Smart Pet Products Market Size, Share, Growth, and Industry Analysis, By Type (Smart Feeding equipment, Smart Wearable Device, Smart Pet Toys, & Others), By Application (Dogs, Cats, & Others) and Regional Forecast to 2032

Updated On: 21 October 2024

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SMART PET PRODUCTS MARKET REPORT OVERVIEW

The global Smart Pet Products Market Size was USD 3.4 billion in 2023 and the market is projected to touch USD 21.49 billion by 2032, exhibiting a CAGR of 19.9% during the forecast period.

The global Smart Pet Products market is also poised for substantial growth in the coming years, driven by several factors. The smart pet products is combination of advanced technology with the trend of pet humanization. The market had a variety of innovative products and designs which enhances the health, safety, and overall will be of pets while providing convenience to pets owners. With the help of artificial intelligence and machinery various products and devices are made such as automatic feeders, water dispensers, health monitoring devices, interactive toys, and GPS trackers. The combination of evolving consumer preferences and innovations is boosting the expansion of the global market.

COVID-19 Impact: Market Growth Restrained by Pandemic due to Supply Chain Disruptions

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The pandemic resulted in disruptions to supply chains, manufacturing operations, and retail businesses, leading to reduced consumer spending. Pandemic resulted in an increase in adoption and ownership of due to which smart pet products market has seen and increasing demand. Online shopping platform play the crucial role leading to growth in the online sales.

LATEST TRENDS

"Development in Smart Pet Products to Drive Market Growth"

A latest trend in the global smart pet products market is the integration of artificial intelligence and machine learning. This enables to make various health and wellness monitoring devices, automated feeding and care devices, GPS tracker and others. This can be wearable devices which monitors activity levels, heart rate and sleep patterns and can be connected with health tracking apps. Automatic litter boxes and smart feeders and water dispenser are becoming more popular trendy driving the market growth.

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SMART PET PRODUCTS MARKET SEGMENTATION

By Type

Based on type the global market can be categorized into smart feeding equipment, smart wearable device, smart pet toys, & others.

Smart Feeding equipment: Smart feeding equipment are food for the owners who don't have much time to feed their pets time to time. These are automatic and optimise with feeding process and sharing that the pets are getting right amount of food at the right time even when their owners are not at home.

Smart Wearable Device: Smart wearable devices such as activity tracker health monitoring trackers are becoming popular which are specially designs for pets to help their owners to take better care of their pets.

Smart Pet Toys: Smart pack toys are of incorporated technology to engage their pet to interactive play and provide benefit for both pet and their owners.

By Application

Based on application the global market can be categorized into dogs, cats & others.

Dogs: Cat are domestic animals are often popular to own as pet there are various devices available to take care of them and provide then comfort.

Cats: Dogs are said to be very loyal and diverse in human lives. There are various breeds available of dogs which are often owned as pets.

DRIVING FACTORS

"Increasing humanization of pets to fuel the Market"

One of the key driving factors in the global Smart Pet Products market growth is treating pets as a part of family or as family member. This is the growing Trend of humanisation of pets which leads to highest pending on pet care products and technology. Pet owners as treating them as family members also invest in products that enhance their pet's quality of life.

"Increasing Advancement in technology to Expand the Market"

Another driving factor in the global smart pet products market is the integration of advanced technology and various innovations in market. With the help of advance technology such as Iot, artificial intelligence, and machine learning has also brought innovation in smart pet products. Automatic feeders, interactive toys, health monitoring devices, and GPS trackers are some of the devices made with innovation to keep track of moments and activities of pets.

RESTRAINING FACTORS

" High production cost to impact the Market Growth"

One of the key restraining factors in the global smart pet products market is the high manufacturing cost due to daily innovations and advancement in technology new technologies are coming very frequent. The more advanced technology is the more high-quality of material is needed for getting the best results. Advanced technology collaborated with high quality materials results in elevated manufacturing course which are usually increases the price of final product making it more expensive the demand. But innovation and technology also gives and enhanced efficient results. However, advancements in materials and construction techniques are continuously being explored to address this restraining factor and improve the production process in the market.

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SMART PET PRODUCTS MARKET REGIONAL INSIGHTS

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

"North America Dominating the Market due to Presence of a Large Consumer Base"

North America has emerged as the most dominant region in the global smart pet products market share due to several factors. The region's dominance is attributed to its vast population and rapid urbanization, leading to a significant demand for pet care. The region have high pet ownership rate as their disposable income is higher, making easier for them to by pet products. Additionally, the growing e-commerce industry and in the Europe market, further contributing to its dominance in the global market share.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

The smart pet products market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of digital software options. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.

List of Market Players Profiled

• Radio Systems Corporation (Petsafe) (U.S.)
• Petkit (China)
• Sure Petcare (Antelliq) (U.K.)
• Hangzhou Tianyuan Pet Products(China)
• Whistle(U.S.)
• Garmin(U.S.)
• FitBark(U.S.)Tractive (Austria)
• PetPace(U.S.)
• Loc8tor (U.K.)
• Marco Polo (Germany)
• WOpet(U.S.)
• Gibi Technologies (Hawaii)
• Shenzhen HomeRun (China)
• Catlink(China)
• Dogness(China)

INDUSTRIAL DEVELOPMENT

July 2024: Petcube, has launched a new Petcube Bites 2 Lite, which is affordable version of their popular pet camera and treat dispenser.  Connecting with many devices such as Alexa and also this smart pet product allows pet owners to interact with their pets remotely, dispensing treats, talking to them via two-way audio, and monitoring them with a built-in camera that offers 1080p HD video and night vision.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.