Electronics & Smart Devices

Pet Wearable Accessories (Devices) Market : Global Demand Analysis & Opportunity Outlook 2023

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Report ID: 194 | Published On: Apr 04, 2022

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Inflation and Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.


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Global Pet Wearable Accessories (Devices) Market Overview

Pet wearable have established their importance in global market in the past few years. Pet wearable are used for tracking the real time position of pets and also provides the information about the amount of intake food. These wearable help the pet owners to maintain the health of pets.

Introduction of advanced cost effective pet wearable, rising concerns towards pet care, expanded health expenditure for animals etc. are few of the factors providing the impetus to pet wearable demand globally. Technological advancements in pet wearable and offering of numerous GPS collars and sensors at cost effective price are likely to raise demand over the forecast period.

                

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Market size and forecast

The global pet wearable market reached USD 856.2 Million in 2015 and it is estimated to garner USD 2.5 Billion by 2023 on account of rising pet ownerships in developing nations along with increasing concern towards pet care. Further, the market is expected to flourish at a CAGR of 11.8% over the forecast period i.e. 2016-2023. Geographically, Europe and North-America together accounted the major revenue share of 74.2% in 2015 of overall pet wearable market. The market of North America region is expected to continue its dominance over the forecast period and expected to register a CAGR of 10.8% over the forecast period i.e. 2016-2023 owing to increasing gross disposable income of population which will leads to higher spending on pet’s healthcare. On the other hand, Asia-Pacific region is anticipated to witness the highest growth over the forecast period on account of growing economies across the region. Rising animal expenditure, growing concern towards safety and security of pets, mandatory RFID for farm animals in Australia are some of the major factors driving the growth of pet wearable market in near future. 

Features of pet wearable such as monitoring, tracking, diagnosis and controlling pets are effective and advantageous for the pet owners to monitor the activities of their pets. On account of these factors, the pet wearable market is expected to gain traction in near future.  In addition to that, rising awareness towards health and well-being of pets and introduction of stringent regulations for animal behavior in many developing nations are likely to adopt pet wearable in order to control and monitor pets. In addition to that, increased number of animal farms to meet dairy product demand, huge investment in animal healthcare and rising initiatives from government authorities to control and maintain health of animal based meat products are some of the factors exhibit the positive growth of pet wearable market in near future.


Market Segmentation

Our in-depth analysis segmented the global pet wearable market in the following segments:

By Technology Type

  • GPS (Global Positioning System)
  • RFID (Radio Frequency Identification)
  • Sensors

By Application Type

  • Medical diagnosis & treatment
  • Behavior monitoring& control
  • Facilitation, safety &security
  • Identification and tracking

By Animal Type

  • Companion Animals (dogs, cats, horses, etc.)
  • Livestock Animals (cattle, sheep, poultry, etc.)

By End-user

  • Personal Pets
  • Veterinary Clinics & Hospitals
  • Animal Farms

By Region

Global pet wearable market is further classified on the basis of region as follows:

  • North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis


Pet Wearable Accessories Market Demand & Revenue Opportunity
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Growth Drivers and challenges

Rise in number of pet ownership and increasing concern towards health and well-being of animals among the owners are some of the key elements which are expected to bolster the demand for pet wearable in near future.

In addition to this, advancements in pet wearable, availability wide range of pet wearable in the marketplace, rising pet wearable preferences by pet owners, increasing gross disposable income resulting in increased spending on pets, rising concerns towards health and fitness of pets and increasing demand in developed & developing nations across the globe are some of the key elements expected to prompt the demand for pet wearable over the forecast period i.e. 2016-2023. The market of pet wearable is majorly driven by the factor such as rising penetration of smart phone users, advanced internet connectivity and spiked adoption of electronically enabled medical diagnosis and treatment devices to maintain pets’ fitness. Rising consciousness towards safety & security, medical diagnosis and behavior monitoring is likely to bolster the demand for pet wearable across the globe over the forecast period i.e. 2016-2023.

However, high cost of wireless pet wearable, short battery life, stringent regulations from government authorities, lack of awareness towards pet wearable in undeveloped nations and high capital cost of equipment which increase the cost of services are some of the factors likely to inhibit the growth of pet wearable market in near future.


Key Players

The key vendors of pet wearable market are as follows:

  • Whistle Labs
    •  Company Overview
    • Key Product Offerings
    • Business Strategy
    • SWOT Analysis
    • Financials
  • Tagg 
  • Dropcam (Nest)
  • i4c Innovations
  • Radio Systems PetSafe Europe
  • Invisible Fence
  • High Tech Pet Products


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