Smart Pet Tracker Market to Reach $2.6 Billion Worldwide by 2031 at 10.3% CAGR: Allied Market Research

The increase in per capita disposable income, the growing trend of nuclear families, and the rise in the humanization of pets are driving the growth of the global smart pet tracker market.

Portland, Ore.And the November 23, 2022 /PRNewswire/ — Allied Market Research Publishes Report “Smart Pet Tracker Market by Pet Type (Dogs & Cats), by Technology (RFID, GPS, Others), by Distribution Channel (Offline, Online): Analysis Global Opportunities and Industry Outlook, 2021-2031”. According to the report, the global smart pet tracker industry has been estimated at $938.9 million In 2021, it is expected to arrive $2.6 billion by 2031, recording a compound annual growth rate of 10.3% from 2022 to 2031. The report provides a clear analysis of the changing market trends, top segments, key investment pockets, value chains, competitive scenarios, and regional landscapes.

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growth determinants

The increase in per capita disposable income, the growing trend of nuclear families, and the rise in the humanization of pets are driving the growth of the global smart pet tracker market. At the same time, the easy availability of smart pet trackers across a variety of markets has further fueled the growth of the market. Moreover, to increase the use of GPS in new applications, GPS providers have entered into strategic agreements with retailers, handset manufacturers and application developers, which in turn have created lucrative opportunities for key players in the industry.

Covid-19 scenario-

  • The downturn in the financial situation of people all over the world affected the global smart pet tracker market negatively, especially during the initial period.

  • However, with the global situation starting to recover at a rapid pace, the smart tracker market has also returned to the right track.

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Dogs slide to cite the highest share-

By pet type, the dog segment accounted for the highest share in 2021, accounting for more than three-fifths of the global smart pet tracker market. This is because pet owners are now more concerned about the health of their pets, and smart solutions like smart trackers are getting more and more popular these days. On the other hand, the cats segment will depict the fastest growing CAGR of 10.9% during the forecast period. Due to the significant growth in the number of pet cats, manufacturers of smart trackers are now focusing on premium pet tracker health categories for cats. Some smart trackers can help with oral health, weight control, and a stronger immune system.

GPS sector to dominate by 2031-

Through technology, the GPS segment contributed the major share in 2021, generating more than half of the global smart pet trackers market, due to its multiple benefits including high accuracy, infinite range and self-localization. The other part will show, at one time, the fastest CAGR

10.7% from 2022 to 2031. Other types of technologies included in this segment are Bluetooth, IoT-enabled trackers, Wi-Fi, and sensors. Pet trackers can show their owners the current status and past movements of their pet by linking to a smartphone or online app, saving them from having to wait for their pet to return.

The offline part got the main share in 2021-

By distribution channel, the offline segment captured nearly three-fifths of the global smart pet tracker market, accounting for the largest share in 2021. Increase in disposable income, rise in humanization of pets, and increased awareness towards animal health Pet, pet parents made more. Mindful of their pets’ well-being. As a result, the purchase of smart pet trackers from offline stores has increased. The online portion, meanwhile, will display the fastest growing compound annual rate of 10.9% throughout the forecast period. This is because online sales are steadily increasing. Due to the rapid development of humanization of pets, the availability of creative and modern solutions such as online sales that meet consumer demand has grown more than before.

North Amarica took the lion’s share-

By region, the market is across North Amarica Contribute to the main share in 2021, taking more than 1/3 of the global smart pet tracker market. Increase in the trend of pet adoption and humanization, growth in disposable income, and increase in per capita spending on animal healthcare across the region are fueling the growth of the market. The Asia Pacific The region, at one time, will grow at the fastest compound annual growth rate of 11.0% throughout the forecast period. Increasing adoption of wearable technology and increasing awareness of pet health among people is driving market growth.

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Major players in the industry-

  • Kippy SRL

  • Smart Track Technologies Inc

  • Num’axes-eyenimal

  • Pawscout Company

  • traction

  • Petspace LLC

  • Pitpatpet Ltd.

  • Shenzhen Logo Electronics Co., Ltd.

  • Hi-tech pet products company

  • Life360 Corporation

The report analyzes the key players in the global Smart Pet Tracker market. These players have combined various strategies such as expansion, new product launches, partnerships, etc. to increase their market penetration and enhance their position in the industry. The report is useful in evaluating operating segments, their business performance, product portfolio, etc.

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Allied Market Research (AMR) is a full service market research and business advisory subsidiary of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global organizations as well as medium and small businesses with unparalleled quality of Market Research Reports and Business Intelligence Solutions. AMR has a targeted view of providing business insights and consulting to help its clients make strategic business decisions and achieve sustainable growth in their market area.

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