Europe Pet Tech Market: By Technology: RFID, GPS, Sensors, Others; By Application: Identification and Tracking, Behaviour Monitoring and Control, Safety and Security, Others; By End Use; Regional Analysis; Historical Market and Forecast (2018-2028); Market Dynamics: SWOT Analysis; Competitive Landscape; Industry Events and Developments

Europe Pet Tech Market Outlook

The Europe pet tech market is estimated to grow at a CAGR of 20.7% during the forecast period of 2023-2028 owing to the increased spending on pet animals.

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Growing Demand for Pet Tech in Germany to Aid the Market Growth

Germany is poised to hold a significant share of the Europe market for pet tech. The country witnessed a surge in the adoption of pets amid the COVID-19 pandemic, with the number of pet dogs witnessing an exponential growth compared to 2019. Medical diagnosis and health and well-being of pets are among the leading trends that encourage owners to adopt advanced solutions like pet wearables in the country. As a result, the leading market players are increasingly investing in the research and development of advanced products to meet the demands of tech-savvy customers and enhance their product range. For example, in October 2021, Halo Collar unveiled its latest innovation, the Halo 2 collar which is suitable for rough environments and can withstand dog bites and much more with the help of its pro-case. The advancements in technology are leading to the improved customer experience, which is likely to drive the Europe pet tech market further. Additionally, private "Tierheim" shelters are built in Germany to house abandoned animals. Grants, endowments, governmental agencies, and others help fund these shelters. The increased awareness of animal welfare and health is further anticipated to stimulate the adoption of innovative technology such as the smart leash and harness, thereby aiding the overall market growth.

Market Segmentation

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A pet is an animal that is kept primarily for the company or pleasure of its owner, rather than as a working animal. Pet owners consider their pets to be members of their family and are eager to invest in their health, fitness, and well-being. Companies whose core business is employing tech-enabled solutions to service the pet owner market are characterised as pet tech companies.

Based on technology, the market can be broadly categorised into:

• RFID
• GPS
• Sensors
• Others

By applications, the Europe pet tech market is divided into:

• Identification and Tracking
• Behaviour Monitoring and Control
• Safety and Security
• Medical Diagnosis and Treatment
• Others

On the basis of end uses, the market is bifurcated into:

• Household
• Commercial

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The regional markets for pet tech can be divided into the United Kingdom, Germany, Italy, and France, among others.

Rising Consumer Disposable Incomes Augmenting the Market Growth of Pet Tech in Europe

Rising disposable incomes of consumers and increasing awareness about pets’ physical and mental health are supporting the growth of the pet tech market in Europe. Consumer disposable incomes are likely to increase further as the country's economy continues to improve. This is expected to influence consumer buying habits, allowing pet owners to spend more money on smart pet products, including smart cameras, collars, and toys. The technology allows pet owners to ensure the safety of pets while tracking and monitoring their daily activities. Pet owners are focusing on health monitoring equipment to keep their animals healthy, which is driving the growth of the Europe pet tech market. Additionally, the growing prevalence of obesity among pets is further contributing to the demand for products to monitor health parameters like breathing and heart rate, among others. Moreover, the use of IoT enabled pet tech devices simplifies the process of collecting vital signs and location information. These devices are generally connected to smartphones or tablets via IoT connection and utilise wireless technologies like Bluetooth and Wireless LAN (WLAN) to make data available to pet owners via interactive dashboards. Over the forecast period, the rising number of pet owners is expected to further propel the market growth.

Key Players in the Europe Market for Pet Tech

The report gives a detailed analysis of the major players in the Europe pet tech market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
 

Key Highlights of the Report

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.