Pet Wearables Market Size worth over $12bn by 2026
Published Date: April 6, 2020 Authors: Preeti Wadhwani, Saloni Gankar
Pet Wearables Market size is set to exceed USD 12 billion by 2026, according to a new research report by Global Market Insights, Inc.
Rising pet ownership in developed countries coupled with increasing per capita expenditure on smart products will propel the pet wearables market growth. According to the American Pet Products Association (APPA), in the U.S. consumers spent around USD 72.5 billion in 2018 compared to 69.5 billion in 2017 on products.
Fitness and wellbeing of pets are encouraging manufacturers to develop advanced wearable devices. In June 2018, Xiaomi Corporation, launched the PetBit, a fitness tracker for pets, that can track distance, walking time, and calories burnt in pets.
Advanced technologies, such as IoT, location-based services, and AI, are being integrated with pet wearable devices. Manufacturers have developed camera-based pet wearables to help pet owners obtain visuals on their pets’ well-being. Technological developments in pet wearable devices are anticipated to intensify market competition and increase the entry barriers for new market entrants.
Increased adoption of smartphones to track pet health and location to drive demand for GPS-based smart collars
Get more details on this report - Request Free Sample PDF
The market demand for smart collars is increasing among pet owners to monitor their pets from smartphones and combat incidents of pet theft in the absence of supervision. GPS devices help in monitoring activity, tracking location, and sending alerts to the owners’ smartphone. The data collected through these collars aids owners to track their pet’s health and vital signs. Manufacturers are incorporating innovative technologies into these trackers to provide the pets’ activity updates on smartphones.
Stringent government regulations on the adoption of RFID tags to identify and track livestock will propel the market demand
Several government administrations are mandating the integration of Electronic Identification (EID) tagging of livestock, propelling the demand for RFID tags. For instance, in July 2019, in the U.S., the Kentucky Department of Agriculture (KDA) mandated the adoption of RFID tags for cattle and other farm animals.
RFID tags are used to manage livestock units to keep an accurate count of animals and details related to their weight & diet, propelling the pet wearables market revenue. In Australia, NLIS, an identification system, enables the tracking of individual farm animals, using RFID devices on a property from birth to carnage for food safety, product integrity, and market access purposes.
Browse key industry insights spread across 280 pages with 386 market data tables and 31 figures & charts from the report, “Pet Wearables 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), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Pet behavior monitoring is poised to drive the pet wearables market during the forecast period
Pet owners are rapidly adopting advanced pet wearable devices to monitor the health and weight of the pets. These devices allow pet owners to track their pets’ activities and help them in providing proactive & preventative care. Additionally, it can warn owners regarding the changes in their pet behavior. Bark collars developed by PetSafe are advanced pet wearables that monitor and modify dog behavior. The collar detects vibrations in the dog’s throat and negatively reinforces the barking behavior.
Growing implementation and usage of wearable diagnostics devices for household pets will boost the market growth
Rising awareness regarding pet health & safety coupled with development of innovative products has encouraged household pet owners to adopt pet wearable devices, offering significant growth prospects to the pet wearables market. Pet owners consider their pets as family members and take numerous efforts to take proper care of them.
The increasing adoption of pets for companionship has encouraged owners to spent on innovative tech-enabled devices to improve the care & wellbeing of their pets. They are highly adopting medical monitoring devices to track the safety & security of pets.
Pet adoption by millennials for companionship will drive the North America pet wearables market growth
North America market will witness high growth from 2020 to 2026 led by rising pet adoption and spending on pet care. According to the National Pet Owners Survey 2019 - 2020, around 67% of the U.S. households own a pet, which is equal to 84.9 million homes. According to The Humane Society of the United States (HSUS), around 2.4 million shelter animals are adopted each year in the U.S. With the rise in adoption of pets in the country the demand for innovative devices to track their vitals, activity levels, and location will increase in the U.S, propelling the market growth.
Market players are introducing advanced devices to remain competitive in the market
Major players operating in the pet wearables market include Whistle Labs, Inc., IceRobotics, Garmin, DeLaval, Inc., Dropcam (Nest), i4c Innovations, Silent Herdsman Limited, High Tech Pet Products, Dairymaster, FitBark, Otto Petcare, Invisible Fence, PetPace, Loc8tor, Motorola, Nedap, and Pet Vu Inc., among others.
Industry players are introducing advanced pet wearable devices to strengthen their market position in a highly competitive industry. For instance, in December 2018, Tractive launched a GPS tracker and activity tracker for cats. The new devices enable owners to track pet’s activities through smartphone apps or web browsers.
Explore More on Related Topics: