CAGR: 17.8%Current Market Size: USD 2.88 BillionFastest Growing Region: APAC
Largest Market: North AmericaProjection Time: 2023-2030Base Year: 2022
The global pet wearable market is expected to grow from USD 2.88 billion in 2022 to USD 10.6 billion by 2030, at a CAGR of 17.8% during the Projection period 2023-2030. The growth of this market is mainly driven owing to the increasing adoption of pets and rising awareness about the benefits of using pet wearables to keep a check on the pet’s activity.
Pet wearable devices feature sensors that precisely work with GPS trackers and RF trackers already on pets. There are several purposes for pet wearables, including identification, tracking, monitoring, medical diagnosis, treatment, facilitation, safety, security, and more. Pet adoption during the pandemic, as well as the growing love and sensitivity towards animals, have resulted in an increase in pet owners, which has also contributed to market dynamics. Besides, adopting pets is usually associated with boosting one's mental health, fitness, and entertainment, which encourages pet parents to invest in the health of their pets. Since more and more people are aware of pets' mental and physical fitness, pet wearable devices are becoming increasingly popular. By monitoring their daily activities, owners can spend quality time with their pets. In order to ensure their pet's health and well-being, pet owners use interactive cameras and activity trackers to reward their pets for good behaviour. These devices allow owners to identify health problems and behavioural problems early. It has been a decade since the pet wearable industry gained significant funding for a variety of technology-enhanced products, such as cameras and wearables, for pets. Although the pet wearable industry is still in its early stages of development, competition among stakeholders is still intense and new entrants pose a threat.
Sample Request:- Global Pet Wearable Market
Market Dynamics:
Drivers:
As many new companies enter the pet wearables market, the market is growing rapidly. Currently, both new entrants and established players are focusing on product innovation and service integration. It is also expected that many companies will continue to expand the functionality of sensors by developing communication standards like NB-IoT for pet monitoring.
Restraints:
It is common for wearable devices to require frequent charging since they utilize advanced technologies that require a lot of power, such as GPS and wireless networks. Since battery life is restricted, pet owners' maintenance costs are increased. The high cost of pet wearable devices is another obstacle to the market's growth. It is expected that the market growth will be hampered by lower-income consumers being less inclined to purchase pet wearable devices.
Opportunities:
Pet monitoring is in high demand due to the increasing number of pet owners, particularly among millennials. For instance, in November 2021, Plug and Play published a report stating that with advances in pet health technology, owners are now able to track almost every aspect of their pet's health, from smart health monitoring platforms to wearable devices.
Challenges:
There are a number of factors hindering the growth of the global pet wearable market, including the high cost of pet wearables, and the high-power consumption of pet wearables. The majority of the owners found it difficult to purchase expensive products for their pets which is negatively impacting the market growth.
Segmentation Analysis:
The global pet wearable market has been segmented based on product, technology, application, and region.
By Product
The product segment includes smart cameras, smart collars, trackers, monitors, tags and others. The smart collars segment led the largest share of the pet wearable market with a market share of around 29% in 2022. A smart pet collar is a device that communicates with a smartphone through Wi-Fi or Bluetooth and provides information about a pet's whereabouts, training activities, and other factors. Instead of the standard collar, it serves as a multipurpose tool. It lets pet owners track their pets with GPS technology, communicate with others via an LED display on the collar's exterior, and monitor, track, and receive messages about their pets including other information and alerts.
By Technology
The technology segment includes GPS, RFID, sensors and others. The RFID segment led the largest share of the pet wearable market with a market share of around 31% in 2022. With a revenue share surpassing 30% in 2022, RFID in pet wearable devices has recorded the highest revenue share, and reliability and accuracy have been key factors driving its growth. With RFID trackers, health parameters such as heart rate, calorie intake, pulse, and so on can be monitored. Over the Projection years, these benefits will continue to upkeep segment growth.
By Application
The application segment includes behaviour monitoring & control, identification & tracking, facilitation, medical diagnosis & treatment and others. The identification & tracking segment led the largest share of the pet wearable market with a market share of around 34% in 2022. During 2021, pet wearable products for identification and tracking applications were in high demand. Pet wearable devices enable pets to be tracked and monitored for their health, which is expected to fuel the market. The market is also expected to be boosted by their use for medical diagnosis and treatment.
Global Pet Wearable Market- Sales Analysis.
The sale of pet wearables expanded at a CAGR of 17.2% from 2016 to 2022.
In the future, pet wearables are expected to grow as a result of the increasing demand for pet monitoring. Monitoring pets' noise or motion activity and health is the continuous observation of pets. Wearable pet monitors can track pet activity. Due to increasing consumer demand for pet monitoring, pet wearables are also experiencing a rise in demand.
In the pet wearables market, the adoption of internet of things (IoT) technologies is gaining popularity. IoT-enabled (Internet of Things) technology is increasingly being incorporated into pet tracking devices by companies operating in the pet wearable market to allow pet owners to keep track of their pet’s location and activity seamlessly.
Pet adoption during the pandemic, as well as the growing love and sensitivity towards animals, have resulted in an increase in pet owners, which has also contributed to market dynamics. Besides, adopting pets is usually associated with boosting one's mental health, fitness, and entertainment, which encourages pet parents to invest in the health of their pets.
Thus, owing to the aforementioned factors, the global pet wearable market is expected to grow at a CAGR of 17.8% during the Projection period from 2023 to 2030.
By Regional Analysis:
The regions analyzed for the pet wearable market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The North American region dominated the pet wearable market and held a 37.6% share of the market revenue in 2022.
