Pet Wearable Market Outlook 2031
The global pet wearable market size was valued at USD 3.66 Billion in 2022 and is estimated to reach USD 22.08 Billion by 2031, expanding at a CAGR of 22.1% during the forecast period, between 2023 and 2031. Growing concerns of pet owners about the well-being of their pets is driving the pet wearable market.
The pet wearable market is gaining considerable funding for the manufacture of technology-based products for pets such as cameras and smart collars, which is boosting the pet wearable market. Pet wearables refer to electronic wearable gadgets that help owners to keep track of their pets and their activities.
Pet wearables help pet owners to monitor the health of their pets by generating data for food intake, heart and respiratory rate, and calories burnt during the day. The data generated by the devices is used for analyzing the health of the pets.
Pet Wearable Market Trends, Drivers, Restraints, and Opportunities
- Increasing safety concerns about the pets among their owners is expected to drive the pet wearable market.
- Rising awareness about the health issues of pets among the pet owners is anticipated to fuel the market.
- Developments in technology of pet wearables, such as inclusion of sensors, cameras, and GPS into pet wearables, is boosting the market.
- Stringent government regulations for the development of technology related to pet wearables is expected to restrain the market.
- Short battery life and high consumption of power are estimated to reduce the usage and adoption of wearables, which hampers the growth of the pet wearable market.
- Launch of smart products into the market that ensure safety of the pets is creating lucrative opportunities for the key market players.
Scope of Pet Wearable Market Report
The report on the global pet wearable market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes
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Details
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Report Title
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Pet Wearable Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016-2021
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Forecast Period
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2023–2031
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Segmentation
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Products (Smart Collar, Smart Vest, Smart Harness, and Smart Camera), Technology (RFID, GPS, Sensor, Bluetooth, and Others), and Applications (Medical Diagnosis & Treatment, Identification & Tracking, Behavior Monitoring & Control, and Fitness Monitoring)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Allflex USA Inc., Avid Identification Systems, Inc., Fitbark, Garmin Ltd., Invisible Fence, Konectera Inc., Nuzzle, PetPace LLC, Tractive, Trovan Ltd., and Whistle Labs, Inc.
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Pet Wearable Market Segment Insights
Smart collar segment to register significant growth
Based on products, the pet wearable market is segmented into smart collar, smart vest, smart harness, and smart camera. The smart collar segment accounted for a major market share in 2021 and is anticipated to dominate the market.
Rising demand for products that ensure the safety of the pets is driving the market. Smart collars directly connect to the mobile through Wifi or Bluetooth, which helps pet owners to keep a record of their pet’s activities and health. These factors are expected to propel the smart collar segment.
RFID segment to grow at a fast pace
On the basis of technology, the pet wearable market is classified as RFID, GPS, sensor, Bluetooth, and others. The RFID segment held a key share of the market in 2021 and is expected to grow at a fast pace during the forecast period, as it is a reliable and accurate technology.
RFID technology helps in monitoring parameters such as change in heart rate, calorie intake, body temperature, and pulse. These features of RFID technology are increasing the adoption of this technology among pet owners, which is driving the pet wearable market.
Medical diagnosis & treatment segment to register high growth
In terms of applications, the pet wearable market is segmented into medical diagnosis & treatment, identification & tracking, behavior monitoring & control, and fitness monitoring. High demand for pet wearable products for identification & tracking applications was registered in 2021.
Pet wearable devices provide the accurate location of the pets to track them and monitors their health, which is anticipated to fuel the market. These devices are also used for medical diagnosis & treatment, which is expected to boost the market.
North America dominates the global market
Based on regions, the pet wearable market is diversified into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. In 2021, the pet wearable market in North America was valued at USD 600 million. North America is anticipated to dominate the global pet wearable market and grow at a rapid pace in the forecast period.
Growing developments in technology along with increasing spending on pet healthcare are expected to boost the g pet wearable market in the region. The market in Asia Pacific is projected to rise, owing to increasing awareness among consumers about the health of the pets and advancements in wearable technology, majorly in countries such as India, China, and Australia.
Segments
The global pet wearable market has been segmented on the basis of
Products
- Smart Collar
- Smart Vest
- Smart Harness
- Smart Camera
Technology
- RFID
- GPS
- Sensor
- Bluetooth
- Others
Applications
- Medical Diagnosis & Treatment
- Identification & Tracking
- Behavior Monitoring & Control
- Fitness Monitoring
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players in the market are Allflex USA Inc., Avid Identification Systems, Inc., Fitbark, Garmin Ltd., Invisible Fence, Konectera Inc., Nuzzle, PetPace LLC, Tractive, Trovan Ltd., and Whistle Labs, Inc. These players are introducing smart pet wearable products integrated with innovative features into the market, thereby gaining a large market share.