Pet Wearables Market
Pet Wearables Market Analysis, By Product (Pet Cameras, Activity Monitors, GPS Trackers, Pet-emotion Sensors, and Pet-to-human Translators), By Technology (GPS, RFID, Sensors), By Application, By Distribution Channel And By Region Forecast- 2022 To 2032
Analysis of Pet Wearables market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Pet Wearables Market Outlook (2022-2032)
The global pet wearables market is projected to expand steadily at a CAGR 8% value, during the forecast period 2022-2032. In the year 2022, the market size is projected to expand and gain a global market valuation of US$ 3.2 Billion. Considering this steady growth along with the booming demand in the global market, the pet wearables market is expected to reach US$ 10.96 Billion by 2032.
The rising consumer spending capacity on pets as a result of pet healthcare and biomedical imaging is the main cause of the growth in demand for pet wearables. Recent years have seen rapid expansion for pet insurance firms. One of the key elements influencing the market for pet wearables will be the usage and demand for these devices as advised by insurance providers.
The market for pet wearables is being impacted primarily by rising downstream demand and growing pet health awareness. The function of pet wearables over the forecast period will be based on their cost-effectiveness and their effects on the pet healthcare system.
Attributes |
Details |
---|---|
Anticipated Base Year Value (2021) |
US$ 2.2 Billion |
Expected Market Value (2022) |
US$ 3.2 Billion |
Projected Forecast Value (2032) |
US$ 10.96 Billion |
Global Growth Rate (2022-2032) |
8% |
Expected Growth Rate of the US Market (2022-2032) |
8.1% CAGR |
Anticipated Growth Rate of China Market (2022-2032) |
7.9% CAGR |
Prominent Players in The Global Market |
|
Future market expansion will be significantly aided by the internet of things (IoT). The connectivity that these gadgets provide will enable the transmission of real-time pet health data to clinicians or pet owners. Wireless technology is used to continually monitor the health status of dogs, and portable devices can make pet health monitoring simpler. The system combines an electrocardiogram (ECG), photoplethysmography (PPG), and inertial measurement units (IMU).
Future technological developments, such as those in cameras, sensors, GPS, etc., will further increase market demand. Any developments in the aforementioned areas would help the pet wearables business flourish because technology is a key component of all electronic devices.
High consumption of electricity and short battery life might discourage people from using and adopting the technology. Additionally, it is anticipated that compliance with strict government rules may impede industry expansion during the forecast period.
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Historical Analysis of Pet Wearables Market (2017-2021) vs. Forecast Analysis 2022-2032
According to market research and competitive intelligence provider Fact.MR- the market for pet wearables reflected a value CAGR of 6.5% during the historical period, 2017- 2021. One of the primary initiatives in the pet wearables industry has been the launch of fresh, exclusive solutions that respond to consumers' wants.
The awareness of pet owners towards their pet's welfare is contributing to the market expansion. Additionally, during the past few years, the pet wearable industry has garnered sizable financing for a variety of technologically advanced goods for dogs, such as cameras and wearables.
The sector is still developing and in its early phases. Nevertheless, it continues to be characterized by rising rivalry among the key players and the prospect of new entrants. The creation of goods with the ability to effectively gather health measurements will be OEM's main goal. With such developments, the global pet wearables market is expected to grow at over 7% CAGR during 2022-2032.
Prominent Growth Drivers Influencing Pet Wearables Market Growth
Technological Advancements and Innovations to boost Sales
Pet monitoring and tracking is not the only use for the advancement of pet wearables. Research and development are ongoing for additional value-added services such steps, fitness tracking, sleep, behavior, steps, and nutrition. The pet wearables sector is seeing a lot of competition. New entrants and existing companies in the pet wearables market are concentrating on product innovation and service integration at the moment.
New businesses like Xiaomi have combined their pedometers for people with pet trackers to provide customers more fitness information and analytics. For the purpose of monitoring pets, several businesses are developing communication protocols like NB-IoT. These new communication protocols will enhance the capabilities of the sensor technologies now in use.
