Pet tech is the usage of technology in the pet sector to improve pet care and living conditions. This includes improving animal health, automating pet walks, smart surveillance, or enhancing the lives of pets using technology.Pet tech uses a number of technologies and applications in order to solve the challenges faced in pet care. To provide safety to the pets, a number of devices are introduced which include training devices, automatic feeding systems, pet health monitoring, pet monitoring devices, and self-cleaning litter boxes.
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Market Dynamics
Increase in the adaption of pets and increase in the number of pet owners An increase in the pet population is expected to drive market growth by increasing the number of customers for the equipment that helps provide safety to their pets. Increasing the pet population will increase the investments in pet products. For instance, in the report published by the Health for Animals Organization in it is estimated that more than half of the global population is estimated to have a pet at home. Families in the U.S., EU, and China alone have over half a billion dogs and cats. High costs associated with the equipment High costs and a lack of awareness among the communities in low-income countries hinder the growth of the global pet tech market. Additionally, the low battery capacity can also hinder market growth.
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Segment Analysis
The global pet tech market is segmented based on product type, application, distribution channel and region.Tracking Equipment segment accounted for of the market share The increase in the number of launches of tracking devices and the increase in the number of pet owners owing for the safety of their pets is expected to hold the segment in the dominant position.For instance, on Tile, the AirTag rival launched a new cat-tracking tag to help pet owners find their cats. The new device, “Tile for Cats,” is a modified version of the Tile Sticker with a silicone collar attachment.
Competitive Landscape
The leading companies with a significant market share include Pawscout, Inc., Whistle, Petkit, Furbo, iFetch, LLC., FitBark, Garmin International, Inc., Petcube, Inc., DOGTRA, and Tractive among others.
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