Pet Smart Tracker Market to Reach $2.6 Bn

According to the report, the global pet smart tracker industry was estimated at $938.9 million in 2021, and is anticipated to hit $2.6 billion by 2031, registering a CAGR of 10.3% from 2022 to 2031. The report offers an explicit analysis of the changing market trends, top segments, key investment pockets, value chains, competitive scenarios, and regional landscapes.

By pet type, the dogs segment accounted for the highest share in 2021, holding more than three-fifths of the global pet smart tracker market. This is because pet owners have now become more concerned about their pets' health, and smart solutions such as smart trackers are getting more & more popular these days. The cats segment, on the other hand, would portray the fastest CAGR of 10.9% during the forecast period. Due to significant growth in pet cat population, manufacturers of smart trackers are now concentrating on the premium & health categories of pet trackers for cats. Some smart trackers can aid with oral health, weight control, and immune system strength.

By distribution channel, the offline segment held nearly three-fifths of the global pet smart tracker market, accounting for the major share in 2021. Increase in disposable income, rise in pet humanization, and surge in awareness toward pet health have made pet parents more conscious of their pets' well-being. As a result, pet smart tracker purchase from offline stores has increased. The online segment, at the same time, would showcase the fastest CAGR of 10.9% throughout the forecast period. This is because online sales have been steadily increasing. Due to rapid development in pet humanization, availability of creative and modern solutions such as online sales that meet consumer demand has grown even more popular than before.