DUBLIN--(BUSINESS WIRE)--The "Pet Wearable Market by Component (GPS Chips, RFID Chips, Sensors, Wi-Fi, Cellular, Bluetooth Chips, Processors, Memory, Displays, Batteries), Product (Smart Collars, Smart Cameras, Smart Harnesses), and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The pet wearable market is expected to grow from USD 703 million in 2019 to USD 1,718 million by 2024 at a CAGR of 19.6%
The growth of the pet wearable market can be attributed to the surging demand for IoT in pet tracking devices, increasing concerns toward pet health and well-being, and rising pet population and pet humanization. However, high power consumption and limited battery life of pet wearable devices are restraining the market growth.
Smart harness to register the highest CAGR in the overall market during the forecast period
A smart harness is fastened around a pet's body and is equipped with numerous technologies and sensors to sense and monitor the pet's posture, body language, and the sounds it makes. The smart harness also includes physiological sensors that monitor the pet's heart rate and body temperature. The sensors not only track a dog's physical well-being but can offer information on a dog's emotional state, such as whether it is excited or stressed. The technology could be particularly useful for guiding dogs and monitoring their health.
For example, a Japanese company created a harness-like device called Inupathy. It monitors the heart rate of pets; the device uses a sensor to analyses a dog's heartbeat variation and contains multicolored LEDs that represent the emotional state of these pets. For example, red for excited, blue for relaxed, white for focused, and multiple colors for happiness. This allows owners to understand their pets better and maintain a strong bonding with them.
Sensors to hold the largest size of pet market throughout the forecast period
Sensors collect information about the pet's vital signs and analyze the collected data to alerts pet owners with first signs of any trouble. There are various types of sensors such as temperature sensors, heart rate sensors, image sensors, accelerometers, and water sensors available in the market for different applications of pet wearables such for advanced functionalities such as tracking the pet's exact movement, activities, pet behavior, as well as monitor health-related bio-metric data during these activities. Moreover, the growing trend toward smaller, smarter, and cheaper sensors with improved compatibility is driving the demand for sensors in pet wearables.
Pet wearable market in APAC expected to grow at highest CAGR during the forecast period
The pet wearable market in APAC is anticipated to grow at a substantial growth owing to the urbanization and rise in the popularity of pets. Many vendors are extending their businesses to emerging countries of APAC such as China, Japan, and India. The rise in per capita income and disposable incomes in developed and developing countries is leading to a significant change in spending habits pertaining to pet fitness and wellbeing.
With the rising disposable incomes and an exponential increase in pet health consciousness among pet owners, there is a growing demand for fitness technology products such as pet smart collars, smart cameras, and fitness trackers in these developing economies. Countries with increasing disposable incomes will continue to be the major contributors to the pet wearable market, thereby resulting in high growth opportunities.
- Surging Demand for IoT in Pet Tracking Devices
- Increasing Concerns Toward Pet Health and Well Being
- Rising Pet Population and Pet Humanization
- Growing Expenditure on Pets Due to High Disposal Income
- High Power Consumption and Limited Battery Life of Pet Wearable Devices
- Rapid Advancements in Wan and Lpwan Technologies
- Exponential Demand for Pet Wearables From Developing Countries in APAC
- High Cost and Requirement for Continuous Subscriptions
- Link AKC (WAGZ)
- MotoRoLA Mobiltiy (Binatone)
- Num'axes (Eyenimal)
- Pod Trackers
- Whistle Labs
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