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Pet Wearable Market - Growth, Trends, COVID-19 Impact, and Forecast(2022-2027)

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  • 115 Pages
  • July 2022
  • Region: Global
  • Mordor Intelligence
  • ID: 4622552
UP TO OFF until Sep 30th 2022
The pet wearable market is expected to witness a CAGR of 8.49% over the forecast period owing to the increasing pet adoption rate especially cats and dogs.

While the pandemic created tension for overall markets but during the COVID-19 pet adoption has increased. The population worldwide is working remotely, mostly working from home and this has increased the interest in pet adoption, as the pet owners can spend considerable time taking care of their pets. As per the article published in Consumer News and Business Channel (CNBC) in 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 entitled “Human-dog relationships during the COVID-19 pandemic: booming dog adoption during social isolation” published in Humanities and Social Sciences Communications in November 2020, the dog adoption rate significantly increased during the COVID-19 pandemic, and the demand for adoptable dogs and the requests 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 Pet Food Manufacturers Association (United Kingdom) reported that in the year 2021, 17 million (59% of) households are estimated that own pets. This increasing pet ownership is more concerned about safety of their pets and pet owner population has become more aware about the safety of their pets. 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 are the key factors propelling the growth of the pet wearable market.

The pet wearable market is gaining attraction 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, 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.

Lost Pet Research and Recovery, Lost Pets Statistics reported that, in 2019, nearly 15% of cat owners and 14% of dog owners missed their pets in a five-year period. Another article published entitled “Do Lost Pets Find Their Way Home?” in October 2021 mentioned that among 3.3 million dogs and cats entering shelters as strays, only 20% are reunited with their families, where 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 suggest that the pets wearing an identification ID or wearable are 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 product launches and advancement in technologies drive the growth of 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. Likewise, 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 found missing or lost.

Hence, with the given 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 Society for the Prevention of Cruelty to Animals, Los Angeles reported that the rate of adoption was doubled in June 2020 and daily adoptions of pet animals were about 10 to 13 per day. This rising adoption of pets may drive the growth of the veterinary healthcare management and pet wearable market in the longer-term process in North America during the forecast period.

Among the countries in the region, the United States is expected to retain its significant growth 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.

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. Also, North American Pet Health Insurance Association (NAPHIA), State of the Industry Report for 2021 shows that the total number of pets insured in 2020 was nearly 3.1 million, increased from 2.5 million in 2019. This report also mentioned that dogs are the major insured pets with 82.9% and cats for 17.1%. These above-mentioned factors create an opportunity for the major players in the pet wearable market for new product launches and is expected to fuel the studied market growth in this region.

High concentration of major players in the region, along with increasing product launches, is anticipated to drive the market growth. For instance, in July 2021, Whistle, one of the global leaders in pet health and location tracking has announced the launch of its newest pet wearable called 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. Again, in October 2021, the Smart Tracking Technologies, LLC announced the launch of its new Link Smart Pet Wearable, this 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.

Therefore, with the above-mentioned factors the region is expected dominate the studied market and is projected to propel the studied market growth in the forecast period.

Competitive Landscape

The competitive analysis of the market shows that the pet wearable market is fairly fragmented in nature. While the global market concentration is moderate to low, the market concentration in some countries is moderate to high. As the pet wearable market is spreading across 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. Companies, like Garmin Ltd, Dogtra, Fitbark Inc., Scollar Inc., and DogTelligent Inc., are among others.

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

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Table of Contents

1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
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 Forces 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 (Market Size by Value - USD million)
5.1 Product
5.1.1 Smart Collar
5.1.2 Smart Camera
5.1.3 Smart Harness and Vest
5.1.4 Other Products
5.2 Application
5.2.1 Identification and Tracking
5.2.2 Monitoring and Control
5.2.3 Medical Diagnosis and Treatment
5.2.4 Other Applications
5.3 Animal Type
5.3.1 Dogs
5.3.2 Cats
5.3.3 Other Animals
5.4 Geography
5.4.1 North America United States Canada Mexico
5.4.2 Europe Germany United Kingdom France Italy Spain Rest of Europe
5.4.3 Asia-Pacific China Japan India Australia South Korea Rest of Asia-Pacific
5.4.4 Middle-East and Africa GCC South Africa Rest of Middle-East and Africa
5.4.5 South America Brazil Argentina Rest of South America
6.1 Company Profiles
6.1.1 Latsen Technology Limited (Pawfit)
6.1.2 Tractive
6.1.3 FitBark Inc
6.1.4 Garmin Ltd
6.1.5 Loc8tor Ltd
6.1.6 Dogtra
6.1.7 PetPace Ltd
6.1.8 Mars Incorporated (Whistle Labs Inc.)
6.1.9 Ridogulous Labs Inc
6.1.10 Pod Trackers
6.1.11 DogTelligent Inc
6.1.12 GoPro Inc
6.1.13 IceRobotics Ltd
6.1.14 Otto Petcare Systems
6.1.15 Scollar Inc

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Latsen Technology Limited (Pawfit)
  • Tractive
  • FitBark Inc.
  • Garmin Ltd
  • Loc8tor Ltd
  • Dogtra
  • PetPace Ltd
  • Mars Incorporated (Whistle Labs Inc.)
  • Ridogulous Labs Inc.
  • Pod Trackers
  • DogTelligent Inc.
  • GoPro Inc.
  • IceRobotics Ltd
  • Otto Petcare Systems
  • Scollar Inc.