The pet wearable market was valued at approximately USD 1,779 million in 2020, and it is expected to witness a revenue of USD 2,870 million in 2026, with a CAGR of 8.49% over the forecast period (2021-2026)
The adoption rate of pets, especially dogs, during the COVID-19 has been observed to be increasing. As the majority of the population worldwide is working remotely, mostly work from home, the interest in pet adoption is on the rise, as the pet owners can spend considerable time taking care of the pets. As per the article published in CNBC 2020, animal rescues and adoptions spiked during the initial days of the pandemic. However, the need for vaccination, neuter programs, and frequent veterinary doctor visits during the COVID-19 pandemic have been considered to restrict the continued pet adoption during the pandemic. However, as per the research article published in Humanities and Social Sciences Communications 2020, the dog adoption rate significantly increased during the COVID-19 pandemic, and the demand for adoptable dogs and the requests to serve as foster families increased significantly, along with the shortening of the length of stay of dogs at the shelter. Thus, COVID-19 has a significant impact on pet adoption, which is directly related to the surging demand for pet wearables.
The key factors propelling the growth of the pet wearable market are the increase in awareness about the pet’s physical and mental fitness, increasing adoption of IoT, and rise in the demand for pet monitoring and technological advancements.
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The pet wearable market is gaining traction, due to the rising awareness among pet owners about their health. The increasing inclination toward the adoption of pets as companions for mental stability, fitness, and entertainment is boosting the expenditure on the well-being of pets. The rising awareness, coupled with easy availability of wearables, globally, is expected to boost the global pet wearable market.
Additionally, the use of pet wearables offers benefits, such as connecting humans to their pets, in order to track their daily activities and monitor their health using these devices. This monitoring generates data for food intake, heart, and respiratory rate and patterns and calories burnt by pets during the day. The data generated by these devices is used for analyzing the health of pets. The aforementioned factors are boosting the adoption of pet wearables by pet owners, which in turn, is propelling the growth of the market studied.
Key Market Trends
Identification and Tracking Segment, by Application, is Expected to Hold the Largest Market Share over the Forecast Period
One of the most common uses of pet wearables, such as smart collars, is tracking the whereabouts of pet animals using GPS. With the help of wearables, owners can not only track their pets, but also help other people identify pets that have strayed off and return them to their rightful owners. Owners can track the location of their pets and identify them easily within a limited time, just by using their smartphones.
According to the Lost Pets Statistics published in 2019, nearly 15% of cat owners and 14% of dog owners missed their pets in a five-year period. The pets wearing an identification ID or wearable are likely to be found and recovered. Hence, with wearables, such as the GPS tracking device, the chances of a pet getting lost or stolen may reduce drastically. Additionally, the increasing product launches with advanced features drive the studied segment. For example, in September 2020, Garmin Ltd. launched Alpha200i, with enhanced mapping capabilities; a larger, 3.5” sunlight-readable touchscreen display; six-button, easy operation of the dog tracking-focused user experience; and inReach satellite technology, for tracking and training of sporting dogs.
Hence, given the advantages of using GPS-based wearable in the identification and tracking of pets, the segment is expected to grow significantly over the forecast period.
North America Dominates the Market and is Expected to Follow the Same Trend in the Forecast Period
North America currently dominates the pet wearable market, and it is expected to continue its stronghold for a few more years. The United States is expected to retain its significant market share in the pet wearable market over the forecast period, owing to the growing adoption of companion animals, high disposable income, and increasing per capita animal healthcare expenditure. The rise in awareness about pet health among pet owners, the increase in product innovation, sophisticated technology, and a high percentage of tech-savvy owners are some other significant factors driving the growth of the pet wearable market in North America.
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Additionally, the high concentration of major players in the region, along with increasing product launches, is anticipated to drive the market. For instance, in November 2019, FitBark, Inc. launched FitBark GPS in the United States, which is an all-in-one dog health and location tracker. Thus, the aforementioned factors are expected to drive the growth of the pet wearable market in North America over the forecast period.
Competitive Landscape
Companies, like Garmin Ltd, Dogtra, Fitbark Inc., Scollar Inc., and DogTelligent Inc., are expected to hold substantial market shares during the forecast period. As the pet wearable market is spreading across the developing regions, smaller companies are expected to contribute majorly to the growth of this market. Additionally, the key players have been evolving in the global market through strategic alliances and product launches. For instance, in July 2020, Tractive launched a new activity monitoring feature, along with its GPS tracking feature, which aids in tracking the physical activity of pets by owners, which subsequently leads to monitor obesity conditions in pets.
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