Global Pet Wearable Market: Overview
Wearable devices help the person track their pets' activities of daily living. They often enable tracking of heart and cardiovascular rates, along with monitoring of burnt calories and rest patterns. Such tools collect information on companion pets ' food intake, which may be beneficial for owners to monitor their nutrition and well-being. GPS trackers, RFID sensors, motion sensors, accelerometer sensors, Bluetooth, cameras, antennas, and transmitters are forms of hardware included in wearable devices. Wearable devices allow continuous monitoring of physical movement as well as measuring the body's biomechanical and physiological systems. They also enable users to capture their behavior and improve their commitment to the external environment
Global Pet Wearable Market Forecast and Trends
The Pet Wearable market anticipated reaching significant growth, with a considerable CAGR of 12.7%. Factor such as rising disposable income, pet healthcare concern, and rising pet healthcare expenditure driving the demand for pet wearable in the global market. Pet wearable contribute to tracking daily activities and monitor pet health (by data generation for food intake, heart, and respiratory rate and patterns, and calories burnt by pets during the day). Besides, increasing the adoption rate of IoT, coupled with technological advancement for pet monitoring, contributing to the growth of the pet wearable market during the forecast period. The factors mentioned above anticipated to boost the demand with a significant growth rate in the pet wearable market.
Growth Drivers
Surging Demand for IoT in Pet Tracking Devices
IoT technology is also inclined to play a vital role in the transmission to veterinarians and proprietors of crucial information on animal health metrics. Combining wearable devices, mobile apps, and data analytics technologies can be a common alternative for value-based treatment in the coming years. Integrating IoT software into wearable devices plays a crucial role in expanding the wearable sector for animals. Manufacturers combine wireless sensors, data analytics, smartphone apps, and electronic maps to help owners better train and track their pets ' habits. Many wearable device manufacturers also provide cloud-based data analytics tools along with their devices, which can be used to help veterinarians diagnose and treat animals by providing relevant medical details for decision making in real-time.
Rising Pet Population and Pet Humanization
Both humanization and anti-humanization encourage more significant pet care expenditure; small pets are much more likely than larger dogs to be indulged and humanized. Besides, demographic shifts to smaller families cause-specific customers to want a canine or feline companion to fill the family void. Increasing revenue means more profit for the pet to indulge. The opposite applies to animals in many more rural settings, where anti-humanization implies that animals are treated as well-loved animals, urging an increase in BARF diets and high-quality products.
Restraint
High Power Consumption and Limited Battery Life of Pet Wearable Devices
High power usage and limited battery life are a massive challenge for the acceptance of pet wearable devices. Most wearable devices use emerging technologies that consume a lot of energy, such as GPS and wireless networks. Generally speaking, the battery power of all these devices will last for a few days, and the battery will last for less than a day in case of heavy use.
Global Pet Wearable Market: Technology
In 2018, the RFID software sector held the largest market share. Use RFID results in increased productivity visibility, reliability, and accuracy. RFID-based pet wearables are used in tandem with sensors to monitor health-related parameters such as pulse, temperature, HRV, location, breathing, or calorie intake across the day continuously and accurately.
Global Pet Wearable Market: Smart collars
The smart pet collar is a system that connects to a smartphone wirelessly through Wi-Fi or Bluetooth and offers insights into animals such as their location, training activities, and more. In comparison to the current conventional collar, it is a multi-purpose device. This collar enables pet owners to track their pets utilizing GPS technology, collaborate with others using an external collar LED display, and monitor, monitor, and obtain information and alerts about your wearable pet market. Employment rates are steadily increasing around the world, and the demands of pet owners for smart-connected collars that facilitate them to connect with their pets from their working environment are rising due to exhausting lifestyle and long working hours.
Global Pet Wearable Market: Regional Insights
Amid geography, North America is anticipated to hold a significant proportion of the Pet Wearable market. As an outcome of rising pet ownership rates, increasing trends towards pet adoption and humanization, increasing expendable income, and rising per capita expenditure on animal health are the main drivers of the market's growth. Over the forecast period, the United States is predicted to retain its share of the market in the pet wearable market as a result of massive companion animal adoption, high disposable income, and increased per capita expenditure on animal health care.
After North America, Europe is projected to boom the industry with substantial market share with rising pet humanization development and growing fitness tracker demand. The involvement of different trade groups in the pet wearable industry helps players. The People's Dispensary for Sick Animals (PDSA), for example, in the UK, provides pets reduced costs and free veterinary care. The growing concern for the safety and health of animals will lead to the increased adoption of modern technologies such as smart cameras, smart harnesses, and smart waistcoats.
Over the forecast period, the Asia Pacific market is expected to show the highest CAGR. This market growth attributed to increased acceptance of companion animals in countries such as China, Australia, and India, along with increased awareness of pet health and fitness. Emerging economies like India, in the forecast period of 2019-2025, China expected to contribute lucratively to the upcoming market.
The Objective of the Study:
To analyze and forecast the global Pet Wearable market size of the market, in terms of value.
To examine the careful market segmentation and forecast the market size, in terms of value, based on the regions. By segmenting the global Pet Wearable market into five regions, namely, North America, Europe, Asia Pacific, Middle East & Africa, Latin America, and their leading countries.
To outline, categorized, and forecast the global Pet Wearable market based on the component and product type.
To examine competitive developments like technological advancement, services, and regulative framework within the global Pet Wearable market.
To highlight the impact analysis of the factors affecting the market dynamics such as drivers, restraints, opportunities, and challenges.
To strategically profile the key players and comprehensively analyze their market shares along with detailing the competitive landscape for market leaders.
Scope of the Report
By Component
GPS Chips
RFID Chips
Connectivity Integrated Circuits
- Bluetooth Chips
- Wi-Fi Chips
- Cellular Chips
Sensors
Processors
Memory
Displays
Batteries
By Product Type
Smart Collars
Smart Cameras
Smart Harnesses
By Region:
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Competitive Landscape
Petpace Ltd
Binatone Global
Garmin Ltd
Motorola Mobility (Binatone)
Loc8tor, Ltd.
Fitbark
Cybortra Technology Co. Ltd
Whistle Labs, Inc.
Otto Petcare Systems
Tractive
Link AKC (WAGZ)
NuIceRobotics, Ltd.
Fitbark
Kyon
Other Prominent Player
Business Questions Answer by The Report
How will the market drivers, restraints, and opportunities affect the market dynamics?
What will be the market size in terms of value and volume and market statistics with a detailed classification?
Which segment dominates the market or region, and one will be the fastest-growing, and why?
A comprehensive survey of the competitive landscape and the market-leading players
Critical adopted strategy analysis by the key player and their impact on other players.
Customization Scope for The Client
Client satisfaction is our first and last priority, and that’s why BlueWeave Consulting offers customization according to company’s specific needs. The following customization options are available for the report:
Additional Company Information
With five additional company detail analysis
Additional country analysis
Detailed segment analysis