Global Pet Wearable Market - Country Analysis:
Germany's pet wearable market size was valued at USD 0.21 billion in 2022 and is expected to reach USD 0.78 billion by 2030, at a CAGR of 17.9% from 2023 to 2030.
Pet adoptions have increased enormously in the wake of the pandemic, as well as the growing love and sensitivity towards animals, which has benefited the market dynamics. Additionally, the adoption of pets is usually carried out as a means of improving one's mental health, fitness, and entertainment, thus encouraging pet parents to invest in their pets' well-being.
China’s pet wearable market size was valued at USD 0.23 billion in 2022 and is expected to reach USD 0.87 billion by 2030, at a CAGR of 18.2% from 2023 to 2030.
In China, recent years have seen exponential growth in many industries, including pet food, pet accessories, etc. 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.
India's pet wearable market size was valued at USD 0.18 billion in 2022 and is expected to reach USD 0.68 billion by 2030, at a CAGR of 18.1%% from 2023 to 2030.
Pet healthcare services have been growing rapidly, which is a significant factor driving the market growth. In addition to the increasing adoption of GPS-enabled devices and components, the increasing adoption of heat detection, identification, and tagging solutions, urbanization, and pet popularity play also important roles.
Key Industry Players Analysis:
To increase their market position in the global pet wearable market business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2022-2030 |
Base year |
2022 |
CAGR (%) |
17.8% |
Market Size |
2.88 billion in 2022 |
Projection period |
2023-2030 |
Projection unit |
Value (USD) |
Segments covered |
By Product, By Technology, By Application, and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
Datamars, Voyce, Invisible Fence, Avid Identification Systems, Inc., Link AKC, FitBark, Whistle Labs, Inc., Garmin Ltd., Loc8tor Ltd., Allflex USA Inc., and PetPace LLC. |
By Product |
|
By Technology |
|
By Application |
|
Regional scope |
|
Scope of the Report
Global Pet Wearable Market by Product:
Global Pet Wearable Market by Technology:
Global Pet Wearable Market by Application:
Global Pet Wearable Market by Region:
Global pet wearable market is expected to reach USD 10.6 billion by 2030, at a CAGR of 17.8% from 2023 to 2030.
Various new companies are entering into the pet wearable market and the rising number of pet owners.
North American region will witness more growth in the pet wearable market.
Leading players in the pet wearable market are Datamars, Voyce, Invisible Fence, Avid Identification Systems, Inc., Link AKC, FitBark, Whistle Labs, Inc., Garmin Ltd., Loc8tor Ltd., Allflex USA Inc., PetPace LLC among others.
Political Factors- Pet wearables are vulnerable to the different political settings of those nations because the market has expanded its services in many nations. It should be noted that rules vary from nation to country, as illustrated by the fact that the Pestel Analysis of the pet wearable industry has been forbidden in some places that have recently experienced a dry spell. This may be tough for the pet wearable company because it must maintain standards throughout all processes.
Economic Factors- It should be noted that the concept is predicated on the economy's increasing purchasing power, as all automobiles, in essence, cost money to the consumer. Furthermore, it should be noted that the pet oral care products market only considers financial expense, as opposed to market principles, which also consider consumer time. Exchange rate changes may impact the profitability of a corporation. In order to minimize negative effects on trade and business performance, the pet oral care products industry should study exchange rate swings and make accurate projections. A high-interest rate means that the market for pet oral care products will be required to make interest-only payments, raising the total cost of the loans acquired.
Social Factors- A case study service may be in short supply in some countries due to a lack of consumer commitment induced by the use of dishonest and unlawful practices, such as tax fraud linked with car washes and similar business models. For this particular feature, the pet wearable industry is fragmented and comprised of numerous small sellers. Respect for hierarchy and social class stratification are two major social elements that may have an impact on marketing, human resource management, and the pet wearable industry. When approaching countries with a large power distance, the pet oral care products industry prefers a hierarchical organizational structure and formal work culture.
Technological Factors- Currently, case solution technology focuses on innovative methods to reduce water waste. A plus that expert case solution services offer over manual case solutions is the use of automatic water sprays. Given that these settings make it easier for enterprises to pursue objectives like cost reduction, innovation, and value creation, the pet oral care products market should favor investment in these countries. A solid technological base also indicates that it will be more challenging for the pet oral care products market to leverage technology to create a sustainable competitive advantage because it might be quickly duplicated by competitors.
Environmental Factors- Toxic compounds included in pet wearable soaps damage body cells, according to environmentalists and scientists. These advocacy groups have also expressed worry about the water lost during professional and household hand washing. Implementing the closed-loop, circular economy concept is becoming the standard in various countries across a range of locales and industries. Industries that benefit from supportive institutional frameworks can facilitate material recycling and reuse. Customers actively participate in recycling in a similar fashion in numerous nations. The market for pet wearables may profit from these sustainability trends and use them as a tool to achieve both financial and environmental goals by lowering manufacturing costs.
Legal Factors-Legal factors, as opposed to political considerations, provide more specific information regarding several rules and regulations, including employment laws, health and safety laws, intellectual property laws, and consumer protection laws. If the pet oral care products industry violates the regulations of the host countries, it risks costly legal action. Legal factors, as opposed to political considerations, provide more specific information regarding several rules and regulations, including employment laws, health and safety laws, intellectual property laws, and consumer protection laws. If the pet oral care products industry violates the regulations of the host countries, it risks costly legal action.
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