Market Trends of Pet Wearable Industry
This section covers the major market trends shaping the Pet Wearable Market according to our research experts:
Identification and Tracking Segment is Expected to Witness a Significant Growth Over the Forecast Period.
Because of the widespread use of pet wearables, such as smart collars, for tracking the whereabouts of pet animals using GPS, the identification and tracking segment is expected to grow significantly over the forecast period.With these pet wearables, owners can track their pets, help other people identify pets that have strayed off, and return them to their rightful owners. Owners can use their smartphones to track the location of their pets and easily identify them in a short period of time.
The article published by Stray Animal Statistics in January 2022 reported that 5500 stray dogs are put to rest each day, and of these stray dogs, only 17% of dogs in shelters return to their pet parents. Therefore, to increase the percentage of pets found, demand for pet wearables is expected to increase to address the rising demand for identification and tracking. Thus, the segment is expected to grow significantly.
Similarly, another article published by PetMD in October 2021 mentioned that among the 3.3 million dogs and cats entering shelters as strays, only 20% are reunited with their families. In contrast, microchipped dogs who returned home accounted for 52.2% of the time, even when they were 600 to 1,000 miles away from home, while dogs without microchips were returned to their families 21.9% of the time. These findings imply that pets wearing an identification ID or wearable device are more likely to be found and recovered.Hence, with wearables such as GPS tracking devices, the chances of a pet getting lost or stolen may reduce drastically.
The increasing number of product launches and technological advancements drive the studied segment's growth. For example, in February 2021, the Greater Hyderabad Municipal Corporation (GHMC) planned to inject radio-frequency identification (RFID)-based chips in dogs and other animals to enable pet owners to locate their pets when they are found missing or lost. Similarly, in January 2022, Tractive launched its new pet tracker, developed specifically for cats. The Trac GPS Cat LTE Tracker is attached by threading the collar through the device for a more secure fit.
Hence, due to the wide-scale uses of pet wearables, such as smart collars and tracking the whereabouts of pet animals using GPS, the segment is expected to witness significant growth over the forecast period.
North America is Expected to Witness a Significant Growth Over the Forecast Period.
North America is expected to witness significant growth in the pet wearable market 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 and 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.
The American Pet Products Association's (APPA) National Pet Owners Survey (2021-2022) reported that 70% of households in the United States are pet owners. Such factors create an opportunity for the major players in the pet wearable market to launch new products and are expected to fuel market growth in this region.
Similarly, an article published by Frontiers in Veterinary Medicine in October 2021 reported that 37% of Canadian households own one or more cats, and the percentage got significantly higher during the COVID-19 pandemic period. Thus, increasing pet adoption in North American countries is driving the demand for pet wearables to track and monitor the activities of pets, thereby driving the growth of the studied market.
Moreover, a high concentration of major players in the region, along with increasing product launches, is anticipated to drive market growth. For instance, in October 2021, Smart Tracking Technologies, LLC, launched "Link Smart Pet which offers pet owners a better way to keep their pet dogs safe, healthy, and connected through its smart features, which include GPS tracking, customized activity monitoring and analysis, reminders and access to vet records, temperature alerts, tone and vibration training controls, a built-in flashlight, and the ability to create safe places where your pet is free to roam and get immediate alerts if he wanders.
Similarly, in July 2021, Whistle, one of the global leaders in pet health and location tracking, announced the launch of its newest pet wearable, "The Whistle Switch Smart Collar," which is size-inclusive and offers total health and fitness tracking along with 24/7 GPS location monitoring of pets. Thus, such product launches are also fueling the growth of the studied market in the region.
Thus, due to the growing adoption of companion animals, high disposable income, and increasing per capita animal healthcare expenditure, the region is expected to witness significant growth over the forecast period.