To thrive in the pet wearables industry, creative pet wearable apps must be developed. Established competitors still have a modest level of market penetration. The market for pet wearables will experience development due to the expansion of e-commerce. Companies have tended to prefer using their own exclusive e-commerce platforms. Such advances will boost the demand in the global pet wearables market.
Increasing trend of Pet Humanization to accelerate their Demand
The adoption of pets has grown as a result of the isolation that society as a whole has experienced and the quick collapse of social support networks, after the pandemic. The significance of pets in social life has changed how people view pets in society.
Since dogs are increasingly seen as part of the family, there has been a significant rise in the cost of pet healthcare. For the qualitative examination of pet health, further tracking of pulse, temperature, and other random data is being created.
Humane training collars are being made using some of the pet accessories that were previously used to suppress barking or for training purposes. In some nations, pet wearables that employ harsh methods are being outlawed. Such developments will make the demand skyrocket during the forecast period.
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What Could Possibly Hinder pet wearables market Demand?
Strict Government Regulations to restrict Market Growth
It is anticipated that compliance with strict government restrictions would impede industry expansion. International standards for wearable electronic devices are being developed by the IEC Technical Committee.
For the purpose of developing, testing, and equipment requirements for wearable devices, other committees of a similar nature are already active. The data collecting and privacy issues associated with pet wearables should be addressed as the main issues through these regulations. These rules may restrict the developments of the new players in the market.
The creation of new standards will aid the pet wearables sector in gaining societal acceptance and security. The primary goal with regard to privacy issues in the market for pet wearables is to keep owner profiling to a minimum and restrict data gathering and pet profiling to pets only. Hence, these can be some of the significant reasons that can stymie the growth of the pet wearables market during 2022-2032.
Category-wise Insights
Which Product Segment is forecast to gain the Maximum Share?
RFID Wearables will continue to dominate the global market during the forecast period
The RFID technology category is expected to lead the global pet wearables market in 2022 and is likely to retain its dominance throughout the forecast period. The segment is predicted to gain a global market share of 58% by 2022.
Wearables for pets increasingly use RFID technology. The primary worldwide standards for defining RFID tag specifications and transponder activation are ISO 11784 and 11785.
Accuracy and dependability are the two main characteristics driving the segment's expansion. The RFID trackers provide the monitoring of health-related variables including heart rate variability, caloric intake, body temperature, and pulse. These advantages are crucial to maintaining segment expansion, which is anticipated to persist throughout the forecast period.
What would be the outlook of the product type segment during the forecast period?
The emotion tracker category is being highly preferred by the customers
In 2022, the pet emotion tracker segment is expected to hold the major portion of the pet wearables market by product type, accounting for almost 30% of the global market share.
The majority of pet emotion trackers are still in development or only exist in their most rudimentary versions. Fact.MR predicts that pet activity monitors and mood sensors are expected to experience rapid growth in the next few years for the extensive research in the domain of the pet wearables. The combination of several technologies into a single gadget has drawn the most attention lately.
Furthermore, the per capita income and average consumer expenditure have grown in recent years as a result of growing urbanization and development, which is expected to have an impact on the per capita spending on pet healthcare items. Thus, with such developments the demand for pet trackers is expected to boom during 2022-2032.
Country-wise Analysis
What is the outlook of the US Pet Wearables Market?
Rising concerns towards pets will boost the market demand
The US market will be the most lucrative market for pet wearables during the forecast period. As per Fact.MR, the US market is expected to gain a market share of 45% in 2022.
The region's market is expected to develop as a result of the availability of advanced technology and rising expenditure on veterinary care. For instance, the American Pet Product Association projects that by 2022, the U.S. pet sector would spend more than USD 100 billion.
Numerous pet-related services, including pet daycare facilities, nutritional supplements, grooming services, pet accessories, and one of the newest offerings-pet wearables and communication gadgets-are all anticipated to drive demand in the industry. Thus, the US market is predicted to grow at an 8.1% CAGR during 2022-2032.
What can be expected from the Chinese Market for Pet Wearables?
