Smart-Connected Pet Collars Market - Post Pandemic Recovery Plan, Strategies and Processes | Strong Bonding Between Owners and Pets to Boost Market Growth | Technavio

LONDON--(BUSINESS WIRE)--The smart-connected pet collars market is expected to grow by USD 627.49 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.

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Companion animals such as dogs develop a deep bond with human beings and adapt well to their lifestyles. This has increased the demand for innovative products such as smart connected pet collars that enhance the interactions between humans and their pet dogs. This is encouraging vendors in the market to introduce a wide range of smart connected pet collars with advanced features and latest technologies. These factors are fueling the growth of the global smart connected pet collar market.

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As per Technavio, the increase in the number of pet owners and increased spending on pets will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.

Smart-Connected Pet Collars Market: Increase in Number of Pet Owners and Increased Spending on Pets

Pet humanization is significantly increasing across the world. Many younger and older people are increasingly adopting pets due to various benefits such as reduced stress levels, increased physical activity, and improved social life. Also, some people adopt more than one pet. In addition, the rise in dual-household income and growth in the purchasing power of consumers has increased the spending on pet animals. All these factors are expected to have a positive impact on the growth of the global smart-connected pet collars market during the forecast period.

“Rise in the aging population globally, especially in developed countries and the increase in the number of nuclear families will lead to increased adoption of pets which in turn will boost the demand for smart-connected pet collars during the forecast period,” says a senior analyst at Technavio.

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Smart-Connected Pet Collars Market: Segmentation Analysis

This market research report segments the smart-connected pet collars market by Distribution Channel (Offline and Online), Geography (North America, Europe, APAC, South America, and MEA), and Application (Dogs and Cats).

The North American region led the smart-connected pet collars market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, North America is expected to register the highest incremental growth due to the easy availability of pet-related products in the region.

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Some of the key topics covered in the report include:

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

• Vendors covered
• Vendor classification
• Market positioning of vendors
• Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

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