Pet Wearable Market Size, Share & Trends Analysis Report By Technology (RFID, GPS, Sensors), By Application, By Region, And Segment Forecasts, 2022 - 2030

Report Overview

The global pet wearable market size was valued at USD 2.07 billion in 2021 and is projected to register a compound annual growth rate (CAGR) of 14.3% from 2022 to 2030. The market growth is supported by awareness among owners regarding the well-being of their pets. Further, the pet wearable market has attracted considerable funding over the last couple of years for an array of technology-enhanced products for pets, including cameras and wearables. The industry is still in its initial stages of development. However, it is still characterized by increasing competition among key stakeholders and the threat of new entrants. The focus of OEM will be the development of products with the capability of efficiently collecting health metrics.

IoT will play a crucial role in driving market growth in the future. Transmitting real-time data concerning pet health to veterinarians or pet owners will be supported by the connectivity offered by these devices. The non-invasive wearable sensor system combining photoplethysmograph (PPG), electrocardiogram (ECG), and inertial measurement units (IMU) is used to continuously monitor the health condition of pets integrated with the wireless technology, and handheld devices can make pet health monitoring easier.

Advancements in technologies including sensors, cameras, GPS, etc. will further elevate market demand in the future. Technology plays an important role in any electronic device, therefore any advancements in the aforementioned fields will be conducive to the growth of the pet wearables industry. Short battery life and high consumption of power may reduce the usage and adoption of the technology. Moreover, compliance with stringent government regulations is expected to hamper industry growth.

Technology Insights

The segment for RFID based pet wearable devices recorded the highest revenue share in 2021, surpassing 30% in the same year. Reliability and accuracy are the two key features contributing towards the segment growth. The RFID trackers help monitor parameters concerning health such as variability in heart rate, calorie intake, body temperature, and pulse. These benefits play a key role in up-keeping segment growth, a trend expected to continue over the forecast years.

GPS enabled devices segment is projected to grow at a CAGR exceeding 10% from 2022 to 2030, contributing to a high revenue share over the forecast period. Growing demand to monitor pet activities while ensuring security is creating avenues for GPS-based pet wearable devices. Growth in real-time positioning, increasing penetration of smartphones, and growth in mapping portals worldwide are estimated to fuel demand. Moreover, GPS providers have established strategic alliances with stores, mobile phone manufacturers, and application developers to increase GPS usage in new applications.

Application Insights

The demand for identification & tracking pet wearable devices surpassed USD 1.0 billion in 2021. Access to location history and weight & dimensions are key features is driving the segment growth. These devices offer pet owners a secure and easy way to monitor pet activity contributing to the segment's popularity.

Apart from activity monitoring, the demand for pet wearables for medical diagnosis & treatment is projected to witness growth at a CAGR exceeding 15% from 2022 to 2030. The expenditure on pet health diagnostics is creating opportunities for segment growth. Without a doubt, we can say that pet wearables have a bright future, with pet owners spending more day by day. To a certain extent, this spending is driven by emotional motives such as increasing emotional attachment as well as dependence on the pets for entertainment, companionship, and mental well-being.

Regional Insights

North America pet wearable market surpassed USD 600 million in 2021. The availability of sophisticated technologies in the region along with increasing spending on pet healthcare is anticipated to drive the regional market growth. For example, according to the America Pet Product Association, the spending on pet industry in the U.S. is projected to surpass USD 100 billion by 2022.

Asia Pacific pet wearable industry growth will be led by countries including India, China, and Australia. The growing awareness of pet health and increasing wearable technology penetration in the region is anticipated to drive the regional market growth over the forecast period.

Key Companies & Market Share Insights

The pet wearable market is in its developing stage and is observing intense competition among existing players and new entrants. Companies are also focusing on strategic expansions, collaborations, and acquisitions to strengthen their position in the global market. Market players are focused on improving their presence by pursuing various strategic initiatives, such as new product development; strategic collaborations, joint ventures, and partnerships; and mergers & acquisitions. Key players in the market are highly focused on R&D activities to develop innovative products to expand their product offerings.  

Further, these players are also focused on developing innovative products that can gather health metrics of pets, such as distance walked and calories burned, which can be advantageous to veterinarians. For instance, in January 2020, Whistle Labs, Inc. announced the launch of Whistle FIT, a preventive healthcare tool. Whistle FIT enables the customer to monitor the pet’s food intake, activity, and key health behaviors to manage pet care. Some prominent players in the global pet wearable market include:

• Avid Identification Systems, Inc.

• Allflex USA Inc.

• Datamars

• FitBark

• Garmin Ltd.

• Invisible Fence

• Link AKC

• Loc8tor Ltd.

• PetPace LLC

• Whistle Labs, Inc.

• Voyce.

Pet Wearable Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global pet wearable market report based on technology, application, and region:

• Technology Outlook (Revenue, USD Million, 2018 - 2030)

  • RFID

  • GPS

  • Sensors

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Identification & Tracking

  • Behavior Monitoring & Control

  • Facilitation, Safety & Security

  • Medical Diagnosis & Treatment

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Spain

  • Asia Pacific

    • China

    • India

    • Japan

  • Latin America

    • Brazil

    • Mexico

  • Middle East and Africa