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The Pet Wearable Market Size is valued at USD 2.86 Billion in 2023 and is predicted to reach USD 9.23 Billion by the year 2031 at a 16.03 % CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
- The growing trend of considering pets as family members, coupled with the desire for proactive pet health management, is a significant driver. The market is witnessing a surge in demand for health-tracking features in pet wearables.
- Rising Compliance with stringent government regulations is the restraining factor of market growth.
- North America holds a dominant position in the market, driven by a tech-savvy pet owner population.
- Increasing partnerships between pet wearable companies and pet insurance providers are observed.
Pet wearables are electronic wearable devices that enable users to communicate remotely with and keep track of their companion animals, pets, and other loved ones. These devices assist owners in monitoring their pets' areas, providing unique identification for their animals, and keeping a continual eye on their behavior and developmental activities. One of the critical factors accelerating market growth is the rise in demand for better pet healthcare services. Other significant drivers include the adoption of GPS-enabled technology, the consumption of heat detection, identification, and tagging solutions, the urbanization of pets and their popularity, the rise in countries with high disposable income, and the requirement for mandatory RFID tagging of farm animals.
Additionally, during the forecast period, the market for pet wearables will see a rise in the quick improvements in wan and Lpwan technologies and exponential demand from developing nations. However, the pet wearable market will face additional challenges throughout the projection period due to the high power consumption and short battery life of pet wearable devices, limiting the market growth.
Market Segmentation:
The pet wearable market is segmented by technology and application. Based on the technology, the market is segmented into RFID, GPS and sensors. Based on the application, the market is segmented into identification & tracking, behavior monitoring & control, facilitation, safety & security and medical diagnosis & treatment.
Based On The Technology, The RFID Category Is Accounted As A Major Contributor To The Pet Wearable Market.
The RFID category dominated the market in 2021. Dependability and accuracy are the two main characteristics driving the category's expansion. The RFID trackers support the monitoring of health-related variables like heart rate variability, caloric intake, body temperature, and pulse. These advantages are crucial to maintaining segment expansion, which is anticipated to persist over the forecasted years. The market for GPS-enabled gadgets is anticipated to expand significantly throughout the forecast period. GPS-based pet wearable gadgets are becoming more popular as there is an increasing need to track pet activity while maintaining security. It is predicted that rising real-time positioning, rising smartphone adoption, and expanding mapping portals will increase demand.
The Identification & Tracking Category Witnessed Growth At A Rapid Rate.
The identification & tracking category dominated the market in 2021. The category growth is driven by characteristics like weight & measurements and access to location history. These gadgets give pet owners a safe and convenient method to keep an eye on their animals' activities, contributing to the market's popularity. In addition to activity tracking, a major increase in demand for pet wearables for medical diagnosis & treatment is anticipated. The spending on pet health diagnostics is creating opportunities for category expansion. Pet owners are spending more money on their pets every day, which bodes well for the future of pet wearables.
The North American Pet Wearable Market Holds A Signification Revenue Share.
The North American pet wearable market is expected to register the highest market share due to a rise in the use of GPS-enabled hardware and components, an increase in the demand for heat detection technology, and a rise in the demand for identification and tagging services in this region. The availability of cutting-edge technology and increased spending on veterinary care is expected to propel the market expansion in the region. The need for a range of pet-related services, including dietary supplements, grooming services, pet accessories, pet daycare facilities, and one of the newest products—pet wearables and communication devices—is anticipated to drive the sector. In addition, Europe is projected to grow rapidly in the global pet wearable market. The market will expand due to the spreading trend of pet humanization in nations like the UK, France, and Spain. With 26% of adults in the UK owning a pet dog, the country tops the list for the number of pet owners. Smart pet wearables, such as security cameras and intelligent harnesses, are becoming incredibly popular on the market as pet ownership increases throughout Europe. With the help of these gadgets, pet guardians may keep an eye on their animals' whereabouts from a distance using a smartphone, improving their security and safety.
Recent Developments:
- In March 2024, PetPace™ introduced PetPace 2.0, the only AI-powered solution suitable for veterinarians. The Canine Pet Collar provided veterinarians, researchers, and pet owners with continuous life-saving medical insights. PetPace was the only collar to collect and transmit near-real-time health alerts based on analytics that identified millions of data points.
- In Jan 2022, Tractive has unveiled a novel LTE GPS pet tracker that has been purpose-built for felines residing in North America. A novel feline-specific device was introduced in North America, where the United States is presently the dominant cat-owning nation.
Competitive Landscape
Some major key players in the Pet Wearable Market:
- Allflex USA Inc.;
- Avid Identification Systems, Inc.;
- Datamars; Fitbark;
- Garmin Ltd.;
- Intervet Inc.;
- Invisible Fence;
- Konectera Inc.;
- Nuzzle;
- PetPace LLC;
- Tractive;
- Trovan Ltd.;
- Whistle Labs, Inc.
- Voyce
Pet Wearable Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 2.86 Billion |
|
Revenue Forecast In 2031 |
USD 9.23 Billion |
|
Growth Rate CAGR |
CAGR of 16.03 % from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Billion and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
Technology, Application |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
Allflex USA Inc.; Avid Identification Systems, Inc.; Datamars; Fitbark; Garmin Ltd.; Intervet Inc.; Invisible Fence; Konectera Inc.; Nuzzle; PetPace LLC; Tractive; Trovan Ltd.; Whistle Labs, Inc. and Voyce. |
|
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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