Pet Tech Market Share

North American Market Forecast

North America industry is likely to account for largest revenue share of 54% by 2037, backed by the growing disposable income which is influencing people to spend more on intelligent and smart pet products which includes smart collars, feeders, and more, along with growing adoption of rescue pets. In America, about 41% of people indicated that they'd rather adopt a pet from a shelter or a rescue than any other type of adoption. Moreover, the increased incidence of pet ailments is anticipated to drive pet owners to purchase smart pet tech items and examine their pet's health conditions, such as sleep, heart rate, and breathing. During the course of the forecast period, this is anticipated to increase growth for the North America pet tech market. Also, in the upcoming years, the market in this region would experience considerable growth in this region owing to an increasing need for pet collars that permit better training in animals. Pet collars with GPS tracking send updates and escape alarms through text message or an app. Owners could set activity objectives for exercise and calorie intake with the use of proactive notifications for excessive scratching, napping, and behavioral issues. Reminders for veterinary checkups, grooming, and medication assist to enhance the quality of life for the animal.

APAC Market Statistics

The Asia Pacific pet tech market, amongst the market in all the other regions, is projected to grow with the highest CAGR during the forecast period. The growth of the market in this region can be attributed to growing adoption of pets such as cats, dogs, and other species. As a result, people are spending more money to provide their pets a decent life. Hence owing to this the demand for pet tech is expected to boost. Further, there has been growing shift of people attitudes towards pet adoption that has occurred in recent years. Moreover, the primary driving force for pet adoption can be attributed to growing urbanization in developing economies. Also, millennials in the area have been adopting pets at a noticeably higher rate than the general population. Hence, all these factors are estimated to drive the growth of the market in this region.

Europe Market Forecast

Additionally, the market in Europe region is also estimated to have a significant growth over the forecast period, backed by growing demand for medical diagnostic and wellbeing of the pets. Hence, owing to these major factors the owners in Europe region are estimated to adopt advanced solutions such as pet wearables at a higher rate. Moreover, to satisfy the needs of tech-savvy consumers and broaden their product offering, the top market players are investing more money in the research and development of cutting-edge items.