DUBLIN--(BUSINESS WIRE)--The "Smart Connected Pet Collar Market by Pet Type and Sales Channel: Global Opportunity Analysis and Industry Forecast, 2019-2026" report has been added to ResearchAndMarkets.com's offering.
According to this report the global smart connected pet collar market size was valued at$322.7 million in 2018, and is projected to reach $653.5 million by 2026, registering a CAGR of 9.5% from 2019 to 2026.
Smart connected pet collars are designed to monitor the temperature, heart rate, position, and location of pets through the means of wireless communication. These collars aids in monitoring of health of dogs and cats via mobile application. Smart pet collars are equipped with wireless tracking instruments, and tracks the pet's vital health parameters including but not limited to temperature, heart rate, and so on.
The key factors that drive the growth of the smart connected pet collar market include increase in expenditure on pet products, rise in cases of pets getting lost, continuous monitoring and tracking of pets health, and ease of convenience for using smart collars. However, factors such as increase in allergy of pets and high cost as compared to its counterparts are expected to impede the market growth. Furthermore, novel innovations in aesthetics have gained huge traction in the recent years, which in turn are anticipated to create lucrative opportunities for the market expansion in the upcoming years.
The global smart connected pet collar market is segmented on the basis of pet type, sales channel, and region. Depending on pet type, the market is bifurcated into cat and dog. Based on sales channel, the global market is studied across offline and online channels. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA
- North America leads in terms of smart connected pet collar market share and is expected to retain its dominance during the forecast period.
- U.S. was the highest contributor to the global smart connected pet collar market, with $151.3 million in 2018. The country is expected to generate revenue of $274.5 million by the end of the forecast period.
- In 2018, based on sales channel, the offline segment leads in terms of global smart connected pet collar market share in 2018.However, this segment is expected to lose market share, owing to growing prevalence of online sales channel.
- The online sales channel segment to gain significant traction in the upcoming years and is expected to witness CAGR of 10.6% during the forecast period.
- The dog segment accounted for around68% share of the smart connected pet collar in 2018,and is poised to grow at a significant CAGR during the forecast period.
- Based on region, Asia-Pacific is anticipated to grow with robust CAGR of 12.3% during the forecast period.
- Rise in trend of nuclear families
- Rapid humanization of pets
- Increase in awareness about pet health
- Increase in occurrence of pet allergy
- Unfavorable environment for pets
- Increase in pet ownership in the developing nations
- Rise in e-commerce sales
- Radio Systems Corporation
- Eureka Technology Partners LLC
- Wagz Inc.
- Whistle Labs Inc.
For more information about this report visit https://www.researchandmarkets.com/r/km2tq0