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Pet Wearable Market Analysis
- Report ID: GMI151
- Published Date: Feb 2023
- Report Format: PDF
Pet Wearable Market Analysis
The pet wearable market value from the smart collar product will be worth over USD 4 billion by 2032, propelled by the increasing cat ownership and deployment of innovative wearable pet technologies. As per statistics from the American Veterinary Medical Association, the rate of households owning at least one cat rose from around 26% between 2016 and 2020 to 29% in 2022. Smart collars are also designed with GPS tracking, activity monitoring, and other features, allowing pet parents to monitor their pet’s location. The increase in adoption of pet animals such as cats will therefore boost product usage to keep track of pet movements and locations in real-time.
In terms of technology, the pet wearable market share from the sensors segment is set to depict over 15% CAGR through 2032, driven by their capability to collect and analyze vital signs to help detect health issues and alert pet owners. Smart wearable device manufacturers have integrated image, temperature, heart rate, water, and accelerometer sensors for varied pet care applications. Furthermore, their prominent role in monitoring pet behavior, movement, and health-related biometric data will further amplify wearable health sensor development.
The pet wearable market size for fitness monitoring application is slated to exhibit a CAGR of 15% during the forecast period, as a result of the rising cases of dog obesity. According to survey data from the Association for Pet Obesity Prevention, around 56% of dogs in the U.S. are considered obese or overweight. This severe disease burden is likely to escalate the use of wearable fitness trackers to monitor activity levels. Additionally, the high investment in innovative wearable tech is also expected to bolster the use of pet fitness monitoring devices.
Based on end-use, the pet wearable market value from the household segment accounted for USD 2 billion in 2022, owing to the burgeoning use of smart cameras and collars to monitor the location, emotional state, and activity of pets. There has also been a rise in pet ownership, especially in developed nations. As per the 2021-2022 survey conducted by the APPA (American Pet Products Association), 70% of households own a pet. Furthermore, the escalating demand for convenient and innovative remote devices integrated with GPS trackers will fuel product sales among households.
From a regional perspective, the North America pet wearable market crossed USD 2 billion revenue in 2022, attributed to the strong focus of pet owners on the health and wellness of their animals. The spending on high-quality activity-tracking solutions has also witnessed an upsurge across the region. In addition, the introduction of animal protection laws has influenced pet trainers to utilize tech-powered devices to train pets and reduce excessive barking and other habits.
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Pet Wearable Market Scope
