Pet Wearable Market to be Worth $6.88 Billion by 2030: Grand View Research, Inc.
Key Industry Insights & Findings from the report:During the forecast period, the GPS-enabled pet wearable devices sector is expected to grow at the quickest CAGR of 15%. Key elements promoting category growth include tracking and monitoring.With a CAGR of 62.01%, the tracking and identification category is anticipated to grow at the quickest rate. Demand is projected to be boosted by the requirement to monitor a pet's pulse, temperature, and eating patterns as well as record their medical history.As an early adopter of technology, North America's pet wearables market is expected to account for nearly 30% of worldwide sales in 2022. The market for surface vision and inspection in the region is anticipated to increase with the help of the goods.
Read 120 page full market research report, "Pet Wearable Market Size, Share & Trends Analysis Report By Technology (RFID, GPS, Sensors), By Application (Identification & Tracking, Behavior Monitoring & Control), By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.
Pet Wearable Market Growth & Trends
The future of the pet wearable industry is predicted to witness a positive growth trajectory due to consumer expenditure that is motivated by personal factors. These include emotional attachment, reliance on pets for company, entertainment, and mental well-being.
Pet owners' concern for their pets' welfare is boosting pet wearables market growth opportunities. Additionally, an increase in the percentage of pet owners and the requirement to monitor their behavior in real-time will encourage more growth in the future. In order to regularly collect pet data, pet owners have recently increased their spending on high-tech gear. They can monitor the activities and health of their pets thanks to this crucial information.
Despite being in its infancy, the pet wearable industry is seeing breakthroughs because of the spread of artificial intelligence and rising internet usage. Growth is also anticipated to be aided by the creation of low-cost sensors, smartphone applications, GPS, and other technologies. Additionally, these investments from major players in pet care and insurance will open up new growth opportunities.
The U.S. has a high pet wearable device penetration rate due to rising pet well-being awareness and rising pet care expenditures, which is anticipated to increase the industry as a whole. The American Pet Products Association estimates that U.S. spending on the pet sector was USD 97.1 billion in 2019 and will likely top USD $100 billion by 2021. Currently, the pet wearable industry is expanding primarily due to the pet wearable industry in the developing nations of Latin America, Asia Pacific, the Middle East, and Africa.
Pet Wearable Market Segmentation
Grand View Research has segmented the global pet wearable market based on technology, application, and region:
Pet Wearable Market - Technology Outlook (Revenue, USD Million, 2018 - 2030)RFIDGPSSensors
Pet Wearable Market - Application Outlook (Revenue, USD Million, 2018 - 2030)Identification & TrackingBehavior Monitoring & ControlFacilitation, Safety & SecurityMedical Diagnosis & Treatment
Pet Wearable Market - Regional Outlook (Revenue, USD Million, 2018 - 2030)North AmericaU.S.CanadaEuropeU.K.GermanyFranceSpainRest of EuropeAsia PacificChinaIndiaJapanRest of Asia PacificLatin AmericaBrazilMexicoRest of Latin AmericaMiddle East and Africa
List of Key Players of the Pet Wearable MarketAvid Identification Systems, Inc.Allflex USA Inc.DatamarsFitBarkGarmin Ltd.Invisible FenceLink AKCLoc8tor Ltd.PetPace LLCWhistle Labs, Inc.Voyce
Check out more related studies published by Grand View Research:Wearable Sensors Market - The global wearable sensors market size is anticipated to reach USD 2.86 billion by 2025, according to a new report by Grand View Research, Inc., progressing at a phenomenal CAGR of 38.8% during the forecast period. Wearable sensors are a vital aspect of wearable devices owing to the growing focus on health and fitness monitoring activities. Wearable sensors are emerging as a revolution in monitoring healthcare and fitness parameters and reducing overall hospital costs for patients.Consumer Electronic Sensors Market - The global consumer electronic sensors market size is expected to reach USD 34.57 billion by 2022, according to a new study by Grand View Research, Inc. The increasing proliferation of smartphones and tablets on a global level is expected to drive demand over the forecast period. Preference for smart devices and increasing disposable income may further fuel the market. High-performance cameras in high-end smartphones along with newer applications, such as restore recognition, 3D mapping, and eye tracking, are expected to favor revenue growth.Motion Sensor Market - The global motion sensor market size is expected to reach USD 8.7 billion by 2025, registering a CAGR of 7.8% from 2019 to 2025, according to a new report by Grand View Research, Inc. Increasing adoption of motion sensors in robotics and gaming applications such as joystick, Augmented Reality (AR) devices, and other gaming accessories have influenced the use of sensing techniques. Significant opportunities in the consumer electronics segment are likely to enhance market growth. For instance, trends in wearable devices have resulted in enormous demand for their variants.
Browse through Grand View Research's Sensors & Controls Industry Research Reports.
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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