pet wearable market anticipated propelling with a significant CAGR of 12.7% in the forecasted period of 2019-2025. Factor such as rising disposable income, pet healthcare concern, and rising pet healthcare expenditure driving the demand for pet wearable in the global market. Besides, increasing the adoption rate of IoT, coupled with technological advancement for pet monitoring, contributing to the growth of the pet wearable market during the forecast period. The factors mentioned above anticipated to boost the demand with a significant growth rate in the pet wearable market.
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North America is anticipated to hold a significant proportion of the Pet Wearable market. As an outcome of rising pet ownership rates, increasing trends towards pet adoption and humanization, increasing expendable income, and rising per capita expenditure on animal health are the main drivers of the market’s growth.
The smart pet collar is a system that connects to a smartphone wirelessly through Wi-Fi or Bluetooth and offers insights into animals such as their location, training activities, and more. In comparison to the current conventional collar, it is a multi-purpose device. This collar enables pet owners to track their pets utilizing GPS technology, collaborate with others using an external collar LED display, and monitor, monitor, and obtain information and alerts about your wearable pet market. RFID-based pet wearables are used in tandem with sensors to monitor health-related parameters such as pulse, temperature, HRV, location, breathing, or calorie intake across the day continuously and accurately.
High power usage and limited battery life are a massive challenge for the acceptance of pet wearable devices. Most wearable devices use emerging technologies that consume a lot of energy, such as GPS and wireless networks. Generally speaking, the battery power of all these devices will last for a few days, and the battery will last for less than a day in case of heavy use. Europe is projected to boom the industry with substantial market share with rising pet humanization development and growing fitness tracker demand.
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The involvement of different trade groups in the pet wearable industry helps players. The People’s Dispensary for Sick Animals (PDSA), for example, in the UK, provides pets reduced costs and free veterinary care. The growing concern for the safety and health of animals will lead to the increased adoption of modern technologies such as smart cameras, smart harnesses, and smart waistcoats.
Some of the major industry players are Petpace Ltd, Binatone Global, Garmin Ltd, Motorola Mobility (Binatone), Loc8tor, Ltd., Fitbark, Cybortra Technology Co. Ltd, Whistle Labs, Inc., Otto Petcare Systems, Tractive, Link AKC (WAGZ), NuIceRobotics, Ltd., Fitbark, Kyon and Other Prominent Player.
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