Pet Tech Market Outlook
According to a new report by Expert Market Research titled, “Pet Tech Market Size, Share, Analysis, Report and Forecast 2024-2032″, the global pet tech market is projected to grow at a CAGR of 24% between 2024 and 2032. Aided by the rising pet ownership and technological advancements in pet products, the market is expected to grow significantly by 2032.
Pet technology refers to the array of digital and electronic devices designed to make pet care more manageable, efficient, and interactive. These technologies range from smart feeders, pet cameras, GPS trackers, to health monitoring wearables. The primary objective of pet tech is to enhance the quality of life for pets and simplify pet management for owners.
Several factors contribute to the burgeoning pet tech market growth. Firstly, there is an increasing number of pet owners globally who are looking for convenient and innovative ways to care for their pets. This demographic shift is coupled with a rising disposable income, allowing pet owners to invest in advanced pet care products.
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Furthermore, technological advancements have paved the way for sophisticated pet tech gadgets. The integration of AI, IoT, and machine learning has transformed ordinary pet products into smart devices capable of interactive functionalities like monitoring, tracking, and even entertaining pets.
One of the key trends driving the pet tech market demand is the heightened focus on pet health and wellness. Owners are increasingly concerned about their pets’ physical and mental well-being. This concern has led to the development of advanced health monitoring gadgets that track vital signs, activity levels, and even dietary habits. These devices not only provide peace of mind to pet owners but also help in early detection of potential health issues.
The rise of smart homes has provided an additional boost to the pet tech market growth. Pet tech devices are being increasingly integrated with home automation systems, allowing pet owners to monitor and interact with their pets remotely. This integration has led to the development of innovative products such as automated pet doors, smart litter boxes, and interactive toys that can be controlled via smartphones.
The market is witnessing significant growth across various regions. North America and Europe currently account for a significant portion of the pet tech market share, owing to the high pet ownership rates and the presence of key market players in these regions. However, Asia-Pacific is expected to experience rapid growth due to the increasing adoption of pets and rising disposable incomes in countries like China and India.
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Pet Tech Market Segmentation
The market can be divided based on product, application, end use, distribution channel, and region.
Market Breakup by Product
- Tracking Equipment
- Monitoring Equipment
- Entertainment Equipment
- Feeding Equipment
- Others
Market Breakup by Application
- Pet Healthcare
- Pet Owner Convenience
- Communication and Entertainment
- Pet Safety
- Others
Market Breakup by End Use
- Household
- Commercial
Market Breakup by Distribution Channel
- Offline
- Online
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global pet tech market. Some of the major players explored in the report by Expert Market Research are as follows:
- CleverPet
- Dogtra Company
- Pawscout, Inc.
- Felcana
- Others
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