Delhi, NCR, Jan. 04, 2022 (GLOBE NEWSWIRE) -- As pet owners becoming more aware of their pets' health, the market for pet wearables is growing substantially. Additionally, the growing trend of adopting pets as companions for entertainment and mental stability is driving pet care expenditures upward, which in turn is driving the global pet wearable market….
A study recently conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global pet wearable market was worth USD 1.43 Billion in 2020. The market is estimated to grow at the CAGR of 13.6 %, earning revenue of around USD 3.45 Billion by the end of 2027. As pet owners become more concerned for their pets' health, the market for pet wearables is growing at an impressive rate. Pet care expenses are also increasing due to rising adoption rates of pets as companions for mental stability and entertainment. Moreover, in light of the growing popularity and accessibility of wearable devices, the global pet wearable market is expected to grow strongly during the forecast period. Also, the growing demand for pet wearables is mainly driven by advancements in wireless area networks, cost-effective and efficient wireless sensors, as well as the adoption of digital maps, and the development of mobile applications. The growing trend of the Internet of Things is another key factor estimated to drive the market's growth. Last but not least, another major aspect influencing the pet wearables industry would be the use of and demand for pet wearables recommended by insurance companies.
Market Growth Drivers
Large Scale Application Of Pet Wearable Devices
Many industries, such as pet food, pet accessories, etc., have witnessed exponential growth in recent years. The pet industry offers a wide range of services, including grooming, pet daycare, nutritional supplements, and newer options such as wearable communication devices for pets. Pet wearables do more than tracking pets; other value-added services such as fitness tracking, step tracking, sleep tracking, and behavior tracking are constantly being developed, which is expected to drive market growth during the forecast period.
Presence of Multiple Industry Players And Advent of Advanced Technologies
Many new companies are entering the pet wearables market, which is propelling the market's growth. Currently, the new entrants as well as the established players are focusing on product innovation and service integration in the pet wearables market. Additionally, many companies are focusing on developing communication standards, such as NB-IoT for monitoring pets, which will continue to expand the functionality of sensors. Moreover, several market players are expected to benefit from the new 5G network technology, which will drive the growth of the global pet wearable market.
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Market Restraint
High Cost Of Devices And Short Battery Life Impeding Market Growth
One of the major factors impeding the growth of the pet wearable industry is the short battery life of pet wearables. High power consumption is another significant factor hindering the growth of the global pet wearable market. Moreover, most wearable devices require frequent charging as they use advanced technologies that require a lot of power, such as wireless networks and GPS. Consequently, this limits battery life, increasing pet owners' maintenance costs. Another obstacle to the growth of this market is the high cost of pet wearable devices. Consumers with lower-income levels are generally less likely to buy pet wearable devices, which is anticipated to hamper the market growth.
Impact of COVID-19 on the Global Pet Wearable Market
The sudden outbreak of the COVID-19 pandemic has had a positive impact on the global pet wearable market. With more and more people working remotely, mostly at home, pet adoption has become increasingly popular among pet lovers. The COVID-19 pandemic significantly increased the adoption rate of dogs. According to a CNBC 2020 article, animal rescues and adoptions spiked during the early days of the COVID-19 pandemic. The requirement for vaccinations, neutering programs, and frequent veterinarian visits have, however, been seen as a barrier to continued pet adoption during the pandemic.
According to a study published in Humanities and Social Sciences Communications 2020, dog adoption rate increased significantly during the COVID-19 pandemic. Moreover, as a result of COVID-19, applications for adoptable dogs and foster families rose substantially. This is linked to the surging demand for pet wearables. Thus, in light of the above-mentioned factors, it can be concluded that COVID-19 has had a substantial impact on pet adoption, which is linked to the growing demand for pet wearables.
