Trusted Business Insights presents the Updated and Latest Study on Pet Tech Market 2019-2025. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Abstract, Snapshot, Market Analysis & Market Definition: Pet Tech Market
Industry / Sector Trends
Pet Tech Market size valued at over USD 4.5 billion in 2018 and will grow at a CAGR of 24% from 2019 to 2025. The global industry shipments are expected to exceed 120 million units by 2025.
U.S. pet tech market share, by product, 2018 & 2025 (USD Million)
Pet owners are seeing pets as part of the family and are increasingly spending on their pets health, fitness, and well-being. This has led to the high adoption of online and digitally connected innovative products for ensuring the pets health & wellbeing, driving the pet tech market growth. Countries such as the U.S., Argentina, Brazil, Poland, India, Russia, and China are the major markets with large populations of household dogs and cats. In 2017, the U.S. was ranked first with the highest dog population in the world that accounted for around 70 million. At the same time, the dog population in China and Russia accounted for around 27.4 million and 12.5 million. Moreover, higher disposable income has allowed pet owners to spend more on high-quality accessories such as smart collars with built-in GPS, enabling them to supervise the health and mood of their pets.
Rising technological advancements and innovations in pet durables will positively impact the pet tech market demand. Some of the major technological advancements in the pet care industry include intelligent fitness trackers, feeders, toys, and doors. Several companies are providing innovative wearable technologies allowing pet owners to have a continuous watch on their pets activities. For instance, in June 2018, Xiaomi announced the launch of a fitness tracker, the PetBit that allows to track and calculate the distance, walking time, and calories burnt by the pets. It allows owners to access the health and fitness data in their smartphones with the help of PetBit smartphone application. Moreover, these wearable devices are also being widely used for GPS tracking, medical diagnosis & treatment, tracking rest patterns, and monitoring heartbeats & respiratory rates. These devices are being incorporated with several technologies such as RFID, GPS, sensors, Bluetooth, and cameras to provide smart tracking & monitoring features.
Market Segmentation, Outlook & Regional Insights: Pet Tech Market
Pet Tech Market, By Product
In 2018, smart pet toys accounted for around 15% of the industry share and will witness a high adoption owing to the increased investments by owners on pet entertainment & leisure solutions. The busy work-life makes it difficult for the owners to take out time to play with their pets, encouraging them to shift toward intelligent solutions that will automatically engage pets in some fun or entertainment tasks. For instance, Anthouse Technology Ltd. offers a smart pet companion robot that takes photos, records videos, plays fetch, and gives treats to pets. The robotic solution comes with several features including tennis ball launcher, obstacle avoidance, and app control. The smartphone application allows owners to control and monitor tasks with robotic devices remotely.
Pet Tech Market, By End-Use
Global pet tech market size, by end-use, 2025
The increasing adoption of pet animals in household sectors is being witnessed in several regions. Dogs and cats are major household animal species that are being adopted in homes, accounting for around 35% and 25% respectively. Pet product manufacturers are developing intelligent solutions specifically for these animals. Some of the major companies that are developing these solutions include GoPro, CleverPet, PetChatz, Tailio, and Petcube. The pet owners in this sector are investing highly in purchasing automatic food dispensing solutions for their pets. These solutions allow pet owners to set a timer and portion size in the machine to automatically dispense treats/food for maintaining a proper and timely diet of pets. Additionally, these solutions are also provided with smartphone connectivity, allowing the owners to remotely update and analyze the eating patterns of pets. Most pet feeding solutions are inbuilt with a camera, which will help owners to visually check their pets.
Pet Tech Market, By Application
Increasing concern of the owners towards the safety & security of their pets is encouraging the development of modern pet safety solutions. The manufacturers are engaged in integrating safety features in their offerings that will enable the owners to easily track and identify their pets. Some of the major safety products that are being widely used in the industry include smart dog training collars and smart cameras. These products are being integrated with several technologies that enhances the pet safety such as GPS tracking, microchipping, Wi-Fi and smartphone-based connectivity. For instance, Mars Incorporated is offering Whistle Go, a health & location tracker that offers real time location tracking, mobile location alerts and built-in night light features, making it easy for the owners to monitor and track the location of their pets.
