Animal Safety Devices Market size is likely to register remarkable growth rate during the forecast period i.e., between 2024-2036. The growth of the market can be primarily attributed to the increasing number of cases of pet thefts around the world. For instance, a lost and found service for pets in the U.K. recorded a notable hike in pet thefts, from more than 17o dogs in 2019 to about 460 dogs in 2020. Additionally, animal safety devices are witnessing a swift adoption owing to their diversified applications in tracking and identifying, monitoring behavior, diagnosing medical problems, and the safety and security of pets. Along with these, the market is largely expected to be driven by significant rise in expenditure for pet care, rising disposable income and increased pet adoption across the world. The adoption of animal safety devices in livestock monitoring is also projected to boost the demand for animal safety devices in the coming years.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
Regional Scope |
|
The animal safety devices market is segmented based on technology into RFID, GPS, sensors, and others, out of which, the RFID segment is anticipated to grab the largest share during the forecast period on account of higher reliability, productivity, accuracy, and transparency of RFID devices in pet identification and tracking. Furthermore, adoption of Wi-Fi-enabled RFID devices that track a pet’s location at all times is also gaining traction since the last few years, which in turn is assessed to drive growth of the animal safety devices market segment in the future. Moreover, on the basis of application, the identification and tracking segment is projected to grow with a significant CAGR over the forecast period, which can be ascribed to the growing concerns of people to prevent pet thefts and rising investments in wearable tracking devices such as smart collars and smartwatches for dogs.
Our in-depth analysis of the global market includes the following segments
|
By Technology |
|
|
By Application |
|
Geographically, the animal safety devices market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. Asia Pacific is estimated to account for largest revenue share by 2036, owing to factors such as increasing awareness related to pet fitness and health, and rise in adoption of domestic animals in countries such as India and Australia.
North America Market Analysis
Furthermore, the animal safety devices market in North America is evaluated to occupy the largest share during the forecast period on the back of high penetration of activity and fitness monitoring devices for pets, growing pet expenditure, and rising awareness of pet health in the region. As per the analysis of American Pet Products Association’s National Pet Owners Survey, in the United States, pet expenditure in 2018 was $72.56 billion and it rose to S75.38 billion 2019. In addition, the market in Europe is also anticipated to occupy a significant share in the market on account of intensifying concerns for pet safety and increasing incidences of pet theft in the region.
Author Credits: Abhishek Verma
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?