Global Pet Wearable Market Thriving: Projected to touch USD 3.45 Billion by 2027
Published | 01 January 2022
With pet owners becoming more aware of their pets' health, the market for pet wearables is growing substantially. The growing trend of adopting pets as companions for entertainment and mental stability is driving pet care expenditures upward. In light of the growing popularity and the easy availability of wearables, the global pet wearable market is predicted to grow strongly….
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 aware of their pets' health, the market for pet wearables is growing rapidly. Pet care expenses are also increasing due to rising adoption rates of pets as companions for mental stimulation and entertainment. Moreover, in light of the growing popularity and accessibility of wearable devices, the global pet wearable market is expected to grow strongly. 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 growth of the market. According to the analysts, one of the factors that will affect the pet wearable market during the forecast period will be the recommendation and need for pet wearables by many insurance companies.
Large scale application of pet wearable devices
In recent years, many industries, such as pet food, pet accessories, and many others, have seen exponential growth. A wide variety of services are available for pets, including grooming services, pet daycares, nutritional supplements, and one of the newest wearable communication devices for pets. The ability to track pets is not the only function of pet wearables; other value-added services like fitness tracking, step tracking, sleep tracking, and behavior tracking are constantly being researched and developed as well.
Entrance of multiple players and advanced technologies
A number of new companies are entering the market of pet wearables, which is influencing 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 the development of 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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High cost of devices and short battery life impeding market growth
One of the major concerns in the pet wearable industry is the short battery life. High power consumption is another significant factor impeding the growth of the global pet wearable market. Most wearable devices require frequent charging because they use advanced technologies that require a lot of power, such as wireless networks and GPS. Consequently, this limits battery life, which increases pet owners' maintenance costs, which may inhibit the market growth. Another obstacle to the growth of this market is the high cost of pet wearable devices. Lower-income consumers are generally less likely to buy pet wearable devices, which will likely hamper the market growth.
Impact of COVID-19 in 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 became increasingly popular among pet lovers. The COVID-19 pandemic significantly increased the adoption rate of dogs. This allowed pet owners to devote sufficient time to care for their pets. In response to the increased demand for dogs for adoption, dogs are spending less time at the shelter. Thus, COVID-19 contributed significantly to pet adoption, resulting in increased demand for pet wearables worldwide.
Identification & Tracking, by application 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 over the forecast period. This segment has also majorly contributed to the growth of the wearable devices market in 2020. 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. These features are driving the identification & tracking segment in the global pet wearable market.
North America will likely witness significant growth in the market during the forecast period
Based on regions, the global pet wearable market is categorized into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. Out of these, North America dominates the market share in terms of revenue. Reasons behind the region’s dominance are the rising trend of pet adoption and humanization, increasing disposable income, and rising per capita income that are driving the demand for pet wearable devices. Furthermore, as pet owners in North America become more aware of their pets' health, pet wearable products are becoming more accepted by tech-savvy owners, driving the market growth.
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 key manufacturers. Globally, the pet wearable market is still in its infancy and is currently experiencing intense competition between existing and new players. 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.
The in-depth analysis of the report 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 growth drivers, challenges, and competitive dynamics of the market.
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