Global Pet Wearable Market Thriving: Projected to touch USD

Delhi, NCR, Jan 4, 2022 (The Globe Newswire) – As pet owners become more aware of the health of their pets, the market for wearable devices for pets is growing exponentially. In addition, the growing trend of adopting pets as entertainment and mental stability facilities is increasing pet care expenses, which in turn is driving the global market for wearable pets….

A recent study by strategic and market research consulting firm BlueWeave Consulting revealed that the world Wearable pet market It was valued at $1.43 billion in 2020. The market is expected to grow at a compound annual growth rate of 13.6%, and generate revenue of approximately $3.45 billion by the end of 2027. As pet owners become more concerned with the health of their pets, the animal market Pets wearable devices are growing at an impressive rate. Pet care expenses are also increasing due to the high adoption rates of pets as companions for mental stability and entertainment. Moreover, in view of the increasing popularity and accessibility of wearable devices, the global pet wearables market is expected to grow strongly during the forecast period. Also, the growing demand for wearable devices for pets is primarily driven by developments in wireless area networks, cost-effective and efficient wireless sensors, as well as the adoption of digital maps, and mobile application development. The growing trend of the Internet of Things is another major factor that is estimated to be driving the growth of the market. Last but not least, another major aspect affecting the pet wearables industry is the use and demand for pet wearables recommended by insurance companies.

Market growth drivers

Extensive application of pet wearable devices

Many industries, such as pet food, pet supplies, etc., have experienced tremendous growth in recent years. The pet industry offers a wide range of services, including pet grooming, pet daycare, nutritional supplements, and newer options like wearable communication devices for pets. Pet wearables do more than just keep track of pets; Other value-added services such as fitness tracking, step tracking, sleep tracking, and behavior tracking are constantly being developed, which is expected to drive market growth during the forecast period.

The presence of multiple actors in the industry and the emergence of advanced technologies

Many new companies are entering the wearable device market for pets, which is driving the growth of the market. Currently, new entrants as well as established players are focusing on product innovation and service integration in the pet wearables market. In addition, many companies are focusing on developing connectivity standards, such as NB-IoT for pet monitoring, that will continue to expand the functionality of the sensors. Moreover, many market players are expected to benefit from the new 5G network technology, which will drive the growth of the global wearable pet market.

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High cost of hardware and short battery life hinder market growth

One of the major factors hindering the growth of the Pet Wearable Devices industry is the short life of the Pet Wearable Battery. High energy consumption is another important factor hampering the growth of the global wearable pet market. Moreover, most wearable devices require frequent charging because they use advanced technologies that require a lot of power, such as wireless networking and GPS. Thus, this limits battery life, and increases pet owners’ maintenance costs. Another obstacle to the growth of this market is the high cost of wearable devices for pets. Low-income consumers are generally less likely to purchase wearable devices for pets, which is expected to hamper market growth.

Impact of COVID-19 on the global wearable pet market

The sudden spread of the COVID-19 pandemic has had a positive impact on the global market for wearable pets. With more and more people working remotely, mostly at home, pet adoption is becoming increasingly popular among pet lovers. The COVID-19 pandemic has dramatically increased dog adoption. According to a CNBC 2020 article, animal rescues and adoptions surged during the early days of the COVID-19 pandemic. However, requirements for vaccinations, neutering programs and frequent veterinary visits have been seen as a barrier to continued pet adoption during the pandemic.

According to a study published in Humanities and Social Sciences Communications 2020, the rate of dog adoption has increased significantly during the COVID-19 pandemic. Furthermore, as a result of COVID-19, requests for adoptable dogs and foster families have skyrocketed. This is related to the growing demand for wearable pet devices. Thus, in light of the above factors, it can be concluded that COVID-19 has had a significant impact on pet adoption, which is related to the increasing demand for wearable pet devices.

