Pet Wearables Market Catching Pace:

Introduction:

Pet Wearables can be defined as the smart devices specifically designed & modelled to analyze pet behavior as well as their vital functions through tracking, controlling and monitoring of pets. The smart pet wearable devices are available for dogs, cats and other pets which enables the pet owners to utilize the gathered data to assess the health status, physical activity and location of pets in real time. In addition to this, the researchers are also showcasing immense adoption of trackers and other smart pet wearable devices such as miniature GPS tracking devices for bees and cows to monitor honey and milk production, respectively. As a result, the global pet wearables market is going to witness robust expansion through 2026.

Pet Ownership at an All Time High:

The pet ownership is witnessing a drastic shift from being a luxury item & status symbol to an obsession among millennials. The millennials are highly convinced that pets offer a great practice to start a family. Moreover, the healthy benefits associated with pet ownership in the form of stress relief, emotional support, jogging/walking exercises, etc. are further contributing to the increasing pet ownership across the globe.

The rising internet penetration coupled with increasing discretionary income of global population is primarily driving the adoption of pets, subsequently influencing the pet care and pet tech market as well.

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Popular Applications:

The various applications of pet wearables such as pet tracking, health monitoring & emergency notifications, etc. are widely adopting advanced technologies including global positioning systems (GPS), radio frequency identification (RFID), sensors, Bluetooth and cellular connections and many others. Some of the pet wearable devices such as pet emotion sensors, pet collars, pet vests, pet cameras, activity monitors, pet to human translators, etc. have gained immense popularity in the recent years, on account of their proven accuracy and efficiency in the field of identification & location, medical diagnostics and behavior monitoring of pets. The diverse range of pet wearables are allowing consumers to synchronize the device with smartphones, tablets or laptops and ensure constant monitoring, thereby assisting the buyers to make informed decisions for their pets.

Of all the applications of pet wearables, the medical diagnosis & treatment & facilitation along with safety and security are emerging as the most popular product segment in the global pet wearables market.

Rise of Wearable Tech for Pets:

The global demand for pet wearables is primarily driven by the rising product innovations and technological advancements in communication and sensor technologies. Moreover, the success growth in the wearable technologies for humans is catering pathway for pet wearables industry as well. The various factors such as declining costs for sensors, etc. are enabling the global pet wearable manufacturers to develop and market their products at an affordable price to global customers. In addition to this, the growing concept of Internet of Things (IoT) and increasing demand for smart connected homes is another factor catalyzing the growth in the global pet wearables market. The customers from developed economic nations such as in North America and Europe region are exhibiting spurring demand for interconnectivity between different home systems enabling inclusion of pet monitoring and feeding systems, which in turn is driving the global pet wearables market significantly.                                                                                                                       Total U.S. Pet Industry Expenditures (USD Billion)

Conclusion:

In conclusion, Global Pet Wearables market is going to exhibit double digit growth over the coming years, growing at a CAGR of 10.32% during 2017-26. With the rapid expansion in pet-tech market, the global pet wearables market is estimated to rise from USD1.02 Billion in 2016 to nearly USD2.72 Billion by the end of 2026. The growth is primarily driven by the rising discretionary income of population and increasing awareness & concern towards regulation and monitoring of pet’s outdoor activities along with their health & fitness. In addition to this, extensive adoption rate of digital maps by smartphone manufacturers is further escalating the global pet wearables market through 2026.

Global Pet Wearables market is controlled by these major players, namely– FitBark Inc. (US), Voyce (US), PetPace LLC (US), Binatone Global (Hong Kong), Cybortra technology Co. Ltd. (China), KYON (Greece), Loc8tor Ltd. (England), PawTrax Limited (UK), Pet Vu Inc. (US), Petcube, Inc. (US), Petrek Australia (Australia), Pitpatpet Ltd. (UK), Pod Trackers Pty Ltd (Australia), Trackimo (US) and Wonder Technology Solutions (Sweden) among others.