Pet Tech Market, By Distribution Channel
The emerging trend toward online shopping is encouraging pet owners to purchase these solutions from e-commerce websites. Online shopping offers flexibility and convenience in selecting desired solutions from a wide range of alternatives. Moreover, these sites offer variability in product pricing, allowing owners to get maximum discounts and offers on their purchases. For instance, Precious Pet Services Pvt. Ltd. offers gift boxes, discounts, and monsoon offers in its products, attracting a large customer base. These e-commerce websites offer products of different brands based on animals, enhancing customers customized requirements. It is being witnessed that pet owners are favoring in-store shopping for clothing, bedding, and treats while they are shopping for products such as food, accessories, and toys through online retailers.
Pet Tech Market, By Region
Europe pet tech industry size, by country, 2018
The European pet tech market will witness a growth of around 23% CAGR over the forecast timespan owing to the rising awareness toward the welfare of homeless dogs and cats. In Germany, private shelters Tierheim are being developed to accommodate homeless animals. There are around thousands of these shelters that take care of a wide variety of animals, around 10,000 to 15,000 annually. The funding of these shelters come from donations, bequests, public bodies, and corporations. The increase in concern for the safety and health of animals will drive the adoption of modern technologies such as the smart collar, smart vest, and smart harness. Several companies have developed low-power wireless smart collars, which are fitted with non-invasive sensors to help in tracking the pets position, calories consumed & burned, respiration, pulse, activity, temperature, and heart-rate variations that underline pets overall health. Moreover, the rapid increase in the operations of pet stores, pet healthcare, and pet sitting services in the region will also drive the adoption of these advanced technologies from household pet owners.
Key Players, Recent Developments & Sector Viewpoints: Pet Tech Market
Major companies in the pet tech market are WOPET, Whistle Labs LLC, Tractive, Pod Trackers Pty Ltd., Scollar, Petrics, PetPace LLC, Petnet Inc., Petkit, Petcube, Inc., Nedap N.V., Motorola, Loc8tor, Konectera, IceRobotics, GoPro, Garmin Ltd., Fitbark, and CleverPet. These players are partnering and collaborating with regional retailers to strengthen and expand their market presence. Moreover, manufacturers in the industry are outsourcing their manufacturing activities to Taiwan and China due to the low cost of manufacturing services in these countries. These manufacturers are developing functional as well as fashionable products to meet the demands of customers. They are offering wearable technology with products that can measure the heart rate, pulse rate, breathing level, and other physiological activities in the real-time.
The technological advancements and innovations in the pet tech market are growing rapidly, which is expected to drive the adoption of intelligent pet care solutions in various end-use segments. The players are targeting their smart offerings in the household segment, where high demand for modern pet monitoring solutions is being witnessed. These sectors demand automatic solutions that require less attention of the owner and provide effective monitoring & tracking data remotely. These factors are being considered by the companies to offer modern IoT based technologies to the customers. For instance, in February 2018, Wagz Inc. announced its partnership with LTE IoT chipmaker Sequans Communications S.A. to develop Wagz Smart Collar. It helps the dog owners to monitor and understand their dogs with the help of smartphone application that tracks barking, activity, location, and food eating habits with live HD video streaming.
Key Insights Covered: Exhaustive Pet Tech Market
1. Market size (sales, revenue and growth rate) of Pet Tech industry.
2. Global major manufacturers’ operating situation (sales, revenue, growth rate and gross margin) of Pet Tech industry.
3. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Pet Tech industry.
4. Market size (sales, revenue) forecast by regions and countries from 2019 to 2025 of Pet Tech industry.
Research Methodology: Pet Tech Market
- Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
- Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
- Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among others.
Quick Read Table of Contents of this Report @ WorldWide Pet Tech Market, Industry / Sector Analysis Report, Regional Outlook & Competitive Market Share & Forecast, 2019 – 2025
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