PUBLISHER: SkyQuest | PRODUCT CODE: 1165276
PUBLISHER: SkyQuest | PRODUCT CODE: 1165276
Global Pet Tech Market was valued at USD 5.2 billion in 2021, and it is expected to attain a value of USD 17.57 billion by 2028, with a CAGR of 19% over the forecast period (2022-2028).
One of the fastest growing industries on the planet is the pet industry. Numerous applications of pet technology exist, including using tools and programs to solve problems associated with caring for animals. Owners of pets treat them like family members and are prepared to spend money on their wellbeing. As a result, there is now a new market for pet technology, where users can download mobile apps to always know the precise location of their pets as well as other helpful data. Modern pet owners are considering automating pet management tasks with certain technologies, such as feeding them and monitoring their health. Pet owners are slowly adopting technologies like surveillance cameras, automatic pet feeders, and fitness.
Top-down and bottom-up approaches were used to estimate and validate the size of the Global Pet Tech Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Segments covered in this report:
Global Pet Tech Market is segmented based on type, product, application and region. Based on type, the market is segmented into RFID, GPS, sensors, and other segments. On the basis of product, the market can be bifurcated into monitoring equipment, tracking equipment, entertaining equipment, feeding equipment, pet wearables and other segments. Based on application, the market is segregated into pet safety, pet healthcare, pet owner convenience, communication & entertainment segments. The regional insights of the market are into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
Driver
The growing demand for remote monitoring and tracking of pets is one of the main factors surging growth of the pet tech market. Pet wearable owners can easily manage their pet's weight, monitor his activity level, and make his exercise routine more enjoyable with remote monitoring and tracking. The rise in lost pet cases has increased demand for pet tracking equipment. This encourages pet owners to constantly monitor and track the whereabouts of their animals using pet technology like collars or tags.
Restraint
Costly pet tech products are expected to limit market expansion. The short battery life of pet technology products is anticipated to impede market expansion.
Market Trends
Growing technological innovations and advancements are also encouraging market expansion. Intelligent fitness trackers, feeders, toys, and doors are just a few of the significant technological developments in the pet care sector. Innovative wearable technology is being offered by many businesses, enabling pet owners to continuously monitor their pets' activities.