The new report by Expert Market Research titled, ‘Global Pet Tech Market Growth, Size, Share, Analysis, Report and Forecast 2023-2028, gives an in-depth analysis of the Global Pet Tech Market, assessing the market based on its segments like product type, application, end-use, distribution channel and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 24%
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Globally, the residential sector will drive expansion in the global pet tech market, accounting for a large proportion. Many regions have seen an increase in the adoption of pets in the home sector. The most popular domestic animal species are dogs and cats. Pet food manufacturers are developing smart gadgets specifically for these animals.
Pet Tech Industry Definition and Major Segments
Pet tech companies can be exemplified as “companies with primary business are providing pet owners with tech-enabled solutions.” Technology solutions for tracking, training, and connecting pets are a few examples of this.
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On the basis of product type, the market is prorated into:
- Tracking Equipment
- Monitoring Equipment
- Entertainment Equipment
- Feeding Equipment
Based on the application, the market can be segmented into:
- Pet Healthcare
- Pet Owner Convenience
- Communication and Entertainment
- Pet Safety
On the basis of end-use, the market is divided into:
Based on distribution channel, the market is segmented into:
On the basis of regional markets, the industry is divided into:
- North America
- United States of America
- United Kingdom
- Asia Pacific
- Latin America
- Middle East & Africa
- Saudi Arabia
- United Arab Emirates
- South Africa
Pet Tech Market Trends
The rising technology developments during the projection period, the pet tech market would profit from increased technology advancements and breakthroughs in pet durables. Smart fitness trackers, food, toys, and other innovations in the pet care business are just a few examples of significant technological advancements. Several businesses are developing cutting-edge wearable technologies that allow pet owners to keep a constant check on their dogs’ activities.
Furthermore, the region’s rapid expansion of pet stores, pet healthcare, and pet sitting services will make it easier for pet owners to adopt these innovative technologies. Several companies have developed low-power wireless smart collars with non-invasive sensors to track a pet’s location, calories consumed and burnt, respiration, heartbeat, movement, temperature, and heart-rate variations, all of which contribute to the pet’s overall health.
Key Market Players
The major players in the market are CleverPet, Dogtra Company, Pawscout, Inc., Felcana and others.
The report covers the market shares, plant turnarounds, capacities, investments, expansions and mergers and acquisitions, among other latest developments of these market players.
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