Pet Wearables Market - Forecasts from 2022 to 2027

Global pet wearables market was valued at US$626.305 million in 2020. Increasing expenditure on pets on account of rising disposable incomes and living standards is one of the key drivers of the global pet wearables market. There has been a rise in awareness among pet owners about the health and well-being of their pets. As people are becoming tech-savvy, the high proliferation of smartphones and better internet penetration also encourage pet owners to buy wearables for their pets. Thus, the integration of the Internet of Things (IoT) coupled with the rising purchasing power of people is significantly boosting the growth of the global pet wearables market. These pet wearables are also in high demand among pet owners to keep a check on the health of their pets. That is, pet wearable technology is witnessing a rise in its adoption among pet owners for various applications ranging from tracking and identification to diagnosing medical problems. The demand for pet wearables is also rising as pet owners can offer safety and security to their pets. The integration of various advanced technologies such as RFID (Radio Frequency Identification) and GPS leads to the enhancement of the quality of life of companion animals. This factor is also influencing people to buy wearable devices for their pets, thus positively impacting the overall growth of the global pet wearable market.

People consider their pets as part of their family. As such, pet owners are increasing their budgets to provide their pets with the best quality of care. Technological advancements that can help regarding information on remote finding and medical needs are increasing the popularity of pet wearables, thus driving the growth of the global pet wearable market. These wearables allow the detection and identification of any possible disease symptoms at an early stage so that the proper treatment can be provided to the pet on time. As such, the increasing incidence of various diseases among pets is further boosting the confidence of pet owners in pet wearables, which in turn, is spurring their sales and, thus, global market growth.

The global pet wearables market has been segmented by component, application, and geography. On the basis of components, the global pet wearable market has been classified into hardware and software. By application, the global pet wearable market has been further segmented into identification and tracking, behaviour monitoring, and others.

Europe accounts for a significant share of the global pet wearables market

By geography, the global pet wearables market is classified into five major regional markets- North America, South America, Europe, the Middle East and Africa (MEA), and Asia Pacific (APAC). Europe accounted for a significant share of the global pet wearables market in 2019. The North American pet wearable market also holds a noteworthy market share. In the United States, nearly half of pet owners ranked their pets as a top-three concern. Moreover, the new trackers will keep pet owners connected all the time, with real-time location tracking and improved battery life. Growing popularity and trend regarding pet adoption, supported by growing disposable incomes, has led to a rise in the per capita animal healthcare expenditure. As such, the demand for pet wearables is also increasing in order to detect any symptoms at an early stage and reduce the high cost of medication and surgeries. Moreover, a high number of tech-savvy pet owners who are becoming more aware of their pet’s health is further fueling the growth of the pet wearables market. The Asia Pacific (APAC) regional market for pet wearables is projected to witness a significant compound annual growth rate between 2019 and 2025. Rising awareness about pet fitness and health and growing demand for companion animals in countries like China, Japan, and India are bolstering the growth of this regional market.

Recent Developments

• June 2020: AniV8, Inc. and Elanco Animal Health collaborated to evaluate AniV8’s wearable technology in research settings. It is the first wearable health monitor to diagnose and monitor osteoarthritis pain in cats and dogs.
• January 2020: Whistle Labs announced the launch of a new product that is made specifically for pet health and fitness. Whistle FIT is a preventive healthcare tool that allows pet owners to manage pet care by monitoring the pet’s key health behaviours, activity, and food intake management, thus offering owners a simple and fully personalized experience.
• July 2019: Whistle launched new pet wearables- the Whistle Go and Whistle Go Explore. These wearables for pets enable owners to track their pets’ whereabouts, safety, and health. These pet wearables include new behavior monitoring and health features as well.
• March 2019: Petwearable technology company, Link AKC, was acquired by Florida-based IoT company Smart Tracking Technologies.
• June 2018: Wagz launched a pet wearable- Wagz Explore Smart Collar- that combines real-time data, artificial intelligence (AI), and geofencing to help pet owners keep track of their pets’ health and location.

Covid-19 Impact

The pandemic has positively impacted the overall market growth due to the rising pet adoption rate. According to Humanities and Social Sciences Communications 2020 the dog adoption rate was significantly increased during the covid-19 pandemic which has increased the demand for pet wearables which in turn has boosted the overall market growth. During the pandemic, the population across the globe was working remotely which has increased the interest in pet adoption. According to Consumer News and Business Channel (CNBC) in 2020, animal rescues and adoptions spiked during the initial days of the pandemic.

Market Players and Competitive Intelligence

Prominent key market players in the global pet wearables market include FitBark, Tractive, PetPace, Datamars, Allflex USA Inc., Mars, Incorporated and its Affiliates, Trovan Ltd., and Avid Identification Systems, Inc., among others. These companies hold a noteworthy share in the market on account of their good brand image and product offerings. Major players in the global pet wearables market have been covered, along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last two years.

Segmentation

By Component

• Hardware
• Software

By Application

• Identification and Tracking
• Behaviour Monitoring

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Europe
• Germany
• France
• United Kingdom
• Spain
• Middle East and Africa
• Saudi Arabia
• UAE
• Asia Pacific
• China
• Japan
• India
• South Korea
• Australia