Pet Wearable Market

Pet Wearable Market is expected to cross the value of US$ 4.32 Bn by the end of 2031, expand at a CAGR of 8.5% from 2021 to 2031

ALBANY , NY, US, January 19, 2022 /EINPresswire.com/ -- Transparency Market Research delivers key insights on the global Pet Wearable market. In terms of revenue, the global pet wearable market is estimated to expand at a CAGR of 8.5% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global pet wearable market.

The global pet wearable market is broadly affected by several factors, including an increase in adoption of pet wearables by pet owners to identify and track their pets. Thus, increased use of pet wearables for identification & tracking, behavior monitoring & control, and safety & security is propelling the global pet wearable market.

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Rise in Use of Pet Wearable to Track Pets in Urban Areas: Key Driver of Pet Wearable Market

Wearable technology is witnessing rapid adoption owing to its diverse applications in tracking and identification, monitoring behavior, diagnosing medical problems, and the safety and security of pets. These wearable devices help pet owners track the daily activities of their pets. They also enable statistical tracking such as rest patterns and calories burnt, along with heart rate monitoring. Integration of various technologies, such as GPS and Radio Frequency Identification (RFID), to enhance the quality of life of companion animals has also positively impacted the pet wearable market.

Pet Wearable Market: Dynamics

Society, as a whole, has become more isolated and the rapid breakdown of social support systems has increased the rate of pet adoption. The importance of pets in social life has led to changes in the social standing of pets.

People have come to view pets as extended family members, which, in turn, has led to a significant increase in pet healthcare. Additionally, tracking of heartbeat, temperature, and other miscellaneous data is being developed for the qualitative analysis of pet health.

Some of the previously used pet wearables to stop barking or training purposes are being revamped to create humane training collars. The banning of pet wearables using inhumane tactics is underway in multiple countries.

Key factors propelling the pet wearable market are an increase in awareness about the pet’s physical and mental fitness, rise in adoption of IoT, surge in the demand for pet monitoring, and technological advancements.

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Pet Wearable Market: Prominent Regions

In terms of region, North America is anticipated to hold a significant share of the global pet wearable market owing to the early start for adoption of pet wearables in countries such as the U.S. and Canada.

The market in Asia Pacific is projected to expand significantly during the forecast period. Factors such as increasing awareness related to pet fitness and health and rise in the adoption of companion animals in emerging economies are expected to drive the market in the region.

Pet Wearable Market: Key Players

Key players operating in the global pet wearable market are Allflex USA Inc, Avid Identification Systems, Inc., FitBark, Whistle Labs Inc., Garmin Ltd., Intervet Inc., Invisible Fence, Konectera Inc., Nuzzle, PetPace LLC, Tractive, and Trovan Ltd.

Rise in Livestock Production to Drive Market

Animals can catch various diseases due to diverse reasons. It is not feasible to check each and every animal manually, daily, as it’s difficult and time consuming.

The possibility of disease spread in other animals is high if not detected in time, due to the contagious nature of a disease. This is likely to result in decreasing milk quantity and quality.

Various wireless wearable sensors are available that can be mounted on animals. These sensors can be attached to various parts of the animal such as neck, tail, or leg to obtain real-time information in order to understand the behavior of an animal.

These wearable sensors can sense temperature, activity, change in behavior such as lying down frequently, eating habits, splitting from herd, milk production, and fertility management. With this, animal disease and illness can be detected on spot. Therefore, the factors mentioned above are likely to propel the pet wearable market during the forecast period

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Pet Wearable Market: Key Developments

Key providers of pet wearables are focused on the design of cost-effective pet wearables to attract more customers. Other key developments in the global pet wearable market have been highlighted below:

In December 2018, Tractive launched a GPS tracker and activity monitor for cats. This new device enables cat owners to discover where their cats go, see how much time they spend on various locations, and find them whenever required.

In June 2018, Wagz launched Wagz Explore Smart Collar, a pet wearable of its kind that combines real-time data, geofencing, and artificial intelligence to help owners keep track of their pets’ location and health. The Explore Smart Collar device also packs in HD video streaming, two-way audio, activity tracking, and humane bark deterrence. It employs artificial intelligence found in popular smart home assistants, such as Amazon Alexa, to connect pets and provide them a voice.

In December 2018, FitBark partnered with Fitbit (U.S.) This partnership enabled Fitbit users to track both their own and their pet’s daily stats and goals, including activity, distance walked, and calories burned.

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