Smart Connected Pet Collar Market: Introduction
- A smart connected pet collar is a device used in pet monitoring. The device is usually connected wirelessly to a smartphone via Bluetooth or Wi-Fi to monitor the location and activities of pet animals. Currently, most of the products available in the market are designed specifically for dogs and cats. Based on the breed type, a variety of sizes are available to suit different neck sizes of dogs and cats.
Key Trends in the Global Smart Connected Pet Collar Market
- Technology advancement and growing pet adoption are identified as key market drivers for the global smart connected pet collar market. Increasing adoption of smartphones ensures the better utilization of IoT for pet care and overall monitoring. The pet is just like a human baby for many people and it needs constant care and attention. The most recent pet ownership study by the American Pet Products Association (APPA) noted that 85 million families (68% of all U.S. households) own a pet, and more and more of these families are viewing their pets as family members.
- In developed countries, the smart connected pet collars are more popular and records strong demand compared to developing countries. High per capita income and the presence of Tier 1 companies are the key market drivers in developed countries. Moreover, significant consumer awareness about the products available in the market is expected to drive the future growth of the smart connected pet collar market in developed regions.
Opportunities in the Global Smart Connected Pet Collar Market
- Emergence of new technologies which can be easily integrated with the existing smart home technologies are expected to offer potential opportunities to the smart connected pet collar market. Also, consumers in developing countries are becoming more aware about smart pet wearable.
- Multipurpose smart collars which encompasses all the essential functions in a single device is expected to gain significant opportunities in the coming years, especially in the North America and Europe market.
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The Impact of COVID-19 on the Smart Connected Pet Collar Market
- The pandemic has shown strong impact on consumer spending across the globe. The loss of income during lockdown and uncertain future is expected to affect the consumer spending on pet ownership and pet care. However, the pandemic has allowed pet owners to spend more time with their pets and to realize their nutritional and emotional needs in a better manner. Strengthened bonds are expected to boost the demand for IoT enabled pet care products once the economic conditions improve.
North America Records Dominant Share in the Overall Smart Connected Pet Collar Market
- By geography, the global smart connected pet collar market is classified into South America (SA), North America (NA), Europe (EU), Middle East & Africa (MEA), and Asia Pacific (APAC).
- Country-level bifurcation of the North America market includes the forecast and analysis for the U.S., Canada, and Rest of North America. Country-level analysis and forecast for the Europe market includes historical and forecast analysis of the smart connected pet collar market in the U.K., Germany, France, and Rest of Europe. Country-level analysis and forecast for the Asia Pacific market includes major countries in the region such as India, China, Japan, and Rest of Asia Pacific. Middle East & Africa country-level analysis and forecast for the smart connected pet collar market includes GCC countries, South Africa, and Rest of Middle East & Africa. The South America smart connected pet collar market is categorized into Brazil, and Rest of South America.
- The market growth in North America is attributed to the strong investment in research and development coupled with high consumer awareness and willingness to pay for advanced technologies. According to American Pet Products Association, Inc. (APPA) estimations, in 2019, U.S. pet expenditure amounted to USD 95.7 Billion. The expenditure includes spending on pet food, medical care, treatments, general care, and other grooming services.
Key Players Operating in the Global Market
Investment in new technology and upgrade of existing product offering are the key strategies adopted by companies. Additionally, companies are gaining better consumer knowledge and undertaking product promotions to encourage the adoption of smart connected pet collars across untapped markets. Online distribution networks and technical proficiency are anticipated to offer competitive advantage to key market players. Companies are partnering with international e-commerce retailers to market and sell their products in overseas markets.
Some of the major companies identified in the global smart connected pet collar market include:
- SCOLLAR Inc.
- Eureka Technology Partners LLC
- FitBark Inc.
- Wagz Inc.
- Mars Inc.
- Radio Systems Corp.
- Tractive GmbH
- Smart Tracking Technologies LLC
- Garmin Ltd.
- LINK AKC
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Global Smart Connected Pet Collar Market: Research Scope
Global Smart Connected Pet Collar Market, by Technology
Global Smart Connected Pet Collar Market, by Pet Type
Global Smart Connected Pet Collar Market, by Price
- > US$50
Global Smart Connected Pet Collar Market, by Application
- GPS Location Monitoring
- Activity and Health Monitoring
- Multi-purpose Monitoring
Global Smart Connected Pet Collar Market, by Distribution Channel
- E-commerce Websites
- Company Owned Websites
- Large Format Stores
- Specialty Stores
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.