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The pet wearable market was valued at approximately USD 1,779 million in 2020, and it is expected to witness a revenue of USD 2,870 million in 2026, with a CAGR of 8.49% over the forecast period (2021-2026)
The adoption rate of pets, especially dogs, during the COVID-19 has been observed to be increasing. As the majority of the population worldwide is working remotely, mostly work from home, the interest in pet adoption is on the rise, as the pet owners can spend considerable time taking care of the pets. As per the article published in CNBC 2020, animal rescues and adoptions spiked during the initial days of the pandemic. However, the need for vaccination, neuter programs, and frequent veterinary doctor visits during the COVID-19 pandemic have been considered to restrict the continued pet adoption during the pandemic. However, as per the research article published in Humanities and Social Sciences Communications 2020, the dog adoption rate significantly increased during the COVID-19 pandemic, and the demand for adoptable dogs and the requests to serve as foster families increased significantly, along with the shortening of the length of stay of dogs at the shelter. Thus, COVID-19 has a significant impact on pet adoption, which is directly related to the surging demand for pet wearables.
The key factors propelling the growth of the pet wearable market are the increase in awareness about the pet’s physical and mental fitness, increasing adoption of IoT, and rise in the demand for pet monitoring and technological advancements.
The pet wearable market is gaining traction, due to the rising awareness among pet owners about their health. The increasing inclination toward the adoption of pets as companions for mental stability, fitness, and entertainment is boosting the expenditure on the well-being of pets. The rising awareness, coupled with easy availability of wearables, globally, is expected to boost the global pet wearable market.
Additionally, the use of pet wearables offers benefits, such as connecting humans to their pets, in order to track their daily activities and monitor their health using these devices. This monitoring generates data for food intake, heart, and respiratory rate and patterns and calories burnt by pets during the day. The data generated by these devices is used for analyzing the health of pets. The aforementioned factors are boosting the adoption of pet wearables by pet owners, which in turn, is propelling the growth of the market studied.
Scope of the Report
Pet wearables refer to devices that can be worn on the pet's body to serve various purposes, such as identification, tracking, monitoring, controlling, medical diagnosis, treatment, facilitation, safety, and security. The pet wearable market is segmented by product (smart collar, smart camera, smart harness and vest, and other products), technology (GPS, RFID, sensors, and other technologies), application (identification and tracking, monitoring and control, medical diagnosis and treatment, and other applications), animal type (dogs, cats, and other animals), and geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The report offers the value (in USD million) for the above segments.
|Smart Harness and Vest|
|Identification and Tracking|
|Monitoring and Control|
|Medical Diagnosis and Treatment|
Key Market Trends
Identification and Tracking Segment, by Application, is Expected to Hold the Largest Market Share over the Forecast Period
One of the most common uses of pet wearables, such as smart collars, is tracking the whereabouts of pet animals using GPS. With the help of wearables, owners can not only track their pets, but also help other people identify pets that have strayed off and return them to their rightful owners. Owners can track the location of their pets and identify them easily within a limited time, just by using their smartphones.
According to the Lost Pets Statistics published in 2019, nearly 15% of cat owners and 14% of dog owners missed their pets in a five-year period. The pets wearing an identification ID or wearable are likely to be found and recovered. Hence, with wearables, such as the GPS tracking device, the chances of a pet getting lost or stolen may reduce drastically. Additionally, the increasing product launches with advanced features drive the studied segment. For example, in September 2020, Garmin Ltd. launched Alpha200i, with enhanced mapping capabilities; a larger, 3.5” sunlight-readable touchscreen display; six-button, easy operation of the dog tracking-focused user experience; and inReach satellite technology, for tracking and training of sporting dogs.
Hence, given the advantages of using GPS-based wearable in the identification and tracking of pets, the segment is expected to grow significantly over the forecast period.
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North America Dominates the Market and is Expected to Follow the Same Trend in the Forecast Period
North America currently dominates the pet wearable market, and it is expected to continue its stronghold for a few more years. The United States is expected to retain its significant market share in the pet wearable market over the forecast period, owing to the growing adoption of companion animals, high disposable income, and increasing per capita animal healthcare expenditure. The rise in awareness about pet health among pet owners, the increase in product innovation, sophisticated technology, and a high percentage of tech-savvy owners are some other significant factors driving the growth of the pet wearable market in North America.
Additionally, the high concentration of major players in the region, along with increasing product launches, is anticipated to drive the market. For instance, in November 2019, FitBark, Inc. launched FitBark GPS in the United States, which is an all-in-one dog health and location tracker. Thus, the aforementioned factors are expected to drive the growth of the pet wearable market in North America over the forecast period.