GPS based tracking to boost Regional Demand
China has emerged as one of the most profitable markets for the sales of pet wearables and is also expected to register the highest CAGR during 2022-2032. During the forecast period, the Chinese market for pet wearables is expected to grow at a 7.9 % CAGR. Over the course of the projection period, it is predicted that rising pet health awareness and a growing uptake of wearable technologies will fuel regional market expansion.
GPS-based pet wearable gadgets are becoming more popular in China since there is an increasing need to track pet activity while maintaining security. It is predicted that rising real-time positioning, rising smartphone use, and expanding mapping portals would increase demand. In order to boost the use of GPS in new applications, GPS suppliers have also formed strategic agreements with retailers, cell phone makers, and application developers. Such developments will propel the demand gradually.
Start-up Scenario
- Tractive is a provider of GPS-based wearable pet monitoring gadgets. Pet owners may use the programme at any time to find their pet's GPS position in real time. If a user's pet departs from a specified region, they are promptly alerted. It also provides heat mapping, activity tracking, and other services. The Tractive app interfaces with Facebook to let users view and share images of their friends' dogs as well as other pet-related details.
- For dog tracking devices, Whistle is a popular private label name. Its sophisticated monitoring system includes a wireless gadget that snaps into a dog's collar and a smartphone app that lets pet owners track their dog's activity levels while they are away. Additionally, it aids in tracking location, tracking health, tracking exercise and nutrition, and other things. Free delivery and a 12-month guarantee are provided by the company.
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Competitive Landscape
- For animal applications, Avid Identification Systems Inc. develops and offers injectable RFID electronic identification systems. The business sells Labtrac, a permanent animal identification device that uses microchips. Australia, Argentina, Brazil, Colombia, Canada, Costa Rica, France, Ecuador, Guatemala, Mexico, South Korea, New Zealand, Spain, Peru, the United States, the United Kingdom, and Uruguay are among the countries where it sells and distributes its goods.
- Fitbark released FitBark GPS 2nd Generation in 2022. Their most recent tracker moves between AT&T, Verizon, and T-Mobile 4G LTE-M networks automatically (and smoothly) to provide the greatest coverage at all times. One must keep in mind that the integrated sim is independent of the cellular carrier for the smartphone. FitBark GPS 2nd Generation, which weighs 16 grams, is as fond of the water as the dog is and suits dogs of all sizes, even Leonbergers and Chihuahuas. It fits collars that are as broad as 1.5′′ (38 mm).
Key Segments Covered in the Pet Wearables Market Report
-
By Product Type :
- Pet Cameras
- Activity monitors
- GPS Trackers
- Pet-Emotion Sensors
- Pet-to-Human Translators
-
By Distribution Channel :
- Modern Trade
- Franchised Outlets
- Specialty Stores
- E-Commerce
-
By Technology :
- GPS
- RFID
- Sensors
-
By Application :
- Medical Diagnosis & Treatment
- Behavior Monitoring & Control
- Safety & Security
- Identification & Tracking
-
By Region :
- North America
- Latin America
- Europe
- APEJ
- Japan
- Middle East Africa
- FAQs -
How is the US pet wearables market projected to grow during 2022-2032?
The US is predicted to acquire 45% of the global market share in 2022 and grow with an 8.1% CAGR during 2022-2032.
What will be the growth rate of the global pet wearables market during the forecast period?
The global pet wearables market is expected to grow with an 8% CAGR during 2022-2032.
What is the present market value of the pet wearables industry?
The global pet wearables market is currently worth more than US$ 3.2 Billion.
What will be the projected market size of the pet wearables market by 2032?
By 2032, the global pet wearables market is projected to reach a market size of US$ 10.96 Billion.
Which segment is expected to dominate the global pet wearables market during 2022?
In 2022, the RFID segment by technology type is expected to occupy a 58% market share.
What will be the outlook of the pet wearables product type segment during the forecast period?
The emotion tracker segment is projected to hold a global market share of 30% in 2022.
What was the outlook of the Chinese pet wearables market during 2022?
The Chinese region is forecast to have a CAGR of 7.9% over the projection period of 2022- 2032.
At what rate did the pet wearables market flourish from 2017-2021?
From 2017-2021, the pet wearables market grew at a CAGR of 6.5%.