Pet Wearable Market size is estimated to cross USD 15 billion by 2032, according to a new research report by Global Market Insights Inc.
The report indicates that the increased interest in rescued pets in developed nations such as the U.S. will contribute to the sales of pet wearable devices. Based on data from the American Society for the Prevention of Cruelty to Animals, shelters take in nearly 6.5 million animals per year across the U.S. The COVID-19 pandemic also contributed to pet adoption trends, with many Americans turning to companion pets, and in consequence, increasing their spending on pet products. The growing emphasis of non-profit organizations and pet product manufacturers on promoting animal adoption will therefore hike consumer reliance on pet wearable technology.
Real-time video chats & other pet-specific features to accelerate usage of smart cameras
Pet wearable market from smart camera product segment will surpass USD 5 billion by 2032. Pet smart cameras offer real-time video feeds and have built-in alarms to monitor suspicious behavior in pets, thereby playing a major role in tracking their outdoor activities. The product can also ensure continuous surveillance of pets in remote areas where Wi-Fi is inaccessible. Unlike security cameras, these wearables offer pet-specific features including video chats for interaction with pets to address separation anxiety and other common issues, further promoting product consumption.
Rising incidents of lost pets will spur RFID pet wearable tech adoption
In terms of technology, the pet wearable market share from RFID devices segment is expected to depict over 10% CAGR through 2032, due to an increase in pet-missing reports. According to research conducted by Admiral Pet Insurance, in the UK, more than 264,933 cats were reported missing in September 2022. These factors are encouraging governments to promote the implantation of RFID tags in pets’ skin to help owners safeguard and manage their pets. In addition, the rapid innovation of smart devices featuring immediate tracking and mapping applications will propel the penetration of RFID pet wearables.
Browse key industry insights spread across 300 pages with 454 market data tables and 26 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, 2023 – 2032” in detail along with the table of contents:
Growing consumption of smartphones to drive wearable tech use for pet identification & tracking
Based on application, the pet wearable market from identification & tracking segment is slated to reach USD 3 billion by 2032. This is a result of the high penetration of smartphones and the increasing need for real-time positioning and tracking of pets. Several pet product manufacturers are also integrating safety features including GPS into products such as smart collars to seamlessly identify and track pets using smartphones. The report further says that the acceptance of smart cameras and smart dog-training collars will augment the use of pet wearables for identification & tracking applications.
Livestock fitness monitoring benefits to fuel wearable tech deployment in commercial applications
The pet wearable market from commercial end-use segment will expand at a CAGR of 15% CAGR from 2023 to 2032, on account of the robust product application scope in fitness and health monitoring of horses and other livestock. A variety of integrated GPS-based systems can trach predator activity and the health conditions of livestock and create invisible fences to limit their range. The report reveals that their capability to help cattle owners earn profit through high-quality milk delivery will add impetus to industry development over the forecast period.
Rise in pet ownership and health concerns may stimulate pet wearable demand in APAC
Asia Pacific held over 10% share of the pet wearable market in 2022, owing to the increasing pet adoption, especially in Malaysia, Thailand, Singapore, and Indonesia. The growing concern about pet wellness is also influencing owners to adopt wearables to track every aspect of their pet’s health, including nutrition. Furthermore, the growing disposable incomes and improving consumer lifestyles are anticipated to boost pet ownership and in turn, accelerate the sales of pet wearable electronics across the region.
Advanced product launch strategies to influence the global industry landscape
Key participants operating in the pet wearable market are Whistle Labs (Mars Incorporated), Tractive, Scollar, Inc., Petcube, Inc., PetPace LLC, Nedap NV, Loc8tor, Ltd., Halo Collar, Garmin International, Inc., Fitbark, Inc., Dogtra, and Afimilk Ltd. These companies are focusing on product developments and business expansions to strengthen their presence in the global pet wearable industry.
For instance, in January 2023, Invoxia introduced a lightweight biometric health collar for dogs. This product, designed to ensure long battery life and accurate GPS tracking, was meant to allow owners to track their pets’ vitals, activities, and location. Its low-power sensor feature also aids in monitoring existing heart conditions, seeking lifesaving preventative treatment, and early disease detection. This innovative product launch will help the company establish a strong presence in the industry.