The Pet Wearable Market is valued at approximately USD 1,779 million in 2020 and 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 in view of the lockdown across the globe. As the majority of the population worldwide are working remotely, mostly work from home, the interest in pet adoption is on a 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 have spiked during the initial days of the pandemic. However, the need for vaccination, neuter programs, frequent veterinary doctor visits during the COVID-19 pandemic has been considered to restrict the continued pet adoption during the current 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.
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, not only can the owners track their pets, but the devices 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 percent of cat owners and 14 percent 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 Sep 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 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.
Additionally, the high concentration of major players in the region, along with increasing product launches is anticipated to drive the studied market. For instance, in Nov 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.
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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1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increase in Awareness about Pet's Physical and Mental Fitness and Rising Adoption of IoT
4.2.2 Growth in Demand for Pet Monitoring
4.2.3 Technological Advancements
4.3 Market Restraints
4.3.1 Battery Life Issues of Devices
4.3.2 High Cost of Products
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Product
5.1.1 Smart Collar
5.1.2 Smart Camera
5.1.3 Smart Harness and Vest
5.2 By Technology
5.2.4 Other Technologies
5.3 By Application
5.3.1 Identification and Tracking
5.3.2 Monitoring and Control
5.3.3 Medical Diagnosis and Treatment
5.4 By Animal Type
5.4.3 Other Animals
5.5.1 North America
188.8.131.52 United States (By Product, By Technology, By Application, and By Animal Type)
184.108.40.206 Canada (By Product, By Technology, By Application, and By Animal Type)
220.127.116.11 Mexico (By Product, By Technology, By Application, and By Animal Type)
18.104.22.168 Germany (By Product, By Technology, By Application, and By Animal Type)
22.214.171.124 United Kingdom (By Product, By Technology, By Application, and By Animal Type)
126.96.36.199 France (By Product, By Technology, By Application, and By Animal Type)
188.8.131.52 Italy (By Product, By Technology, By Application, and By Animal Type)
184.108.40.206 Spain (By Product, By Technology, By Application, and By Animal Type)
220.127.116.11 Rest of Europe (By Product, By Technology, By Application, and By Animal Type)
18.104.22.168 China (By Product, By Technology, By Application, and By Animal Type)
22.214.171.124 Japan (By Product, By Technology, By Application, and By Animal Type)
126.96.36.199 India (By Product, By Technology, By Application, and By Animal Type)
188.8.131.52 Australia (By Product, By Technology, By Application, and By Animal Type)
184.108.40.206 South Korea (By Product, By Technology, By Application, and By Animal Type)
220.127.116.11 Rest of Asia-pacific (By Product, By Technology, By Application, and By Animal Type)
5.5.4 Middle East and Africa
18.104.22.168 GCC (By Product, By Technology, By Application, and By Animal Type)
22.214.171.124 South Africa (By Product, By Technology, By Application, and By Animal Type)
126.96.36.199 Rest of Middle East and Africa (By Product, By Technology, By Application, and By Animal Type)
5.5.5 South America
188.8.131.52 Brazil (By Product, By Technology, By Application, and By Animal Type)
184.108.40.206 Argentina (By Product, By Technology, By Application, and By Animal Type)
220.127.116.11 Rest of South America (By Product, By Technology, By Application, and By Animal Type)
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Latsen Technology Limited (Pawfit)
6.1.3 FitBark Inc.
6.1.4 Garmin Ltd
6.1.6 Loc8tor Ltd
6.1.8 PetPace Ltd
6.1.9 Mars Incorporated (Whistle Labs Inc.)
6.1.10 Afimilk Ltd. (Silent Herdsman Limited)
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.