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Pet Wearable Global Market Report 2023
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.
New York, Feb. 28, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Pet Wearable Global Market Report 2023" - https://www.reportlinker.com/p06285600/?utm_source=GNW
, 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 grew from $2.47 billion in 2022 to $2.85 billion in 2023 at a compound annual growth rate (CAGR) of 15.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The pet wearable market is expected to grow to $5.24 billion in 2027 at a CAGR of 16.4%.
The pet wearables market consists of sales of GPS pet tracker, dog and cat collar attachment.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The pet wearable are devices that can be worn on the pet’s body such as dogs, cats, and other pets to serve various purposes, such as identification, tracking, monitoring, controlling, medical diagnosis, treatment, facilitation, safety, and security. These products are utilized to collect the data which is tracked through a companion app installed on the pet owner’s smart device.
North America was the largest region in the pet wearable market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the pet wearable report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of products in pet wearables are smart collars, smart cameras, smart harnesses and vests, and others.The smart collar market provides smart collars to pet stores, veterinary hospitals, and individual pet owners.
Smart collar allows pet owners to track the location of their pets.The technologies used in pet wearables are RFID devices, GPS, sensors, Bluetooth, and others.
These wearables are used for identification and tracking, monitoring and control, medical diagnosis and treatment, and others.
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 a 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 utmost priority for 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.
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.
In November 2021, Life360 Inc., a US-based information technology company leader in family location and safety services including pets acquired Jiobit for a deal of $37 million . Through this acquisition, Life360 Inc aims to be the leader in both hardware and software products for families and pets in the US market. Jiobit is a US-based company operating in wearable devices and solutions.
The countries covered in the pet wearable market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The pet wearable market research report is one of a series of new reports that provides pet wearable market statistics, including pet wearable industry global market size, regional shares, competitors with a pet wearable market share, detailed pet wearable market segments, market trends and opportunities, and any further data you may need to thrive in the pet wearable industry. This pet wearable market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06285600/?utm_source=GNW
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