future. In terms of distribution channel, offline channel has an edge on the online one and it will remain same over the next few years.
Lead Retained by North America
According to the research report, the regional markets for smart connected pet collars are registering considerable growth in their market shares. Leading the global market is North America, owing to the high disposable income of consumers that enables them to afford expensive products. The North America market for smart connected pet collars is likely to remain dominant over the forecast period. Among other regional markets, Asia Pacific is reporting a high growth. Factors, such as increasing pet population is expected to propel the market further in the years to come, states the market report.
Impact of COVID 19 on Global Smart Connected Pet Collar Market
The impact of coronavirus pandemic is more or less visible on almost all the markets across the world, which includes global smart connected pet collar market. Due to the lockdown imposed by various governments, the supply chain systems has disrupted, leading to disturbed distribution networks, which reflected negatively on this market over the last few months. However, as restrictions on movements are slowly being lifted up by governments, supply chain and distribution channels are likely to be restored soon. Considering this, it is safe to say that the market will gain its pace shortly.
- Dogs have been the most prominent application area of smart connected pet collars.
- Offline channel has an edge on the online channel.
- The North America market for smart connected pet collars is likely to remain dominant over the forecast period.
The global smart connected pet collar market is segmented into:
By Distribution Channel
- North America
- Latin America
- Asia Pacific
- Rest of the World
Companies Mentioned in the Report
- Wagz Inc.
- Whistle Labs
- FitBark Inc.
- Eureka Technology Partners LLC
- Garmin Ltd.
- Mars Inc.
- Radio Systems Corp.
- SCOLLAR Inc.
- Smart Tracking Technologies LLC
- Tractive GmbH
Company Name: Report Ocean
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