Global Pet Wearable Market worth $6.83 Billion by 2030
According to a research report published by Spherical Insights & Consulting, the Global Pet Wearable Market Size is to grow from USD 2.4 billion in 2021 to USD 6.83 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 18.6% during the forecast period. The global healthcare system was impacted by the COVID-19 pandemic, which in turn significantly affected the pet wearable market. Pet adoption skyrocketed during the pandemic, resulting in increased animal health care and driving the pet wearable market growth.
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Browse key industry insights spread across 209 pages with 119 market data tables and figures & charts from the report “Global Pet Wearable Market Size, Share, and COVID-19 Impact Analysis, By Product (Smart Camera, Smart Harness, Smart Collar, Smart Vest, Others), By Technology (RFID, GPS, Sensors, Bluetooth, Others), By Application (Identification & Tracking, Behaviour Monitoring & Control, Medical Diagnosis, Facilitation, Safety & Security & Treatment, Others) and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030“ in detail along with the table of contents. https://www.sphericalinsights.com/reports/pet-wearable-market
The pet wearable market continues to expand as owners become more concerned about their pets' well-being. Furthermore, the pet wearable industry has received significant funding in recent years for a variety of technology-enhanced products for pets, such as camera systems, sensors, GPS, and wearable technology. According to the Pet Food Manufacturers Association, 19.5 million households have owned pets in 2021. This growing number of pet owners is concerned about their pets' safety, and the pet owner population has become more aware of pet safety, driving the growth of the global pet wearable market. Technological advancements in the market are also expected to have a significant impact on the market under consideration. Furbo, for example, launched a 360-degree dog camera in June 2022 that rotates 360 degrees at its base to follow an active pup while offering a wide-angle lens, colored night vision, and auto dog tracking. The app's controls allow you to move the camera. This technological advancement is expected to significantly drive the pet wearable market growth.
The smart collar segment is witnessing a higher growth rate over the forecast period.
Based on products, the global pet wearable market is segmented into the smart camera, smart harness, smart collar, smart vest, and others. Among these, the smart collar segment is witnessing a higher growth rate over the forecast period. It is a multi-purpose instrument, as opposed to the current standard collar. This collar enables pet owners to use GPS technology to track their pets, connect with others via an LED display on the outside of the collar, and monitor, track, and receive feedback and alerts about their pet's wearable. Pet owners will be able to track various aspects of their pet's health as well.
The RFID segment is witnessing significant CAGR growth over the forecast period.
On the basis of technology, the global pet wearable market is segmented into RFID (Radio Frequency Identification), GPS (Global Positioning System), Sensors, Bluetooth, and others. Among these, the RFID segment is witnessing significant CAGR growth over the forecast period. Precision and dependability are the two key variables influencing RFID segment expansion. Monitoring health parameters including heart rate variability, caloric intake, body temperature, and pulse is made easier with the use of RFID trackers. These benefits are essential for sustaining the category's growth, which is expected to continue over the next several years.
The identification & tracking segment is dominating the market with the largest market share of 60% over the forecast period.
Based on application, the global Pet Wearable market is segmented into identification & tracking, behavior monitoring & control, medical diagnosis & treatment, facilitation, safety & security, and others. Among these, the identification & tracking segment dominates the market with the largest market share of 60% over the forecast period owing to the growing use of pet wearables, such as smart collars, to locate and track pets via GPS. These pet wearables allow owners to track their animals, assist in finding lost animals, and return pets to their rightful owners. Pet owners can use their smartphones to track the location of their pets and quickly identify them. As a result, demand for pet wearables is expected to rise to meet the rising demand for identification and tracking.
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North America dominated the market in 2022, with a 40% market share.
North America dominated the market in 2022, with a 40% market share. The region's access to advanced technologies, as well as increased spending on pet healthcare, is expected to drive regional pet wearable market growth. Other key factors influencing the growth of the pet wearable market in North America include an increase in product innovation and advanced technologies, as well as a large proportion of design owners.
Asia Pacific is expected to grow the fastest during the forecast period. Countries such as India, China, and Australia will drive growth in the Asia Pacific pet wearable industry. Countries such as India, China, and Australia will drive growth in the Asia Pacific pet wearable industry. Growing pet health awareness and increased wearable technology penetration in the region are expected to drive regional industry development over the forecast period.
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