Global Pet wearables market as valued at US$2.833 billion in 2019 and is projected toexperience a robust growth during the forecast period. Increasing expenditure on pets on account of rising disposable incomes and living standards is one of the key drivers of the global pet wearables market. There has been a rise in awareness among pet owners about health and well-being of their pets. As people are becoming tech-savvy, high proliferation of smartphones and better internet penetration is also encouraging pet owners to buy wearables for their pets. Thus, the integration of Internet of Things (IoT) coupled with rising purchasing power of people is significantly boosting the growth of the global pet wearables market. These pet wearables are also in high demand among pet owners to keep a check on the health of their pets. That is, pet wearable technology is witnessing a rise in its adoption among pet owners for various applications ranging from the tracking and identification to diagnosing medical problems. The demand for pet wearables is also rising as pet owners can offer safety and security to their pets. The integration of various advanced technologies such as RFID (Radio Frequency Identification) and GPS leads to the enhancement of quality of life of companion animals. This factor is also influencing people to buy wearable devices for their pets, thus positively impacting the overall growth of the global pet wearable market.
People are considering their pets as a part of their family. As such, pet owners are increasing their budgets in order to provide their pets with the best quality of care. Technological advancements that can help regarding information on remote finding and medical needs is increasing the popularity of pet wearables, thus driving the growth of the global pet wearable market. These wearables allow the detection and identification of any possible diseases symptoms at an early stage so that the proper treatment can be provided to the pet on time. As such, increasing incidence of various diseases among pets is further boosting the confidence of pet owners in pet wearables, which in turn, is spurring their sales and thus, global market growth.
The global pet wearables market has been segmented by component, application, and geography. On the basis of component, the global pet wearable market has been classified into hardware and software. By application, the global pet wearable market has been further segmented into identification and tracking, behavior monitoring, and others.
Europe accounts for a significant share in the global Pet wearables market
By geography, the global Pet wearables market is classified into five major regional markets- North America, South America, Europe, Middle East and Africa (MEA), and Asia Pacific (APAC). Europe accounted for a significant share in the global Pet wearables market in 2019. North America pet wearable market also holds a noteworthy market share. In the United States, nearly half of pet owners ranked their pet as a top three concern. Moreover, the new trackers will keep pet owners connected all the time, with real-time location tracking and improved battery life. Growing popularity and trend regarding the pet adoption, supported by growing disposable incomes, has led to a rise in th per capita animal healthcare expenditure. As such, the demand for pet wearables is also increasing in order to detect any symptom at an early stage and reduce high cost of medication and surgeries. Moreover, high number of tech-savyy pet owners who are becoming more aware regarding their pet’s health is further fueling the growth of pet wearables market. The Asia Pacific (APAC) regional market for pet wearables is projected to witness a significant compound annual growth rate between 2019 and 2025. Rising awareness about pet fitness and health and growing demand for companion animals in countries like China, Japan, and India are bolstering the growth of this regional market.
Market Players and Competitive Intelligence
Prominent key market players in the global pet wearables market include FitBark, BARKING LABS, Tractive, PetPace, Datamars, Allflex USA Inc., Whistle Labs, Inc., Trovan Ltd., and Avid Identification Systems, Inc. among others. These companies hold a noteworthy share in the market on account of their good brand image and product offerings. Major players in the global pet wearables market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last two years.
Allflex USA Inc.
Whistle Labs, Inc.
Avid Identification Systems, Inc.
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