Global Pet Wearables Market
The GMI Research forecasts that the Pet Wearables Market is witnessing an upsurge in demand over the forecast period. This is mainly due to technological advancements in sensor technologies, rising demand for pet monitoring, aggravating consciousness about pet's physical and mental fitness, and increasing espousal of this technology for the safety and security of pets.
Introduction of the Pet Wearables Market
Pet wearables refer to the tools worn on the pet's body to cater to different functions, including identification, supervision, medical treatment, controlling, facilitation, and safety. These devices mainly include smart trackers and monitors lodged in small gadgets.
Key Players of the Global Pet Wearables Market:
- PetPace LLC
- Loc8tor Ltd.
- Garmin Ltd.
- Avid Identification Systems, Inc.
- SCR Engineers LTD.
- Intervet International B.V.
- Invisible Fence
- Link My Pet
Pet Wearables Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
The augmenting expenditure on pets resulted from the mounting disposable incomes across emerging countries, and the ongoing technological innovations in communication and sensor technologies are the prominent drivers responsible for the growth of the global pet wearables market. In addition, the integration of technologies, including radio frequency identification (RFID) and GPS, to improve the wellbeing of companion animals and the changing preference of individuals towards pet adoption as partners for fitness, mental stability, and entertainment has further strengthened the market size. These devices allow the pet owners to administer the fitness of their pets as they record data for food intake, heart, and respiratory rate will supplement the market growth. Additionally, the rapid adoption of wearing technologies owing to their extensive applications, including supervising behavior, locating & tracking, identifying medical issues, and safety & protection of pets, further contributes to the market growth.
Application Segment Drivers
On the basis of the application, identification & tracking are projected to experience a significant demand in the next few years. This is primarily because of their assistance in identifying strayed-off pets and returning them to their owners. Moreover, it allows owners to stalk the location of their pet animals in real-time with the help of smartphones, which adds to market growth.
Technology Segment Drivers
Based on the technology, RFID is contemplated to witness a faster growth owing to its better productivity, inconvertibility, dependence, and accuracy in identifying and tracking of pets. These devices also serve as combined sensors to persistently engrave health-related parameters, like pulse, calorie intake, body temperature, heart rate variability (HRV), positions, and respiration. In addition, their massive acceptance owing to their use for location-based services to imprint a user's location every time is another factor stimulating the market share.
Based on the regional coverage, North America is predicted to expand at a higher CAGR owing to the increasing disposable income, adoption of animals, and mounting per capita expenditure on the animal. In accordance with the American Pet Products Association (APPA), nearly 85 million homes in 2019 had a pet in the US.
Pet Wearables Market Segmentation:
Segmentation by Technology
- RFID Devices
Segmentation by Application
- Medical Diagnosis & Treatment
- Identification & Tracking
- Behavior Monitoring & Control
- Fitness Monitoring
Segmentation by Region:
- North America
- United States of America
- Asia Pacific
- Rest of APAC
- United Kingdom
- Rest of Europe
- South Africa
- Saudi Arabia
- Rest of the world (remaining countries of the LAMEA region)
About GMI Research
GMI Research is a market research and consulting company that offers business sights and market research reports for every enterprise, including small & medium enterprises and large organizations. Our research team helps the clients to understand the impact of market dynamics such as market size, share, drivers, growth opportunities, and other aspects. We have a team of analysts and industry experts who conduct market intelligence studies to ensure relevant and fact-based research across a wide range of sectors such as FMCG, Technology, Energy, Healthcare, and other industries. We collect relevant information about the industry using both internal and external databases. Our main focus is to keep our clients abridged of the emerging opportunities and challenges in a wide range of industries. We provide step-by-step assistance to our client through strategic and consulting services to reach a managerial and actionable decision. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping businesses stay ahead of the curve.
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GMI Research is a market research and consulting company that offers business sights and market research reports for every enterprise, including small & medium enterprises and large organizations. Our research team helps the clients to understand the impact of market dynamics such as market size, share, drivers, growth opportunities, and other aspects.