Global Pet Smart Tracker Market size is expected to reach $1.7 billion by 2028

The Global Pet Smart Tracker Market size is expected to reach $1.7 billion by 2028, rising at a market growth of 9.7% CAGR during the forecast period.

Pets love running around, exploring their surroundings, and being outdoors without leashes. Many owners desire to send their pets outdoors and let them explore their neighborhood or run freely in their backyard without having to constantly look at them or make them be in a particular place. Pet trackers can help lower the owner's stress level when their pets are alone and also save them from installing high fencing around their house to keep their pets from running away.

There is a rise in pet health awareness among owners. The increasing adoption of animals as companions for children or adults and even for security & status purposes raise the adoption rate and the expenditure on their care. Private and public organizations have launched many initiatives to educate parents about their pet's needs and care. Affection and Companionship are the basic pillars in the relationship between a pet and its owner. The rise in awareness towards the healthcare of pets is expected to boost the market for pet smart tracker.

Based on the pet type, the pet smart tracker market is segmented into dogs and cats. The dogs segment procured the largest revenue share in the pet smart tracker market in 2021. This is due to the rising nuclear family trends, couples without children, dual income families, and the preference to choose dogs for security and companionship purposes. Dogs are the most common type of household pets.

On the basis of technology, the pet smart tracker market is divided into RFID, GPS and others. The GPS segment garnered the highest segment revenue share in the pet smart tracker market in 2021. The segment's growth is result of the rising demand to monitor pet activities. GPS trackers provide progress in live positioning through smartphones and vast map areas. To further increase its usage, the GPS service providers have made various agreements with app developers, retailers, and phone manufacturers, so that pet owners can easily connect with the services.