Identification and tracing in the application segment occupies the largest share of the global wearable pet market

Based on applications, the global pet wearables market is categorized into medical diagnosis and treatment, identification and tracking, behavior monitoring and control, and fitness monitoring. Among these, the identification and tracking segment is expected to grow at a faster compound annual growth rate (CAGR) during the forecast period. With the help of the identification and tracking features of wearable devices, people can identify stray pets and return them to their owners. Smart collars and other wearable devices for pets, such as GPS collars, are commonly used to track pets. In addition, the identification and tracking segment is growing due to the increase in the launch of products with enhanced features. For example, Garmin Ltd. Alpha200i launched in September 2020, which features improved mapping capabilities, a larger 3.5-inch sun-readable touch screen, simple six-button operation for a user experience focused on dog tracking, and inReach satellite technology to track and train sports dogs. As a result of the benefits of using GPS-based wearables for pet identification and tracking, the segment is expected to increase significantly during the forecast period. These features are driving the growth of the global Wearable Pets and Tracking segment market identification.

For more information, please visit the Global Wearable Pet Market press release: https://www.blueweaveconsulting.com/press-release/global-pet-wearable-market-thriving-projected-to-touch-usd-3-45-billion-by-2027

The government’s focus on requiring RFID implants in pets is expected to drive growth in the RFID technology sector

The wearable pet market is segmented into RFID, GPS, Bluetooth, and other technologies. Among these, the RFID chip has the largest market share in the global pet wearable market. In response to the growing number of pet loss complaints, the government has focused on implanting RFID devices into pet skins so that they can obtain permanent identification and contribute to the expansion of RFID devices. Wearable RFID devices with Wi-Fi capabilities are also gaining in popularity as they can be used to track the location of pets at all times. These are the factors that fuel the growth of the RFID market across the globe.

North America is likely to see significant growth during the forecast period

Based on regions, the global Wearable Pet market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa based on regions. Among these, North America dominates the market in terms of revenue due to the increasing trend of pet adoption and humanization, increasing disposable income, and rising per capita income. Other factors contributing to the growth of the wearable pet market in North America include increased awareness of pet health, product innovation, and cutting-edge technology. Moreover, the market is expected to be driven by a high concentration of key companies in the region and an increase in product launches.

Given the growing popularity of pets, rising disposable income, and increasing per capita spending on animal healthcare, the United States is expected to maintain its dominant position in the wearable pet market over the next few years.

Global Wearable Pets Market – Competitive Landscape

The major players in the global wearable pet market are Avid Identification Systems, Inc. and SCR Engineers Ltd. and Fitbark, Datamars, Intervet International BV, and Garmin Ltd. and Invisible Fence and Loc8tor Ltd. and Link My Pet, Pet Pace LLC, and other notable players.

The global wearable pet market is still in its infancy stage, with fierce competition between established and emerging companies. To expand their product offerings, major market players focus mainly on research and development to develop innovative products. Companies are also focusing on strategic collaborations, expansions and acquisitions to enhance their global standing. For example, in July 2020, Tractive launched a new activity monitoring tool, which works in tandem with GPS tracking to allow owners to analyze their pets’ physical activity, allowing them to monitor their pets’ obesity conditions.

Don’t miss out on the business opportunity available in the global pet wearable market. Consult our analysts to gain important insights and facilitate the growth of your business.

In-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global Wearable Pet market. It also highlights the factors that drive overall market size expectations. The report promises to deliver recent technology trends of the global Pet Wearables market and industry insights to help decision-makers make sound strategic decisions. Moreover, the report also analyzes market growth drivers, challenges, and competitive dynamics.

Competitive scene

  • The major players in the global wearable pet market are Avid Identification Systems Inc. and SCR Engineers LTD. and Fitbark, Datamars, Intervet International BV, and Garmin Ltd. and Invisible Fence and Loc8tor Ltd. and Link My Pet, Pet Pace LLC, and other manufacturers.
  • The major players in the global market have developed through strategic alliances and product launches. Moreover, the industry players in the market are focusing on innovative technologies such as Artificial Intelligence and Internet of Things to become a well-known player in the already crowded market.

Scope of the report:

Describe details
years considered Historical data – 2017-2020

Base year – 2020

Forecast – 2021 – 2027

Covered facts Revenue in millions of dollars
market coverage United States, Canada, Germany, United Kingdom, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, Argentina, United Arab Emirates, South Africa, Saudi Arabia
Product/Service Division By technology, by application, by product, by region
The main players The major players in the global wearable pet market are Avid Identification Systems Inc. and SCR Engineers LTD. and Fitbark, Datamars, Intervet International BV, and Garmin Ltd. and Invisible Fence and Loc8tor Ltd. and Link My Pet, Pet Pace LLC and other major manufacturers.

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