Technology and new inventions have changed the complete scenario of almost everything related with day-to-day life of a man. Not only that, it has touched upon everything we identify ourselves with, be it the clothes we wear or the pets we care about. Pets or companion animals form an important part of our lives, therefore, it becomes highly important for us to keep an eye out for their well-being, as their guardian.
The urge to take care of the pets in the best way possible, has made us use several essential equipment, such as collars, vests and leashes among others. These come under the category of pet wearables, which has a booming market. The global pet wearable market size is estimated to reach USD 4.6 billion by 2027, registering a CAGR of 14.3% over the forecast period, according to a study conducted by Grand View Research, Inc. On top of it, innovative trends and intervention of technology in this market, for example, development of Halo belts and Whistle among others, are expected to keep the market soaring for years to come.
Increasing concerns toward companion animals’ health and wellbeing, coupled with rising pet humanization and population, is anticipated to be the key factor driving the growth of the market over the forecast period. In addition, increasing expenditure on pet consumables and rising demand for identification and tracking devices are some of the key factors driving the market growth.
According to the American Pet Products Association (APPA), the expenditure on companion animals in U.S. is expected to be USD 72.1 billion in 2018. Several advancements in technology is expected to lead to an increased demand for these wearables over the forecast period. Wearables are capable of continuously tracking health-related parameters such as body temperature, calorie intake, and Heart Rate Variability (HRV). Moreover, sensor technology is integrated into wearable devices to monitor and measure health metrics such as heart rate and respiration levels. It also enables pet owners to check disease symptoms, store medical records in the cloud, and set goals and reminders.
Moreover, growing reliance on pets for companionship, mental wellbeing, fitness, and entertainment has led to an increased spending on companion animals. The availability of advanced technology-based devices to monitor health by gathering vital information is expected to drive the pet wearable market growth. Furthermore, increasing adoption of companion animals in emerging economies such as India and China would offer several opportunities for market growth in the Asia Pacific region over the forecast period. On the other hand, North America dominated the global market in 2019 owing to the increasing awareness of the importance of pet health. Moreover, high penetration of fitness and activity monitoring devices and increased spending on companion animals is anticipated to drive the regional market growth.
Key industry players include Allflex USA Inc.; Avid Identification Systems, Inc.; Datamars; Fitbark; Garmin Ltd., Intervet Inc.; Invisible Fence; and Konectera Inc. Key players in the market focus on research and development activities to develop innovative products to expand their product offerings. In addition, companies adopt strategies such as collaborations, expansions, and acquisitions to strengthen their position in the global market.
Further key findings from the study suggest:
- The RFID segment dominated the market with a share of 39.9% in 2019, as RFID technology is considered more accurate and reliable, and helps authenticate products and store information
- The identification and tracking segment dominated the market in 2019 and is projected to reach USD 2.8 billion by 2027 as tracking wearable devices can play a significant role in finding lost or stolen pets
- The Asia Pacific pet wearable market is estimated to register the highest CAGR of over 17.0% from 2020 to 2027 owing to increasing awareness regarding pet fitness and health in countries such as India and Australia
- Key industry players include PetPace LLC; Whistle Labs, Inc.; Tractive; Garmin International, Inc.; and FitBark.
Access full research report on global pet wearable market: www.grandviewresearch.com/industry-analysis/pet-wearable-market
6 February 2019, The global wearables market is anticipated to witness significant growth in the coming years owing to high adoption of smart phones and increasing mobile applications.
These devices also assist to track several parameters, such as total calories burnt, blood pressure, and heart rate.Moreover, numerous ongoing innovative projects in electronics and healthcare sector are expected to stimulate the market growth.
Growing preference for smartwatches over analog devices is expected to drive the market in coming years.
In addition, data security concerns, and limited battery life and durability are likely to challenge the market in future.Different types of wearable devices include smartwatches, activity monitors, smart clothing, and patches.
Activity monitors hold a prominent share in the market owing to inactive and unhealthy lifestyle of people, growing occurrence of lifestyle diseases, and rising awareness regarding health and fitness among consumers.
Sport and fitness is a leading application owing to growing focus on physical fitness among individuals to improve quality of life.North America is one of the leading regions in the market followed by Europe.
Global Pet Wearables MarketThe GMI Research forecasts that the Pet Wearables Market is witnessing an upsurge in demand over the forecast period.
This is mainly due to technological advancements in sensor technologies, rising demand for pet monitoring, aggravating consciousness about pet's physical and mental fitness, and increasing espousal of this technology for the safety and security of pets.Request a FREE Sample of Pet Wearables Market.Introduction of the Pet Wearables MarketPet wearables refer to the tools worn on the pet's body to cater to different functions, including identification, supervision, medical treatment, controlling, facilitation, and safety.
These devices mainly include smart trackers and monitors lodged in small gadgets.Key Players of the Global Pet Wearables Market:PetPace LLCLoc8tor Ltd.Garmin Ltd.FitbarAvid Identification Systems, Inc.SCR Engineers LTD.Intervet International B.V.Invisible FenceLink My PetDatamarsPet Wearables Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)The augmenting expenditure on pets resulted from the mounting disposable incomes across emerging countries, and the ongoing technological innovations in communication and sensor technologies are the prominent drivers responsible for the growth of the global pet wearables market.
In addition, the integration of technologies, including radio frequency identification (RFID) and GPS, to improve the wellbeing of companion animals and the changing preference of individuals towards pet adoption as partners for fitness, mental stability, and entertainment has further strengthened the market size.
These devices allow the pet owners to administer the fitness of their pets as they record data for food intake, heart, and respiratory rate will supplement the market growth.
Additionally, the rapid adoption of wearing technologies owing to their extensive applications, including supervising behavior, locating & tracking, identifying medical issues, and safety & protection of pets, further contributes to the market growth.Application Segment DriversOn the basis of the application, identification & tracking are projected to experience a significant demand in the next few years.
