Pet Wearable Market 2022-2030 Dynamics, Growth Prospect and Sales Analysis
- by marketherald
Pet Wearable Industry Overview
The global pet wearable market size is expected to reach USD 6.88 billion by 2030, registering a CAGR of 14.3% over the forecast period, according to a study conducted by Grand View Research, Inc. With the proliferation of mobile technology and electronic manufacturers experimenting with wearable technology, the market has witnessed tremendous growth. This is only the beginning of the wearable revolution, and the market is anticipated to witness healthy growth over the coming years.
The market is expected to witness optimistic days in the future, owing to the spending by pet owners driven by emotional motives such as increasing emotional attachment as well as dependence on the pets for entertainment, companionship, and mental well-being.
Awareness among pet owners concerning their well-being is creating avenues for market growth. Further, an increase in the number of pet owners and the need to track their activity in real-time will also favor growth going forward. Pet owners in recent times have increased their expenditure on advanced tech-based devices to gather pet data on a regular basis. This vital information helps them keep a track of pet activities as well as health.
Pet Wearable Market Segmentation
Grand View Research has segmented the global pet wearable market based on technology, application, and region:
Based on the Technology Insights, the market is segmented into RFID, GPS, and Sensors.
- The segment for RFID based pet wearable devices recorded the highest revenue share in 2021, surpassing 30% in the same year. Reliability and accuracy are the two key features contributing towards the segment growth. The RFID trackers help monitor parameters concerning health such as variability in heart rate, calorie intake, body temperature, and pulse.
- GPS enabled devices segment is projected to grow at a CAGR exceeding 10% from 2022 to 2030, contributing to a high revenue share over the forecast period. Growing demand to monitor pet activities while ensuring security is creating avenues for GPS-based pet wearable devices.
Based on the Application Insights, the market is segmented into Identification & Tracking, Behavior Monitoring & Control, Facilitation, Safety & Security, and Medical Diagnosis & Treatment.
- The demand for identification & tracking pet wearable devices surpassed USD 1.0 billion in 2021. Access to location history and weight & dimensions are key features is driving the segment growth. These devices offer pet owners a secure and easy way to monitor pet activity contributing to the segment’s popularity.
- Apart from activity monitoring, the demand for Pet wearables for medical diagnosis & treatment is projected to witness growth at a CAGR exceeding 15% from 2022 to 2030. The expenditure on pet health diagnostics is creating opportunities for segment growth.
Pet Wearable Regional Outlook
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile
The pet wearable market is in its developing stage and is observing intense competition among existing players and new entrants. Companies are also focusing on strategic expansions, collaborations, and acquisitions to strengthen their position in the global market. Market players are focused on improving their presence by pursuing various strategic initiatives, such as new product development; strategic collaborations, joint ventures, and partnerships; and mergers & acquisitions. Key players in the market are highly focused on R&D activities to develop innovative products to expand their product offerings.
Further, these players are also focused on developing innovative products that can gather health metrics of pets, such as distance walked and calories burned, which can be advantageous to veterinarians. For instance, in January 2020, Whistle Labs, Inc. announced the launch of Whistle FIT, a preventive healthcare tool. Whistle FIT enables the customer to monitor the pet’s food intake, activity, and key health behaviors to manage pet care.
Some prominent players in the global pet wearable market include:
- Avid Identification Systems, Inc.
- Allflex USA Inc.
- Garmin Ltd.
- Invisible Fence
- Link AKC
- Loc8tor Ltd.
- PetPace LLC
- Whistle Labs, Inc.
Order a free sample PDF of the Pet Wearable Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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Pet Wearable Industry Overview The global pet wearable market size is expected to reach USD 6.88 billion by 2030, registering a CAGR of 14.3% over the forecast period, according to a study conducted by Grand View Research, Inc. With the proliferation of mobile technology and electronic manufacturers experimenting with wearable technology, the market has witnessed tremendous growth. This…
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