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Companies, like Garmin Ltd, Dogtra, Fitbark Inc., Scollar Inc., and DogTelligent Inc., are expected to hold substantial market shares during the forecast period. As the pet wearable market is spreading across the developing regions, smaller companies are expected to contribute majorly to the growth of this market. Additionally, the key players have been evolving in the global market through strategic alliances and product launches. For instance, in July 2020, Tractive launched a new activity monitoring feature, along with its GPS tracking feature, which aids in tracking the physical activity of pets by owners, which subsequently leads to monitor obesity conditions in pets.
- In January 2021, a new feature was added to the myQ Smart Access Ecosystem, the myQ Pet Portal of Chamberlain Group (CGI), which allows pet parents to safely let their dog out to potty and play while they are away. Additionally, the solution also provides live video streaming and 2-way communication through the myQ Pet Portal app.
- In January 2020, Whistle Labs launched Whistle FIT, a preventative healthcare tool that utilizes its wellness program for dogs for the monitoring of a pet's key health behaviors, food intake management, and activity.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increase in Awareness About Pet's Physical and Mental Fitness and Rising Adoption of IoT
4.2.2 Growth in Demand for Pet Monitoring
4.2.3 Technological Advancements
4.3 Market Restraints
4.3.1 Battery Life Issues of Devices
4.3.2 High Cost of Products
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1.1 Smart Collar
5.1.2 Smart Camera
5.1.3 Smart Harness and Vest
5.1.4 Other Products
5.2.4 Other Technologies
5.3.1 Identification and Tracking
5.3.2 Monitoring and Control
5.3.3 Medical Diagnosis and Treatment
5.3.4 Other Applications
5.4 Animal Type
5.4.3 Other Animals
5.5.1 North America
22.214.171.124 United States (By Product, By Technology, By Application, and By Animal Type)
126.96.36.199 Canada (By Product, By Technology, By Application, and By Animal Type)
188.8.131.52 Mexico (By Product, By Technology, By Application, and By Animal Type)
184.108.40.206 Germany (By Product, By Technology, By Application, and By Animal Type)
220.127.116.11 United Kingdom (By Product, By Technology, By Application, and By Animal Type)
18.104.22.168 France (By Product, By Technology, By Application, and By Animal Type)
22.214.171.124 Italy (By Product, By Technology, By Application, and By Animal Type)
126.96.36.199 Spain (By Product, By Technology, By Application, and By Animal Type)
188.8.131.52 Rest of Europe (By Product, By Technology, By Application, and By Animal Type)
184.108.40.206 China (By Product, By Technology, By Application, and By Animal Type)
220.127.116.11 Japan (By Product, By Technology, By Application, and By Animal Type)
18.104.22.168 India (By Product, By Technology, By Application, and By Animal Type)
22.214.171.124 Australia (By Product, By Technology, By Application, and By Animal Type)
126.96.36.199 South Korea (By Product, By Technology, By Application, and By Animal Type)
188.8.131.52 Rest of Asia-Pacific (By Product, By Technology, By Application, and By Animal Type)
5.5.4 Middle-East and Africa
184.108.40.206 GCC (By Product, By Technology, By Application, and By Animal Type)
220.127.116.11 South Africa (By Product, By Technology, By Application, and By Animal Type)
18.104.22.168 Rest of Middle-East and Africa (By Product, By Technology, By Application, and By Animal Type)
5.5.5 South America
22.214.171.124 Brazil (By Product, By Technology, By Application, and By Animal Type)
126.96.36.199 Argentina (By Product, By Technology, By Application, and By Animal Type)
188.8.131.52 Rest of South America (By Product, By Technology, By Application, and By Animal Type)
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.1 Latsen Technology Limited (Pawfit)
6.1.3 FitBark Inc.
6.1.4 Garmin Ltd
6.1.6 Loc8tor Ltd
6.1.8 PetPace Ltd
6.1.9 Mars Incorporated (Whistle Labs Inc.)
6.1.10 Afimilk Ltd (Silent Herdsman Limited)
6.1.11 Ridogulous Labs Inc.
6.1.12 Pod Trackers
6.1.13 DogTelligent Inc.
6.1.14 GoPro Inc.
6.1.15 i4C Innovations LLC
6.1.16 IceRobotics Ltd
6.1.17 Konectera Inc.
6.1.18 Motorola Solutions Inc.
6.1.19 Nedap NV
6.1.20 Otto Petcare Systems
6.1.21 Scollar Inc.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Global Pet Wearable Market market is studied from 2018 - 2026.
What is the growth rate of Global Pet Wearable Market?
The Global Pet Wearable Market is growing at a CAGR of 8.49% over the next 5 years.
Which region has highest growth rate in Global Pet Wearable Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Pet Wearable Market?
North America holds highest share in 2020.
Who are the key players in Global Pet Wearable Market?
- Fitbark Inc.
- Mars Incorporated (Whistle)
- Loc8tor Ltd
- Garmin Ltd
Are the major companies operating in Global Pet Wearable Market.