Global pet wearable market size is anticipated to register a consistent rate of growth over 2021-2027 owing to rise in pet adoption, awareness regarding smart vests, increased spending on the wellbeing of companion animals and seamless integration of new technology. Pet activity trackers as well as other wearables are commonly found these days.
The technologies such as artificial intelligence, IoT and the internet all have come together to create much more advanced and smart wearables for pets. Not just limited to trackers, wearables could now aid in identifying, alerting, tracking, controlling as well as providing medical diagnosis for animal companions. The pet wearable market share is segmented on the basis of product, technology, application, user and the regional landscape.
Pet wearable products in the market are smart cameras, smart harness, smart vest, and smart collars. The need to train pet dogs and enable it to understand commands will propel the demand for smart vest in the market.
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With respect to technology, the pet wearable market is categorized into Bluetooth, sensors, GPS, and RFID devices. Among these, GPS technology segment will witness substantial growth through 2027. Increasing incidents of missing pet will drive the adoption of smart collars integrated with GPS trackers, to easily identify a lost animal. As per the estimates by the American Humane Association, approximately 10 million cats and dogs are stolen and lost across the U.S. every year.
Pet wearables, like GPS collars, are in fact making it possible for pet owners to track their pet's location. A GPS tracker mainly comprises of an antenna along with other important hardware that enables the device to locate itself anywhere in the globe using GPS satellites.
Behavior monitoring and control, fitness monitoring, identification & tracking and medical diagnosis & treatment are the key application segments across the industry. Growing awareness regarding different problems and challenges to the wellbeing of pets will accelerate the spending on pet wearable devices for medical diagnosis and treatment.
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In terms of end-use, the overall market for pet wearables is divided into commercial and household users. Increasing magnitude of dairy farms and substantial cost benefits associated with livestock monitoring will drive the market share from commercial segment.
Livestock monitoring system could aid the farmers in keeping a check on their farm animals remotely. The tracker devices could also be attached to collars, keeping track of pasture management, animal health, location details and chewing patterns. The system not only aids in managing the animals but also other farm equipment.
On the geographical front, the Latin America pet wearable market will witness robust demand over the coming years. In fact, the COVID-19 pandemic surged pet adoption in Brazil as several isolated residents focused on companionship amid restriction, influencing the regional pet wearables industry trends.