Global Pet Wearable Market Size to Surpass at 14.3% by USD 2.07 billion

Pet Wearable Market Overview:

The global pet wearable market was valued at USD 2.07 billion in 2021. The market is predicted to expand at a compound annual growth rate (CAGR) of 14.3 percent between 2022 and 2030. Pet owners are now more conscious of the significance of their pet's health and the market is growing. The market for pet wearables has received substantial funds in the last two years, to fund various technologically enhanced devices for pets. The industry is in its infancy. The industry is at the beginning of its development and is facing increasing competition from important players. OEM will focus on the creation of products that efficiently collect health metrics.

Factors that influence the pet wearable market:

Rapid growth in pet food accessories as well as pet food

In recent years, several industries have seen significant growth, including pet food and accessories. There are a variety of services that pet owners can avail of, such as grooming, pet daycare, as well as nutritional supplements. Also, there are newer options such as wearable devices for communication for pets. As pet wearables are more than just for tracking pets and their owners, the market is expected to grow. Other value-added services like fitness tracking, step tracking, sleep tracking, and also behavioral tracking are continually being created.

Pet Wearable Market Restraining factors:

The growth of the market is slowed down by the high cost of devices as well as the battery's short lifespan

This industry is hindered by the short battery life. The worldwide market for pet wearables is also hindered by high power consumption. Wearable devices require frequent charging as they use modern technologies such as GPS and wireless networks that consume plenty of energy. This reduces battery life and adds to pet owners' maintenance expenses. The market is also limited due to the high cost of pet wearables. Because those with lower incomes are less likely than others to purchase pet wearables The market is expected to slow down.


Pet Wearable Pet Wearable Key Market Trends:

In the year 2020, the pet wearable market was worth USD 2.5 billion. The market is expected to expand by about 22% CAGR between 2021 to 2027. The growth of the industry will be driven due to the growing disposable income of individuals worldwide. The ONS estimates that the UK's average household income increased by around USD 858 over 2019-2020. Pet owners have been able to invest more in innovative pet wearables to give their pets the best quality, comfortable living.


Pet Wearable Market Recent Developments:

The major suppliers of pet wearables are focusing on making them affordable in order to make them attractive to customers. Tractive launched a GPS tracker and activity monitor for cats in the month of December 2018. The latest device lets cat owners track their pets and track the places they go. It also shows how long they spend in different places. This makes it easier for the user to locate them when they are needed. Wagz introduced the Wagz Explore smart collar in June 2018.

The pet wearable that is designed for pets combines real-time information with geofencing and artificial intelligence to enable owners to keep track of their pets' health as well as their place of residence. The Explore Smart Collar includes HD video streaming, HD video streaming, HD video streaming, HD audio streaming, two-way voice, activity tracking, and humane bark for deterrence.

Pet Wearable Market Key Businesses:

This Pet Wearable Market includes Avid Identification Systems, Inc., Allflex USA Inc., Garmin Ltd., FitBark Inc. Datamars SA., Invisible Fence Inc., PetPace LLC, Loc8tor Ltd., and Other Key Players


Pet Wearable Market Segmentation Segmentation:

This report anticipates growth in revenue at the global, regional, and country levels. It provides an analysis of developments in the industry within each sub-segment from 2018 to 2030. Grand View Research has divided the global pet wearable market report into regions, technology, and application.

FAQ:

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