Global Pet Tech Market - 2023-2030

Global Pet Tech Market - 2023-2030

Global Pet Tech Market reached US$ YY million in 2022 and is expected to reach US$ YY million by 2030, growing at a CAGR of YY% during the forecast period 2023-2030.

Pet tech is the usage of technology in the pet sector to improve pet care and living conditions. This includes improving animal health, automating pet walks, smart surveillance, or enhancing the lives of pets using technology.

Pet tech uses a number of technologies and applications in order to solve the challenges faced in pet care. To provide safety to the pets, a number of devices are introduced which include training devices, automatic feeding systems, pet health monitoring, pet monitoring devices, and self-cleaning litter boxes.

Market Dynamics: Drivers & Restraints

Increase in the adaption of pets and increase in the number of pet owners

An increase in the pet population is expected to drive market growth by increasing the number of customers for the equipment that helps provide safety to their pets. Increasing the pet population will increase the investments in pet products.

For instance, in the report published by the Health for Animals Organization in September 2022, it is estimated that more than half of the global population is estimated to have a pet at home. Families in the U.S., EU, and China alone have over half a billion dogs and cats.

Additionally, according to the 2021-2022 APPA National Pet Owners Survey, 70% of U.S. households own a pet, which equates to 90.5 million homes. Thus, an increase in the pet population is expected to raise the market growth.

Restraint

High costs associated with the equipment

High costs and a lack of awareness among the communities in low-income countries hinder the growth of the global pet tech market. Additionally, the low battery capacity can also hinder market growth.

Segment Analysis

The global pet tech market is segmented based on product type, application, distribution channel and region.

Tracking Equipment segment accounted for 41.1% of the market share

The increase in the number of launches of tracking devices and the increase in the number of pet owners owing for the safety of their pets is expected to hold the segment in the dominant position.

For instance, on April 26, 2023, Tile, the AirTag rival launched a new cat-tracking tag to help pet owners find their cats. The new device, “Tile for Cats,” is a modified version of the Tile Sticker with a silicone collar attachment.

Similarly, on January 11, 2022, Tractive introduced its new LTE GPS pet tracker developed specifically for cats in North America.

Geographical Analysis

North America is expected to hold a significant position in the global pet tech market share

North America holds a dominant share of the pet tech market owing to the increase in pet safety and investments in pet maintenance. The increase in awareness about pet safety is letting the owners invest more in pet equipment which is driving the market growth.

For instance, according to Forbes, in 2022, Americans spent $136.8 billion on their pets, up 10.68% from 2021. Dog owners spend an average of $730 a year on their dogs. 42% of dog owners and 43% of cat owners got their pets from a store, while 38% of dog owners and 40% of cat owners got their pets from an animal shelter or rescue.

The care for pets has drastically increased after the pandemic. For instance, according to Forbes, march 2022 report, U.S. pet care industry sales in 2021 topped $100 billion, up about $6 billion from 2020 sales. The jump was led by spending on pet food at $45b and veterinary care at $33b including product sales. average dog owner now spends $1480 per year, while the average cat owner spends about $900 annually. Thus, an increase in the expenditure by pet owners is expected to raise the market growth.

COVID-19 Impact Analysis

The COVID-19 has impacted the pet tech market growth negatively. The sudden onset of the lockdown affected the manufacturing of the equipment, due to the halt in the supply chain. The closure of manufacturing companies and the reduction in the inability of customers to spend on their pets during this period have impacted the market growth.

Competitive Landscape

The leading companies with a significant market share include Pawscout, Inc., Whistle, Petkit, Furbo, iFetch, LLC., FitBark, Garmin International, Inc., Petcube, Inc., DOGTRA, and Tractive among others.

Key Developments
• On May 28, 2023, Datamars acquired Kippy S.r.l., the successful GPS tracker and activity monitoring solution for pets, as a natural expansion of its existing offering to pet owners globally.
• On January 11, 2022, Tractive introduced its new LTE GPS pet tracker developed specifically for cats in North America.
• On May 26, 2021, Tractive allocated $35 million in growth funding led by Guidepost Growth Equity. The investment accelerates innovation and adoption of the company’s industry-leading pet tracking device, which serves over 400,000 active subscribers across 175 countries.

Why Purchase the Report?
• To visualize the global pet tech market segmentation based on product type, application, distribution channel and region as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of pet tech market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global pet tech market report would provide approximately 61 tables, 61 figures, and 183 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies