Pet Wearable Market worth around $10 Bn by 2027
Published Date: May 31, 2021 Authors: Preeti Wadhwani, Saloni Gankar
Pet Wearable Market size is set to be around USD 10 billion by 2027, according to a new research report by Global Market Insights Inc.
Increasing spending on pets and the high purchasing power of consumers in developed countries are key factors driving the pet wearable industry growth. Pet owners in the U.S. spend significantly on wearable devices to keep their pets healthy, happy, and safe. According to the American Pet Products Association (APPA), pet owners in the U.S. spent USD 99 billion on their furry friends in 2020 up from USD 69.4 billion in 2017. Out of that expenditure, USD 40.9 billion is spent on pet technology, veterinary care, training, grooming, and insurance. The pet technology category presents a lucrative market opportunity for IoT engineers, particularly companies that specialize in pet wearable devices.
The ongoing coronavirus (COVID-19) pandemic has negatively impacted the pet wearable market due to declined production of semiconductor and consumer electronics devices in 2020. Demand for pet wearable devices witnessed a serious hit during the COVID-19 pandemic, resulting in declined sales. Furthermore, social distancing norms and imposed lockdowns resulted in the increased adoption of pets as companions. Rescue and animal shelters in North America and Europe witnessed high demand for pets during the pandemic.
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Demand for smart cameras to monitor pets from any location will positively impact the market growth
The smart cameras in the pet wearable market is poised to witness growth through 2027 owing to the hectic lifestyle of working individuals globally. According to Eurostat, the number of employed people aged 15 - 64 in Europe reached 191.5 million in 2020 from 180.2 million in 2005. Working pet owners find it challenging to monitor the daily activity and health of their pets. The implementation of smart cameras allows pet owners to monitor their companion animals through their mobile phones. Market players have introduced interactive pet cameras that are integrated with voice control.
Rising adoption of Bluetooth enabled pet wearable device led by their affordability and compatibility
The increasing adoption of smartphones integrated with Bluetooth technology is fueling the segment growth. Since its introduction in 1998, Bluetooth device adoption continued to increase with no sign of slowing down. It is estimated that the annual shipment of Bluetooth devices will exceed 6 billion by 2024. The increasing demand for affordable wireless connectivity among individuals has encouraged companies to develop low-cost Bluetooth pet wearable device. For instance, Link AKC smart dog collar utilizes Bluetooth to connect a smartphone and its base charger. The pet wearable device provides fast & accurate GPS tracking and monitoring of pets.
Browse key industry insights spread across 300 pages with 383 market data tables and 32 figures & charts from the report, “Pet Wearable Market Size, By Product (Smart Collar, Smart Vest, Smart Harness, Smart Camera), By Technology (RFID Devices, GPS, Sensors, Bluetooth), By Application (Medical Diagnosis & Treatment, Identification & Tracking, Fitness Monitoring, Behavior Monitoring & Control), By End-Use (Household, Commercial), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Need to track activity and behavior of pets to prevent serious health issues will accelerate pet wearable market revenue
Pet wearable devices are gaining popularity on account of behavior monitoring & control applications. These devices allow pet owners to spend more time with their furry friends and keep track of their daily activities. Interactive cameras and activity trackers enable pet owners to reward their pets for good behavior, ensuring their health & happiness. These devices also improve owners’ lives by helping them identify health problems and behavioral issues at an early stage.
Single population adopting pets for emotional support will drive the market statistics
Demand for pet wearable market is expected to increase from the household end-use segment in the market. The rising divorce rate and single population across several economies are boosting pet adoption among households to lessen the feeling of loneliness. According to the Federal Statistical Office, the number of divorces registered in Germany was 149,01 in 2020. Pets are considered to be psychologically, emotionally, and physically beneficial to their companions. Animal companions provide a sense of purpose & fulfillment and encourage interaction with others. Studies conducted by the National Institutes of Health (NIH) show that owning a pet can reduce blood pressure, risk of heart attack, and stress.
Rising adoption of pets will boost the demand for advanced wearable devices in North American pet wearable market
The increasing adoption of pets as companions for fitness, entertainment, and mental stability is boosting the expenditure on pet’ health. The adoption of pets spiked during the COVID-19 pandemic that forced many individuals to spend more time isolated. The rising pet adoption will accelerate the market demand for innovative pet wearable devices to monitor pet health & well-being.
Adoption of merger & acquisition strategy to maintain market position
Major pet wearable market players include Ridogulous Labs, High Tech Pet Products, Loc8tor, Nedap, Invisible Fence, Whistle Labs, Inc., IceRobotics, PetPace, DeLaval, Inc., Silent Herdsman Limited, Motorola Mobility LLC, Otto Petcare, Dairymaster, Dropcam (Nest), i4c Innovations, Pet Vu, Inc, Tagg, Garmin Ltd., and FitBark. Key participants are adopting different strategies such as acquisitions & partnerships, investments in product innovation, and portfolio expansion to remain competitive in the market.
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