The pet wearables market (Margadh Peataí Wearable) is expected to grow at a compound annual growth rate (CAGR) of 8% during the forecast period of 2022–2032. It is anticipated that by 2022, the market will have grown to a global market valuation of US$ 3.2 billion. The pet wearables industry is predicted to reach US$ 10.96 billion by 2032, taking into account both this consistent growth and the rapidly expanding worldwide demand.
The use and demand of these devices, as recommended by insurance companies, will be one of the major factors affecting the market for pet wearables. Rising downstream demand and expanding pet health awareness are the main factors affecting the market for pet wearables. Pet wearables will serve a purpose during the projected period based on their cost-effectiveness and impacts on the pet healthcare system.
Region wise, the availability of improved technologies and increased veterinary care expenditures are likely to drive growth in the US industry. According to the American Pet Product Association, the US pet industry will spend more than USD 100 billion by 2022. On the other hand, rising pet health awareness and a growing use of wearable technology are expected to propel Chinese market development over the forecast period.
Key Takeaways from the Market Study
- In 2022, the global cheddar cheese market is estimated to have a global market size of US$ 3.2 Bn.
- In 2022, the RFID segment by technology type is expected to occupy a 58% market share and is expected to dominate the global market during 2022-2032.
- The emotion tracker segment is projected to hold a global market share of 30% in 2022.
- The US market is predicted to acquire 45% of the global market share in 2022 and grow with an 8.1% CAGR during 2022-2032.
- The Chinese region is forecast to have a CAGR of 7.9% over the projection period of 2022- 2032.
List of Key Companies Profiled in The Report
- RSA Group
- Avid Identification Systems, Inc.
- Allflex USA Inc.
- Datamars
- FitBark
- Garmin Ltd.
- Invisible Fence
- Link AKC
- Others
What is the outlook of the US Pet Wearables Market?
The US market will be the most lucrative market for pet wearables during the forecast period. As per Fact.MR, the US market is expected to gain a market share of 45% in 2022.
The region's market is expected to develop as a result of the availability of advanced technology and rising expenditure on veterinary care. For instance, the American Pet Product Association projects that by 2022, the U.S. pet sector would spend more than USD 100 billion.
Numerous pet-related services, including pet daycare facilities, nutritional supplements, grooming services, pet accessories, and one of the newest offerings-pet wearables and communication gadgets-are all anticipated to drive demand in the industry. Thus, the US market is predicted to grow at an 8.1% CAGR during 2022-2032.
Competitive Landscape
- Avid Identification Devices Inc. creates and provides injectable RFID electronic identification systems for use in animal applications. The company sells Labtrac, a permanent microchip-based animal identification system. Among the nations where it sells and distributes its items are Australia, Argentina, Brazil, Colombia, Canada, Costa Rica, France, Ecuador, Guatemala, Mexico, South Korea, New Zealand, Spain, Peru, the United States, the United Kingdom, and Uruguay.
- In 2022, Fitbark debuted FitBark GPS 2nd Generation. Their most current tracker seamlessly (and easily) switches between AT&T, Verizon, and T-Mobile 4G LTE-M networks to deliver the best coverage at all times. It is important to remember that the inbuilt sim is independent of the smartphone's cellular provider. FitBark GPS 2nd Generation weighs 16 grams and is as fond of water as the dog is. It is suitable for dogs of all sizes, including Leonbergers and Chihuahuas. It accommodates collars as wide as 1.5′′. (38 mm).
The pet wearables market is not merely a trend but a dynamic and evolving industry that addresses the changing needs and expectations of pet owners. As technology continues to advance, the opportunities within this market are bound to expand, offering exciting possibilities for both businesses and consumers. By staying informed about the latest insights, growth factors, opportunities, industry news, and notable developments, stakeholders can navigate the pet wearables market with a clearer understanding of its present state and future potential.
