LONDON, Aug. 04, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the pet wearable market, the implementation of IoT in pet wearables is gaining popularity in the pet wearable market trends. Companies operating in the pet wearable market are increasingly adopting IoT (Internet of Things) technology in pet tracking devices to allow pet owners to seamlessly track the activity and location of their pets. IoT-enabled pet tracking devices utilize IoT technology that uses GPS (Global Positioning System) or cellular tower triangulation to pinpoint the tracker’s location. This data can be accessed by a companion application that is installed on the pet owner’s smartphone. The advantages of IoT-enabled pet trackers include high precision in location tracking, geofencing notifications if the pet leaves a specified area, and longer battery life. For instance, in September 2021, Vodafone Group PLC, a UK-based multinational telecommunications company, launched the Curve Smart GPS tracker pack, which is an IoT-enabled tracker which can be used to accurately pinpoint the pet’s location.
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The global pet wearable market share is expected to grow from $2.10 billion in 2021 to $2.43 billion in 2022 at a compound annual growth rate (CAGR) of 15.96%. The global pet wearable industry growth is expected to grow to $4.15 billion in 2026 at a CAGR of 14.26%.
The rise in demand for pet monitoring globally contributed to the pet wearable market’s growth. Pet owners often view pets as family members and are willing to spend on pet products and services. According to the COVID-19 Pulse Study 2020, conducted by the American Pet Products Association, 11.38 million U.S. families brought new pets during the pandemic. Furthermore, 72% of respondents in the study stated that their pet’s diet and health were of the utmost priority to them. Additionally, according to the Pet Food Manufacturers Association, a UK-based trade body for the pet food industry, 3.2 million households in the UK acquired a new pet during the COVID-19 pandemic. The increase in the number of pets indicates a rise in demand for pet-related goods, including pet wearable devices.
Major players in the pet wearable market are Allflex USA Inc., Avid Identification Systems Inc., Dairymaster, Datamars Inc., Felcana, FitBark Inc., Garmin Ltd., GoPro Inc., Intervet Inc., Invisible Fence, Konectera Inc., Scollar Inc., Tractive GmbH, Trovan Ltd., PetPace Ltd, Motorola Mobility LLC, Num’Axes, Dogtra, Dog Tracker Nano, DeLaval Inc., Furbo, GIBI Technologies, Nedap, Omnia Technologies, Pawbo Inc., Indiegogo Inc., Invoxia, and Jiobit.
The global pet wearable market is segmented by product type into smart collar, smart camera, smart harness and vest, others; by technology into RFID devices, GPS, sensor, Bluetooth, others; by application into identification and tracking, monitoring and control, medical diagnosis and treatment, others.
North America was the largest region in the pet wearable market in 2021. Asia-Pacific is expected to be the fastest-growing region in the global pet wearables market during the forecast period. The regions covered in the global pet wearable market analysis are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Pet Wearable Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide pet wearable market overviews, analyze and forecast market size and growth for the whole market, pet wearable market segments and geographies, pet wearable market trends, pet wearable market drivers, pet wearable market restraints, pet wearable market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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