Ballooning Pet Population Worldwide Propels Pet Wearable Market
After coming such a long way with smart devices for humans, now it’s time for pets and livestock to get caught up with the latest and greatest of pet-friendly innovations. Tech for the Pet: Wearables. Plethora of devices come in the form of collar and vests, and some have the capability to connect with apps. These pet-friendly wearable devices help owners influence behaviour, track locations, ensure safety, and monitor the health status of their pet. The market is expanding due to increased owner knowledge of their pets' well-being. The pet wearable market has received significant funding recently for various technology-enhanced pet goods, such as cameras and wearables. Technological advancements such as sensors, cameras, GPS, and so on will drive up market demand in the future. With technology being so vital in any electronic device, any developments in the categories above will help the pet wearables market thrive.
Thriving Pet Humanisation Trend Creates a Strong Ground for Market Expansion
Global pet wearable market is predicted to grow during the forecast period, owing to rising pet adoption rates, particularly for cats and dogs. While the epidemic produced uncertainty in the broader market, pet adoption grew during COVID-19. Around the world, there are around 900 million dogs and about 600 million cats on the earth now. Every year, nearly 4 million cats and dogs are adopted from shelters in the United States. The continual increase in the population of pet animals, especially cats and dogs, will propel the market expansion. One of the factors driving the market expansion is the growing interest in pet humanisation, which is combined with an increase in demand for premiumisation in pet care products. With increased consumer interest in treating pets as members of their families, the pet humanisation trend has a beneficial impact on market growth. The trend toward pet humanisation is ascribed to increased global sales of pet care items. According to a survey, about 70% of American households have at least one pet. Nine out of ten dog and cat owners consider their pets to be the family members, with nearly half of dog owners finding it more difficult to leave their pet than their human companions for a week.
RFID Chips Dominate Pet Wearable Market Based on Accurate Tracking Capability
RFID-based pet wearable gadgets will have the most significant revenue share in the forecast period. The two most important factors driving segment expansion are dependability and accuracy. RFID trackers aid in monitoring health factors such as heart rate variability, calorie intake, body temperature, and pulse. These advantages are critical to maintaining category growth, which will likely continue in the coming years. The RFID market share is predicted to grow significantly over the forecast period, owing to increased market competition and the availability of cost-effective RFID solutions internationally. RFID market research is expected to be driven by rising in-laws and government efforts for various sectors. Manufacturers are working on integrating connective technologies such as the Internet of Things (IoT) to enable effective pet identification in real-time locations. Such trends point to attractive opportunities for market participants.
Rocketing Pet Adoption Rates, and Higher Awareness Around Pet Health Keep North American Market Afloat
North America will dominate the pet wearable market and is projected to remain so for the foreseeable future. This increased pet adoption may fuel the growth of the pet wearable market in North America over the forecast period. Other key drivers driving the development of the pet wearable market in North America are increased pet owner awareness of pet health, increased product innovation, sophisticated technology, and a large percentage of tech-savvy owners. According to the North American Pet Health Insurance Association (NAPHIA), the overall number of pets insured in 2020 was nearly 3.1 million, up from 2.5 million in 2019. According to the report, dogs account for 82.9 percent of insured pets, while cats account for 17.1 percent. These elements above create a new product launch potential for the leading players in the pet wearable market and are projected to propel the researched market growth in this area.
The United States is likely to maintain its considerable growth in the pet wearable market over the forecast period, owing to increased adoption of companion animals, high disposable income, and rising per capita animal healthcare expenditure. The Los Angeles Society for the Prevention of Cruelty to Animals stated that the adoption rate had increased in June 2020, with daily adoptions of companion animals ranging from 10 to 13. The growth and continual increase in the adoption rate of pets will boost the nations and regional markets.
Asia Pacific Presents a High-potential Developing Market with Multiple Favourable Trends
India, China, and Australia will drive the Asia Pacific pet wearable business. The region's growing ageing population, increase in the number of people living alone, and rising disposable income all contributed to a shift toward smaller pets, propelling the pet wearable business forward. The growing desire to protect pets from illness caused by pet food and harm caused by grooming activities causes the industry to expand with significant potential. Pet toys, in high demand, play an essential part in raising sales revenue for the pet wearable market. Growing pet health awareness and wearable technology usage in the region are expected to boost regional market growth over the forecast period.
Global Pet Wearable Market: Competitive Landscape
Participants in the market are introducing new products and forming collaborations, alliances, and partnership agreements. In January 2022, Invoxia, a tech firm based in the United States, introduced the Invoxia Smart Dog Collar, which is designed to monitor a pet dog's vitals, activity, and location 24 hours a day, seven days a week, and has become the first biometric health collar for dogs. In January 2022, PurrSong, Inc. introduced the LavvieTag, a smart-care fitness tracker for cats that allows pet owners to collect their cat's daily walking, running, sleeping, and calorie consumption using the LavvieTAG's Activity Analysis Sensor.
A few of the players in global pet wearable market include Whistle Labs (US), PetPace (US), Garmin (US), FitBark (US), Tractive (Austria), Link AKC (US), Motorola (US), Num’Axes /EYENIMAL (France), KYON (Greece), Scollar (US), GoPro (US), and Felcana (UK).
Global Pet Wearable Market is Segmented as Below:
Key Elements Included In The Study: Global Pet Wearable Market
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