The global pet wearables market size was valued at USD 1.42 billion in 2017 and is anticipated to grow at a double-digit CAGR in the forecast period. Advancements in wireless communication, sensors and phone application technologies have propelled the growth of global pet wearables market. Also, rising awareness of pet owners with regards to the animal health and diseases coupled with growing disposable income will drive the overall pet wearables market across the world in coming years.
The size of the global market for Pet Wearables is expected to reach US$ 10.96 Billion by 2032, expanding at a compound annual growth rate (CAGR) of 8 %.
Pet wearable devices help humans to track and monitor their pets using wireless communication technology. Pet owners can locate their pets if lost or stolen and also, can monitor their health which includes monitoring their food intake, nutrition and aggressive behavior. There have been rising concerns of pet obesity, especially in cats and dogs, thus, leaving only option of using pet wearables to combat this problem. Internet of Things (IoT) and development of sophisticated phone applications will have a positive influence on the global pet wearables market.
On the basis of application, the global pet wearables market is bifurcated into behavior monitoring & control, facilitation, identification & tracking, medical diagnosis & treatment and safety & security. Among these segments, identification & tracking had the highest market share, contributing more than half of the overall pet wearables market. GPS tracking stickers and tags have been available in the market for quite some time, which have boosted the identification & tracking segment. Also, as per the report provided by The American Society for the Prevention of Cruelty to Animals (ASPCA), about 15% of pets were lost in past five years and almost 85% of them were recovered by the pet owners in the US alone.
Based on the technology, the global pet wearables market is segmented into sensors, GPS and RFID. Among these, RFID had the highest market share in 2017, but sensors segment is expected to grow with the highest CAGR due to the advent of Internet of Things (IoT). Also, growing technological advancements in the field of semiconductors have led to the fall in the prices of sensors which form an important part of pet wearable devices. The demand for sophisticated technology by the tech-savvy pet owners has fuelled the growth of sensor based wearable devices which, in turn, will have a compelling proposition on the global pet wearables market.
Geographically, the pet wearables market is divided into five regions: North America, Europe, Asia-Pacific, Latin America and Middle-East & Africa. Among these regions, North America had the highest market share in 2017 owing to high spending capacity of pet owners in the countries of the USA and Canada. Also, according to the survey conducted by the American Pet Products Association (APPA) in 2017-18, 68% of the households in the US own a pet and almost USD 69.4 billion was spent on the pet industry in 2017. Hence, North America region is expected to dominate the global pet wearables market in next eight years.
The major players in the global pet wearables market include Fitbark, IceRobotics Ltd., Fetch (GoPro, Inc.), Tractive, Mars Inc. (Whistle Labs Inc.), Otto Petcare Systems, PetPace LLC, Pitpatpet Ltd., Inupathy, Inc., Loc8tor Ltd., Motorola and others. Major players have always been focusing on innovation in terms of quality, technology and price to gain a competitive advantage in the pet wearables market. Also, these players have always looked forward to implement prominent strategies through partnerships, agreements, collaborations and business expansions. For instance, in December 2018, FitBark partnered with FitBit to provide a solution which inspires humans to be more active with the pets and generate better outcomes for both.
Pet Wearables Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2025||USD 4.14 billion|
|Segment Covered||Application, Technology, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, Middle-East & Africa|
|Key Players Profiled||Fitbark, IceRobotics Ltd., Fetch (GoPro, Inc.), Tractive, Mars Inc. (Whistle Labs Inc.), Otto Petcare Systems, PetPace LLC, Pitpatpet Ltd., Inupathy, Inc., Loc8tor Ltd.|
Key segments of the global pet wearables market
Application Overview, 2015-2025 (USD million)
- Identification & Tracking
- Behaviour Monitoring & Control
- Facilitation, Safety & Security
- Medical Diagnosis & Treatment
Technology Overview, 2015-2025 (USD million)
Regional Overview, 2015-2025 (USD million)
- North America
- Asia Pacific
- Latin America
- Middle-East & Africa