Global Pet Wearable Market Size, Share, Trends Forecast 2032
Pet Wearable Market Overview:
The global pet wearable market was valued at USD 2.07 billion by 2021. The market is expected to expand by a compound annual rate (CAGR), of 14.3% between 2022 and 2030. Pet owners are becoming aware of the significance that pet health has on their market expansion.
The market for pet wearables has received significant funding in the last two years to help support a variety of technology-enhanced devices for pets. This market is at the beginning of development. This sector is still in its early stages of development and is facing greater competition from key stakeholders. OEM will concentrate on the development of products that can efficiently collect health metrics.
Pet Wearable Market Driving Factors:
Rapid growth in pet food and pet accessories
In recent years, many sectors have seen rapid expansion, including pet food and accessories. There are numerous services for pet owners to avail, such as grooming, daycare for pets, as well as nutritional supplements. There are also more recent options like wearable communication devices that are able to talk to pets. The market is projected to grow during the forecast timeframe as pet wearables can do more than just monitor pets. Additional value-added services such as fitness tracking, step tracking, sleep tracking, and also behavioral tracking are continually being created.
Pet Wearable Market Restraining factors:
The price of these devices as well as the limited battery life hinder the market growth.
This industry is hindered by its limited battery time. The worldwide market for pet wearables is also held back by high power consumption. Wearable devices require frequent charging as they use modern technologies like GPS as well as wireless networks that consume lots of energy. This can reduce battery life and makes pet owners spend more on maintenance. This market is also affected by the high price of pet wearables. The market is expected to slow down as consumers with lower incomes are less likely to buy pet wearable devices.
Pet Wearable Key Market Trends
The market for pet wearable market exceeded USD 2.5 billion in 2020. Between 2021-2027, it is anticipated to grow at a 22% CAGR. Growth in the industry will be encouraged by the rising disposable income of individuals worldwide. The ONS estimates that the UK's average household income increased by about USD 858 in the period of 2019 and 2020. This has allowed pet owners to spend more on new pet wearables that offer an excellent, luxurious, and comfortable lifestyle for their pets.
Pet Wearable Market Recent Developments:
To draw more customers, important pet wearables suppliers concentrate on creating pet wearables with a price tag that is affordable. Tractive launched a GPS tracker and activity monitor for cats in the month of December 2018. The new gadget allows owners of cats to track their cats and see where they travel. It also shows the duration of their stay at each location.
This makes it easy for them to find them when needed. In June 2018, Wagz launched the Wagz Explore smart-collar. The Wagz Explore smart collar for pets incorporates real-time data geofencing and geofencing with artificial intelligence. This lets pet owners monitor their pet's health as well as their location. Explore Smart Collar Explore Smart Collar also includes HD video streaming as well as two-way audio, activity tracking, and humane bark deterrence as well as HD streaming video.
Pet Wearable Market Key Companies:
The Pet Wearable Market includes Avid Identification Systems, Inc., Allflex USA Inc. Garmin Ltd. FitBark Inc. Datamars SA, Invisible Fence Inc., PetPace LLC, Loc8tor Ltd., and Other Key Players
Pet Wearable Market Segmentation:
The report forecasts revenue growth at all levels, including regional, national, and global. It also provides an analysis of trends in the industry in each segment from the years 2018 until 2030. Grand View Research has divided the pet wearable market in the world report into regions, technology, and application.
What is the size of the pet wearables market?
What are the future prospects for the future of the pet wearables industry?
Which region is most appealing to the vendors that work at the Pet Wearables Market?
Which market segment holds the largest share of the Pet Wearables sector?
What is the projected CAGR at which the Pet Wearables market is expected to grow?
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