Smart Connected Pet Collar Market Research Report : Unveiling CAGR and USD Projections for Key Industries

Allied Market Research published a report, titled,"Smart Connected Pet Collar Market Type (Cat and Dog) and Sales Channel (Offline and Online): Global Opportunity Analysis and Industry Forecast, 2019-2026." According to the report, the global smart connected pet collarmarket garnered $322.7 million in 2018, and is estimated to reach $653.5 million by 2026, registering a CAGR of 9.5% from 2019 to 2026.

Drivers, restraints, and opportunities

Rise in trend of nuclear families, rapid humanization of pets, and increase in awareness about pet health drive the global smart connected pet collarmarket. However,unfavorable environment for pets and rise in occurrence of pet allergy restrain the market growth. On the other hand, increase in pet ownership in the developing nations and rise in e-commerce sales create new opportunities in the coming years.

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The dog segment to maintain its lead status in terms of revenue throughout the forecast period

Based on pet type, the dogsegment accounted for more than two-thirdsof the global smart connected pet collarmarket in 2018, and is expected to maintain its lead status in terms of revenue throughout the forecast period. This is due to rise inawareness and consciousness of owners about pet's health responsible to changetheir preference towards smart collars to continuously monitor their location as well as their health. However, the cat segment is estimated toportray the highest CAGR of 10.0% from 2019 to 2026, owing torise in need of smaller pets in households.

The offlinesegment to maintain its leadership position during the forecast period

Based on sales channel, the offline segment contributed to the highest market share in 2018, with more than four-fifths of the global smart connected pet collarmarket, and is estimated to maintain its leadership position during the forecast period. This is attributed to easy accessibility and availability of wide range of pet accessories.However, the onlinesegment is estimated to generate the fastest CAGR of 10.6% from 2019 to 2026. This is due torapid growth in online and mobile user customer bases in emerging markets.

North America,to maintain its dominanceduring the forecast period

Based on region, NorthAmerica accounted for the highest share based on revenue, holding for more than half of the total share of the global smart connected pet collarmarket in 2018, and is projected to maintain its dominant position throughout the forecast period.This is attributed toincrease in the number of pet owner families in this region.However, Asia-pacific is estimated toportray the fastest CAGR of 12.3% from 2019 to 2026, owing torise in purchasing power and rapid urbanization in this region.

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Key Findings of the Study:

North America leads in terms of smart connected pet collar market share and is expected to retain its dominance during the forecast period.
U.S. was the highest contributor to the global smart connected pet collar market, with $151.3 million in 2018. The country is expected to generate revenue of $274.5 million by the end of the forecast period.
In 2018, based on sales channel, the offline segment leads in terms of global smart connected pet collar market share in 2018. However, this segment is expected to lose market share, owing to growing prevalence of online sales channel.
The online sales channel segment to gain significant traction in the upcoming years and is expected to witness CAGR of 10.6% during the forecast period.
The dog segment accounted for around 68% share of the smart connected pet collar in 2018, and is poised to grow at a significant CAGR during the forecast period.
Based on region, Asia-Pacific is anticipated to grow with robust CAGR of 12.3% during the smart connected pet collar market forecast period.

Leading market players
FitBark
Radio Systems Corporation
Tractive
PetPace
Eureka Technology Partners, LLC
Scollar
Wagz, Inc.
KYON
Whistle Labs Inc.

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