Pet GPS Tracker Market Forecast and CAGR
According to latest research by Fact.MR, pet GPS tracker market is set to witness moderate growth during 2021-2031. Demand for pet GPS tracker witness steady recovery in short-term, with optimistic growth outlook in the long-run. Introduction of compact chip and advancement in global telecommunication network to drive demand for pet GPS tracking device during forecast period.
What is Driving Demand for Pet GPS Trackers?
Technological advancement and ability to track pet location across the globe is facilitating demand for pet GPS tracker. Lightweight, compactness, waterproof and dustproof are some of the features of device which are taken into consideration while making purchasing decision.
GPS trackers utilizes cellular network to locate object/being it is placed on across the globe. One of the key factor for making purchasing decision for pet GPS tracker is seen as availability of Cellular Service Providers (CSP’s) in the location along with compatibility of device
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Will GPS Tracker Deteriorate Demand for Pet Bluetooth Tracker?
GPS tracker with numerous advantages such as global coverage, high precision, unlimited range and independent localization is gaining traction in pet electronic security market globally. However, low GPS interference and signal dependent mobile signal has restricted demand for pet GPS trackers among individuals who keep close eye on their pets especially when pets are indoor.
With lower cost and low susceptibility to noise within 10 meters or less range, pet Bluetooth tracker in increasingly becoming common. The main distinction is that, with a GPS tracker, you can generally find your canine, while with a Bluetooth tracker this isn't the situation.
With monthly, quarterly, half-yearly and annual subscription plans pet GPS tracker along its software is seen as best device for pet owners to tract movement of their pets and generate weekly and monthly reports.
Has Pandemic Given Boost to Pet Adoption Rate?
Imposition of lockdown has resulted in keeping residents at home. These has resulted in increased adoption rate of pets in countries with high individualism index. For instance, animal shelter houses in US are facing high demand for pet adoption amidst emergence of work from home culture. To be exact during April-December 2020 pet adoption rate in western countries jumped more than 35%.
Ascending demand for pet has also resulted in providing numerous market opportunities for pet accessories and food products. With skyrocketing pet adoption rate and mounting emotional attachment with pets in last decade has resulted in advancing demand for pet associated products and services. However, as aftereffect of halted production and disrupted supply chain has negatively impacted demand.
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US and China Pet GPS Tracker Market Outlook
With pet dog population of more than 89.7 Mn and pet cat population of 94.2 Mn United States is one of the largest markets for pet GPS tracker globally. Furthermore, population of pet birds in US has crossed 20 Mn mark in 2019. According to American Pet Product Association US pet industry expenditure stands at US$ 75.2 Bn in 2020.
Aforementioned factors actors has resulted in ascending demand for pet GPS trackers as pet owners in these region are concerned about pet’s safety. Furthermore, use of compact size GPS device to facilitate higher adaptability rate for GPS trackers.
Followed by US, China is expected to emerge as second largest country in terms of demand, as number of pet dogs and cats collectively in China has surpassed 100Mn mark. People in China spends more than US$ 30 Bn annually on their pets. These includes variety of services such as food, medicines, medical care, beauty, foster care, training, toys and security of pets.
Aside from an affection for creatures, a need of friendship is another significant explanation for rising pet proprietorship. Around one out of five owner of pet said they raised pets for mental help. Aging population, growing trend and falling birthrate are some of factors providing boost to pet adoption rate in China. These will result in mounting demand for pet GPS tracker in China.
Europe Demand Outlook for Pet GPS Tracker
Europe accounts for significant shares in terms of pet GPS tracker market, with more than 268 million pets on whom tracker can mounted, these includes cats, dogs birds and small mammals.
Russia is considered as one of most dynamic market for pet products globally, with Moscow and St. Petersburg accounting to more than US$ 2.5 Bn value in 2020. According to Russian Federation Report pet accessories market is has grown with impressive growth rate of 20%-25% over previous decade.
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Who are the Key Manufacturers and Suppliers of Pet GPS Tracker?
Some of the leading manufacturers of device include
- Whistle GO
- Shenzhen Motto Electronics Co. Ltd.
- Jupin Group Co. Ltd.
- Dongguan ShuangXin Industry Co.,Ltd
- Weenect, Inc.
- Pitpatpet Ltd.
Integration of these GPS trackers on pet’s tracker has paved numerous market opportunities across the globe. Regional and small players pet GPS tracker market are collaborating with pet accessories manufacturers to boost their sales and establish strong hold over prominent region such as North America and Europe.
Furthermore, key manufacturers of pet accessories are partnering with tech firms to provide their client with enhanced and secured product and its associated services. Services includes generation of session report, application support & maintenance and device interface update.
Pet GPS Tracker Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
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- Cellular Pet GPS Tracker
- Mixed or Multi-tech GPS Pet Tracker
- Hardware Device
- Software and Associated Services
By Sales Channel
- Modern Trade
- Franchised Outlets
- Specialty Store
- Online Channel
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Others
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan
- Australia and New Zealand (ANZ)
- Greater China
- Rest of Asia Pacific
- Middle East and Africa
- GCC Countries
- Other Middle East
- North Africa
- South Africa
- Other Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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