Pet Wearable Market Size, Share & Trends Analysis Report By Technology (RFID, GPS, Sensors), By Application, By Region, And Segment Forecasts, 2022 - 2030

Pet Wearable Market Growth & Trends

The global pet wearable market size is expected to reach USD 6.88 billion by 2030, registering a CAGR of 14.3% over the forecast period, according to a study conducted by Grand View Research, Inc. With the proliferation of mobile technology and electronic manufacturers experimenting with wearable technology, the market has witnessed tremendous growth. This is only the beginning of the wearable revolution, and the market is anticipated to witness healthy growth over the coming years.

The market is expected to witness optimistic days in the future, owing to the spending by pet owners driven by emotional motives such as increasing emotional attachment as well as dependence on the pets for entertainment, companionship, and mental well-being.

Awareness among pet owners concerning their well-being is creating avenues for market growth. Further, an increase in the number of pet owners and the need to track their activity in real-time will also favor growth going forward. Pet owners in recent times have increased their expenditure on advanced tech-based devices to gather pet data on a regular basis. This vital information helps them keep a track of pet activities as well as health.

The industry although at a nascent stage is witnessing innovations with the proliferation of artificial intelligence and growing internet penetration. The development of cost-effective sensors, smartphone apps, GPS, and other technologies is also expected to favor growth. Further, these investments made by pet care and insurance giants will create avenues for growth.

The high penetration of pet wearable devices in the U.S. owing to growing awareness about pet wellbeing and increasing spending on pet care in the U.S. is expected to boost the overall market. According to the American Pet Products Association, the U.S. pet industry spending was estimated to be USD 97.1 billion in 2019 and is anticipated to surpass USD 100 million by 2021. At this juncture, the pet wearable industry in the developing economies of Asia Pacific, Latin America, the Middle East, and Africa has been particularly decisive in driving the growth of the market.

Pet Wearable Market Report Highlights

• GPS-enabled pet wearable devices segment is anticipated to witness the fastest growth rate of CAGR 12% in the forecast period.
• Tracking and monitoring are key features favoring segment growth, a trend expected to continue over the forecast period
• The medical & diagnostic segment is projected to witness the fastest CAGR, with market size surpassing USD 1 billion by 2030. The need to track pet vitals, record pet medical history, and monitor pet temperature, pulse, and eating habits is anticipated to favor demand
• North America has been early technology adopter owing to which the market for pet wearables in the region captured over 30% of the global revenue share