Smart Pet Collar Market Analysis

Smart Pet Collar Market Analysis

Based on technology, the market is divided into RFID Devices, GPS, Sensors, and Bluetooth. In 2023, the GPS segment accounted for a market share of around 50%. This technology is dominant among all technologies in the market primarily, due to its unique capabilities and advantages for pet tracking and location monitoring. It provides highly accurate and precise location-tracking capabilities.
 

Further, this technology can pinpoint the exact geographic coordinates of a pet, typically within a few meters. The accuracy level is crucial for quickly locating pets in real-time, in case of being lost or wandering during emergencies. are lost, wandering, or in an emergency. As a result, many smart pets collar manufacturers are integrating GPS technology into their smart collars as a basic requirement in the product
 

For instance, in March 2022, Waldo Pet GPS Smart Collar announced that it is aiming to launch its advanced GPS-based smart pet collar in Q4 of 2024. This would come with extended battery life of up to 7 days, thus making it more appealing to the customers.
 

Based on end use, the smart pet collar market is categorized into household and commercial. In 2023, the household segment accounted for a market share of around 71% and is projected to grow by 2032. Household segments comprise of pet owners which account for the majority of demand for smart pet collars with the objective of location tracking and health monitoring. In addition, smart pet collars aid in training assistance that helps with household pets with behavioral correction.

 Further, household pet spending has been increasing significantly which has resulted in traction and increasing sales of the market. For instance, according to the American Pet Products Association, in 2022, the U.S. households spent USD 136.8 billion on their pets, rising by nearly 11% from 2021. Thus, household segments are anticipated to occupy a larger market share in the coming years.
 

North America dominated the global smart pet collar market with a major share of over 50% in 2023, owing to several factors such as higher pet ownership rates, strong economic conditions, favorable consumer demographics, technological advancements, and the presence of effective distribution networks. According to APPA, nearly 66% of U.S. households i.e. 86.9 million homes own a pet which is up from 56% in 1988. Additionally, tech-savvy millennials are contributing to the sales of smart pet collars in North America owing to higher consumer and product awareness. Notably, as per the APPA data, Millennials make up the largest percentage of current pet owners (33%), followed by Gen X (25%) and baby boomers (24%).
 

The APPA data also reveals that between 2018 and 2022, the amount spent on pets in the U.S. increased by 51.16% from USD 90.5 billion in 2018 to USD 136.8 billion in 2022. Hence, due to factors such as higher disposable income, technology awareness, and increasing pet adoption, the demand for smart pet collars is higher in North America.