June 09, 2020
According to the research report titled ‘Pet Wearable Market Size By Product, By Technology, By Application, By End-Use, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report LLC, global pet wearable market is expected to register significant growth by the year 2026.
Increasing animal health awareness and technological advancements are major factors driving the growth of pet wearable market. Various market majors are focusing on developing innovative wearable gadgets for animals. For instance, wearable trackers help in monitoring location, change in behavior patterns and overall health of the pets.
Based on product landscape, smart vest market segment is reckoned to witness a y-o-y growth rate of 23.5% between 2020 and 2026. Rising incorporation of sensors and other technologies in smart vests to track and monitor pet’s behavior is fueling the segmental growth. Citing an instance, an advertising agency based in Thailand developed smart vests equipped with sensors and hidden cameras to employ dogs as guardians of streets and alleyways in Bangkok.
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In terms of technology, sensors segment is predicted to grow with a CAGR of 23.4% during 2020-2026. Sensors help in collecting and analyzing health & fitness related information including blood pressure, heart rate and sleep patterns among companion animals. The technology works along with GPS tracker as well as RFID devices and pet activities can be monitored using a smartphone.
Elaborating on the application spectrum, identification & tracking segment accounted for 40% market share in 2019. Use of pet wearables such as smart collars enable owners to find their lost pets as well as track the pet’s activities using a smartphone app.
The report states that pet wearable market share from commercial end-use segment is anticipated to showcase a 25.2% growth rate through 2026, primarily due to growing inclination towards monitoring pet activities and health conditions.
Regionally, Europe held 25% share in pet wearable market in 2019 and is expected to witness continuous growth in the forthcoming years, owing to rising number of pet wearable startups across the region.
WUF, Whistle Labs LLC (Mars Inc.), Tractive, Scollar Inc., Ridogulous Labs Inc., Pod Trackers, Pet Vu Inc., PetPace LLC, Otto Petcare Systems, Nedap N.V., Motorola Solutions Inc., Loc8tor Ltd., Konectera Inc., IceRobotics Ltd., i4C Innovations LLC, GoPro Inc., GEA Group AG, Garmin International Inc., Fitbark Inc., DogTelligent Inc., DeLaval International AB, Dairymaster and Afimilk Ltd. (Silent Herdsman Ltd.) are the major contenders in global pet wearable industry.