Smart Connected Pet Collar Market to Reach $653.5Million, Globally, by 2026 at 9.5% CAGR: Allied Market Research

Smart Connected Pet Collar Market to Reach $653.5Million, Globally, by 2026 at 9.5% CAGR: Allied Market Research

PR Newswire

PORTLAND, Oregon, June 22, 2020

- Rapid humanization of pets, rise in trend of nuclear families, and increase in awareness about pet health drive the global smart connected pet collar market

PORTLAND, Oregon, June 22, 2020 /PRNewswire/ -- 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.

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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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COVID-19 Scenario

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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