Pet Wearable Market Report will Value USD 10.6 Billion by 2030 at a CAGR of 17.8 % : GreyViews
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.
Pune India, Feb. 13, 2023 (GLOBE NEWSWIRE) — Pet Wearable Market Size By Product (Smart Cameras, Smart Collars, Trackers, Monitors, Tags and Others), By Technology (GPS, RFID, Sensors and Others), By Application (Behaviour Monitoring & Control, Identification & Tracking, Facilitation, Medical Diagnosis & Treatment and Others), Regions, Segmentation, and forecast till 2030.
The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the pet wearable market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the pet wearable market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as product, technology, application, and regions. The key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the paragraphs below.
The significant players operating in the global 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. To achieve a substantial market share in the worldwide pet wearable market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Growing demand for pet monitoring is expected to drive the pet wearable market in the future. Pet monitoring is a continuous observation of a pet’s noise or motion activity and health. Growing demand for pet monitoring also drives the pet wearable market, as pet wearables provide valuable tracking information regarding pets. The adoption of Internet of Things (IoT) technologies in pet wearables is a key trend gaining popularity in the market. Increasingly, companies operating in the pet wearable market are using IoT (Internet of Things) technology to track the activity and location of their pets. Moreover, it has been estimated that many new companies are entering the pet wearables market, which has propelled its growth. Both new entrants and established players are concentrating on product innovation and service integration in the pet wearables market today. Additionally, many companies are focusing on developing communication standards, such as NB-IoT for monitoring pets, which will continue to expand the functionality of sensors. During the pandemic, pet adoptions increased by tremendous numbers, resulting in an increase in animal love and awareness. This has also led to an expansion of the market dynamics. As an added bonus, pet adoption usually aims to boost one’s mental health, fitness, and entertainment, which encourages pet parents to invest in their pet’s well-being by adopting a pet.
Scope of Pet Wearable Market Report:
|Market Share Unit||USD Billion|
|Segments Covered||Product, Technology, Application, and Regions.
|Regions Covered||North America, Europe, Asia-Pacific, South America, and Middle-East and Africa|
|Major Players||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|
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Smart collar is expected to be the fastest-growing segment in 2022.
The product segment includes smart cameras, smart collars, trackers, monitors, tags and others. The smart collar segment is expected to witness the highest growth rate during the forecast period. As a result of its Wi-Fi or Bluetooth connection, a smart pet collar connects to a smartphone to provide information about the pet’s location, training activity, and other factors. This collar is multipurpose, in contrast to the standard collar of today. The collar uses GPS technology to track pets, communicate with others via an LED display on the exterior, and monitor, track, and receive messages including information about their pets and alerts.
RFID is expected to be the fastest-growing segment in 2022.
The technology segment includes GPS, RFID, sensors and others. The RFID segment is expected to witness the highest growth rate during the forecast period. Among pet wearable devices, RFID segment revenue exceeded 30% in 2022, demonstrating the reliability and accuracy of the segment. In addition to monitoring parameters pertaining to health, RFID trackers also help measure heart rate variability, calorie intake, pulse, etc., which plays a key role in maintaining the segment’s growth, which is expected to continue in the future.
Identification & tracking is expected to be the fastest-growing segment in 2022.
The application segment includes behaviour monitoring & control, identification & tracking, facilitation, medical diagnosis & treatment and others. The identification & tracking segment is expected to witness the highest growth rate during the forecasted period. It is expected that pet wearable devices will drive the market in 2021, due to the high demand for identification and tracking applications. Wearable devices provide accurate locations of pets to track them and monitor their health, which will fuel their growth. In addition to diagnosing and treating diseases, these devices are also used for medical diagnosis and treatment.
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the pet wearable market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The North American region witnessed a major share. Because of the growing adoption of companion animals, high disposable income, and increasing animal healthcare expenditures per capita, North America is expected to grow significantly in the pet wearable market. Other significant factors driving the growth of the pet wearable market in North America include increasing awareness among pet owners of pet health, technological advancements and sophisticated product designs.
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.
During the pandemic, pet adoption increased dramatically and pet lovers grew in number, contributing to the evolution of the market dynamics. Pet adoptions have also been beneficial for increasing pet owners’ love and sensitivity for animals. It is also common for pet owners to adopt pets in order to improve their mental health, fitness, and entertainment, thus encouraging them to invest in the wellbeing of their pets.
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.
Several industries, such as pet food, pet accessories, etc., have experienced exponential growth over the past few years. There are many services offered by the pet industry, including grooming, pet daycare, nutritional supplements, and newer options like pet wearables, which are boosting the market growth in the country.
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.
Increasing demand for better pet healthcare services is a major factor in accelerating market growth. In addition to the increase in GPS-enabled device and component adoptions, the increase in heat detection, identification and tagging solutions, urbanization, and pet popularity are also important factors to consider.
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to rapid urbanization and rising pet adoption worldwide.
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