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The Pet Wearable Market size is estimated to grow at a CAGR of 13.66% between 2022 and 2027. The market size is forecast to increase by USD 2,167.48 million. The growth of the market depends on several factors, including the growing pet industry, product innovation, and launch, and the rising pet owner population. Pet wearables are technology devices or accessories designed to be worn or attached to pets, such as dogs, cats, or other animals, for the purpose of tracking, monitoring, or enhancing various aspects of their health, behavior, and activities. These wearable devices are equipped with sensors, GPS technology, and other features that collect data and provide insights about the pet's well-being and daily routines.
This pet wearable market report extensively covers market segmentation by product (smart collar, smart camera, and smart harness and vest), application (identification and tracking, monitoring and control, medical diagnosis and treatment, and facilitation/safety and security), and geography (North America, Europe, APAC, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The growing pet industry is driving growth in the pet wearable market. Over the years, the pet industry has continued to grow at a healthy rate, including accessories and services. Pet wearables represent a niche within this expanding market, attracting both established players and startups seeking opportunities for growth. With a growing number of dual-income households, the lifestyle of people has changed immensely.
Moreover, people are willing to spend extra money on several products that are considered a luxury such as Gucci dog collars. As pet owners treat their pets like members of the family, they are becoming more and more interested to purchase premium products in order to provide their pets with the best. These products cater to the needs of modern pet owners, driving market growth during the forecast period.
The robust growth of e-Commerce and online sales is a key trend in the pet wearable market. It has become easier for consumers to find a wide range of pet care products and services through the growth of e-shopping and online pet shops. E-commerce platforms often provide complete product descriptions, specifications, and customer reviews. This information helps pet owners make well-informed decisions about the quality and functionality of the pet wearables they are considering.
However, the rise of direct-to-consumer (D2C) brands in the pet industry has led to an increase in online sales of pet wearables. Demand for pet wearables through online channels is likely to increase in line with the continuing growth of e-commerce and consumer behavior, which will boost the growth of the global market in focus during the forecast period.
The presence of unorganized players and the availability of counterfeit products is a major challenge faced by the pet wearable market. The growth of the global for pets wearable devices is being hindered by increased availability of counterfeit and low-quality products. The availability of counterfeit products, including pet wearables and other accessories, is high in developing countries like China and India. Well-established global competitors face high competition from these players.
Moreover, many consumers in developing economies do not prefer to invest in expensive pet care products, including pet furniture. Most counterfeit players target these consumers with their cheap and low-quality offerings. The low operating costs and investments required in this market are major advantages for these players. Therefore, the high competition from counterfeit players is a major price challenge for well-established manufacturers in the global pet wearable market.
The smart collar segment is estimated to witness significant growth during the forecast period. Smart collars are innovative and technologically advanced products that offer various benefits to pet owners, enhancing the overall well-being and safety of their beloved furry companions. GPS tracking, which allows pet owners to find their pets in real-time, is usually included with the GPS tracking collar.
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The smart collar segment was the largest segment and was valued at USD 489.90 million in 2017. Smart collars often offer personalized settings, which allow owners of pets to modify the functions of an instrument according to their pets' specific needs and preferences. Due to such benefits, the demand for smart collars is surging, which in turn is boosting the growth of the global market in focus during the forecast period.
The increasing demand for pet wearables for tracking and identification is a testament to the growing awareness and importance of pet safety and well-being among pet owners. The security and welfare of pets have become a growing concern for the owners. Wearable devices with GPS tracking capabilities enable real-time monitoring, allowing owners to locate their pets if they wander off or get lost. The increasing awareness of pet health and safety, coupled with the emotional bond between pet owners and their pets, will further drive the popularity of pet wearables in the market.
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North America is estimated to contribute 43% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. North America has a large and growing pet ownership base, with many households having one or more pets. Demand for products related to pets, such as wearables, is also contributing to this increased customer base.
Moreover, pet owners are beginning to pay close attention to the health and well-being of their pets. Advances in technology have made pet wearables more sophisticated and accessible. These devices now offer features like real-time tracking, remote monitoring, and seamless integration with smartphones and smart home devices. The demand for pet wearables is expected to continue growing in North America as technology improves, awareness increases, and more pet owners recognize the value of using these devices to monitor and enhance their pets' lives.
Several countries in North America have been severely impacted by COVID-19. However, the initiation of COVID-19 vaccination drives in the region since Q2 2021 led to the restart of offline stores and transportation provisions with certain limitations, such as limited capacity and social distancing, which will rise the demand for pet wearables among consumers. Hence, the market in focus is expected to witness significant growth in the region during the forecast period.
The Pet Wearable Market industry report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Pet Wearable Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Avid Identification Systems Inc. - The company offers pet wearables namely Avid Collar Tags.
Barking Labs Corp. - The company operates as a dog collar brand that includes features such as a geofence, monitoring, and more.
Datamars SA - The company offers pet wearables namely Kippy EVO through its subsidiary Kippy.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The pet wearable market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Pet Wearable Market Scope |
|
Report Coverage |
Details |
Page number |
153 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 13.66% |
Market growth 2023-2027 |
USD 2,167.48 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
13.0 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 43% |
Key countries |
US, China, Germany, UK, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Avid Identification Systems Inc., Barking Labs Corp., Datamars SA, Dogtra Co., Felcana, FitBark Inc., Garmin Ltd., GoPro Inc., Loc8tor Ltd., Mars Inc., Merck and Co. Inc., NUM AXES , Pet Valu Canada Inc., PetPace, Protect Animals With Satellites LLC, SCOLLAR Inc., Smart Tracking Technologies LLC, Tractive GmbH, Vandrico Solutions Inc., and Wagz Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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