In the modern era of sustained economic stability and increasing disposable incomes, pet adoption rates have increased continually. According to some reports, there are approximately 900 million dogs and 600 million cars in the world at present. Such a significant presence is positively impacting the demand for various pet-focused products. These prerequisites are aiding the growth of the global pet wearable market. The growing adoption of smart devices for humans has eased the innovation and demand creation for pet wearables. The business landscape is brimming with several types of vests and collars for pets that can track locations, ensure safety, influence behaviours, and monitor pets’ health status in real-time. These factors, coupled with the paced innovations in wearable tech and the growing number of tech-savvy users are prolonging the growth trajectory of the market.
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High Pet Adoption Rates to Maintain Promising Growth Momentum of Pet Wearable Market
World over, the adoption of pets, particularly cats and dogs, has skyrocketed in the past few years. Lately, the increasing humanisation of pets substantially increased the demand for pet wearable products. This is further supported by the growing premiumisation of several pet care products. As pets continue to become an integral part of families in several developed economies, these trends are expected to stay effective in the foreseeable future. To this end, more people are expected to buy more advanced pet wearables. Such changes in consumer behaviour and mindset are posed to bode well for the global pet wearable market in the forecast period.
RFID Innovations to Unlock New Avenues of Growth in Pet Wearable Market
Notable technological innovations have penetrated the new-age pet wearable products as well. Radio Frequency Identification (RFID) technology in pet wearables allows owners to actively monitor their pet’s well-being. These RFID trackers can monitor calorie intake, heart rate variability, pulse rate, and body temperature in real-time. Moreover, owners can also receive these updates and information remotely on their smartphone apps. In addition, industry players are also integrating cutting-edge IoT and networking technologies in RFID-based pet wearables to enable effective pet identification and real-time location tracking. Such innovations are expected to unlock novel opportunities for growth in the global pet wearable sector throughout the study period.
North America’s Dominance Intact in Pet Wearable Market with Growing Regional Pet Population
High pet adoption rates and a supportive technology industry are establishing North America as the leading pet wearable market region. High healthcare awareness and increasing disposable incomes are some of the factors which maintain the status quo. Many pet owners in the region are active users of tech, including smartphones and wearables. Moreover, pet owners in the region are generally more aware and involved in taking care of their pet’s health. As per the North America Pet Health Insurance Association (NAPHIA), the total number of insured pets was approximately 3.1 million in 2020.
Major Market Players
The most dominant players in the global pet wearable market include Garmin (US), PetPace (US), Whistle Labs (US), FitBark (US), KYON (Greece), Tractive (Austria), Link AKC (US), Num’Axes /EYENIMAL (France), Motorola (US), Scollar (US), GoPro (US), and Felcana (UK).
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