Identification & Tracking in the Application Segment Occupies The Largest Share Of Global Pet Wearable Market
Based on applications, the global pet wearable market is categorized into Medical Diagnosis & Treatment, Identification & Tracking, Behavior Monitoring & Control, and Fitness Monitoring. Among these, the Identification & Tracking segment is anticipated to grow at a faster CAGR during the forecast period. With the help of Identification & Tracking features in wearables, people can identify strayed-off pets and return them to their owners. Smart collars and other pet wearables, such as GPS collars, are commonly used for tracking pets. In addition, the identification and tracking segment is growing due to an increase in product launches with enhanced features. Garmin Ltd., for instance, launched the Alpha200i in September 2020, which features enhanced mapping capabilities, a larger, 3.5" sunlight-readable touchscreen display, a six-button, simple operation of the dog tracking-focused user experience, and inReach satellite technology for tracking and training sporting dogs. As a result of the benefits of using GPS-based wearables for pet identification and tracking, the segment is expected to increase significantly throughout the forecast period. These features propel the growth of the global pet wearable market's identification and tracking segment.
For more info Please visit press release of Global Pet Wearable Market: https://www.blueweaveconsulting.com/press-release/global-pet-wearable-market-thriving-projected-to-touch-usd-3-45-billion-by-2027
The Government's Focus on Mandating RFID Implants in Pets is Expected to Drive Growth in the RFID Technology Segment
The pet wearable market is divided into RFID Devices, GPS, Bluetooth, and other technologies. Among these, the RFID Segment has the largest market share in the global pet wearable market. In response to the rising number of pet-loss complaints, the government has been focusing on implanting RFID devices into pets' skins so they could have a permanent ID and contribute to the expansion of RFID devices. RFID wearables with Wi-Fi capabilities are also gaining popularity as they can be used to track the pet's location at all times. These are the factors that are fueling the worldwide RFID market's growth.
North America Will Likely Witness Significant Growth During The Forecast Period
Based on regions, the global pet wearable market is categorized into North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa based on regions. Out of these, North America dominates the market in terms of revenue owing to the rising trend of pet adoption and humanization, increasing disposable income, and rising per capita income. Other factors contributing to the growth of the North American pet wearable market include an increased awareness of pet health, product innovation, and sophisticated technology. Furthermore, the market is anticipated to be driven by a high concentration of key companies in the region and an increase in product launches.
Considering the growing popularity of companion animals, high disposable income, and increasing per capita expenditure on animal healthcare, the United States is expected to maintain its dominant position in the pet wearable market over the next few years.
Global Pet Wearable Market - Competitive Landscape
Key players in the global pet wearable market are Avid Identification Systems, Inc., SCR Engineers Ltd., Fitbark, Datamars, Intervet International B.V., Garmin Ltd., Invisible Fence, Loc8tor Ltd., Link My Pet, and Pet Pace LLC, and other prominent players.
The global pet wearable market is still at a nascent stage, with fierce rivalry between established and emerging firms. To expand their product offerings, the top market players focus primarily on research & development to develop innovative products. Companies are also focusing on strategic collaborations, expansions, and acquisitions to strengthen their global position. For instance, in July 2020, Tractive launched a new activity monitoring tool, which works in conjunction with its GPS tracking feature to let owners analyze their pets' physical activity, allowing them to monitor their pets' obesity conditions.
The report's in-depth analysis provides information about growth potential, upcoming trends, and statistics of the global pet wearable market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global pet wearable market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the market's growth drivers, challenges, and competitive dynamics.
Competitive Landscape
- Key players in the global pet wearable market are Avid Identification Systems Inc., SCR Engineers LTD., Fitbark, Datamars, Intervet International B.V., Garmin Ltd., Invisible Fence, Loc8tor Ltd., Link My Pet, and Pet Pace LLC and other manufacturers.
- The key players have been evolving in the global market through strategic alliances and product launches. Moreover, industry players in the market are concentrating on innovative technologies such as AI and IoT to become a recognizable player in the already crowded marketplace.
Scope of the Report:
| Attribute | Details |
| Years Considered | Historical data – 2017-2020 Base Year – 2020 Forecast – 2021 – 2027 |
| Facts Covered | Revenue in USD Million |
| Market Coverage | U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, Argentina, UAE, South Africa, Saudi Arabia |
| Product/Service Segmentation | By Technology, By Application, By Product, By Region |
| Key Players | Key players for global pet wearable market are Avid Identification Systems Inc., SCR Engineers LTD., Fitbark, Datamars, Intervet International B.V., Garmin Ltd., Invisible Fence, Loc8tor Ltd., Link My Pet, and Pet Pace LLC and other key manufacturers. |
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