Smart Pet Collar Market Size

Smart Pet Collar Market Size

Smart Pet Collar Market size was valued at USD 1.9 billion in 2023 and is estimated to register a CAGR of over 12% between 2024 and 2032, driven by increasing pet ownership worldwide.

This rise in pet ownership is influenced by a combination of social, demographic, and economic factors, as well as advancements in pet care technology that cater to people's evolving lifestyles and preferences. In addition, other factors contributing to increasing pet ownership include enhancement of household security, companionship, emotional support, and social media led by pet influencers. According to the American Veterinary Medical Association (AVMA), in 2022, 44.6% of households in the U.S. owned at least one pet dog. This number has jumped drastically from the previous years, owing to rising pet ownership driven by pet influencers on social media.  As a result of, rising pet ownership has contributed to an increased demand for smart pet collars to enhance their security and overall well-being.

 

Further, urbanization trends and changing lifestyles, which often involve busy schedules and smaller living spaces, are driving the need for products that help monitor pets remotely and ensure their safety when outdoors. With the rise of smart home technology, pet owners are increasingly looking for integrated solutions that allow them to keep an eye on their pets through their smartphones. Additionally, the growing awareness of pet health and well-being is encouraging owners to invest in smart collars equipped with GPS tracking, activity monitoring, and health tracking features. These advancements provide peace of mind and make them more appealing to pet owners, thus contributing to the overall growth of the market.
 

Smart pet collars often come with advanced technology such as GPS tracking, health monitoring sensors, and communication features, which can make them expensive. high cost can limit their adoption among price-sensitive consumers. For instance, implementing GPS technology involves integrating sophisticated hardware components (GPS receiver, antennas) and software algorithms to process satellite signals and calculate location coordinates.
 

In addition, incorporating wireless communication technology requires additional hardware (such as transceivers), software development for data transmission protocols, and costs associated with data transmission and storage. Depending on the type of communication technology used (e.g., cellular data plans), there may also be recurring service fees. Thus, the cost of these components and the associated technology development adds to the overall cost of the smart collar which leads to higher retail costs which can further hinder the adoption of smart collars.