The global pet wearable market size is projected to reach USD 6.88 billion by 2030 with a CAGR of 14.3% during the forecast period. The growing awareness for pet well-being is a leading factor for the market to inflate. Driven by emotional motives among pet owners, and the increase in awareness of comfort and security of their fur babies, the pet wearables market is expected to expand to a greater scale. North America alone contributes 30% of the global revenue share of the market. The market growth is also well observed in economies of Asia Pacific, Latin America, the Middle East, and Africa.
Even in its initial stages of development, the market has attracted a good amount of funding for the enhancement of advanced-technology devices for pets. Advanced pet wearable products include Smart Collars, Smart Cameras, Smart Harnesses and Vests, and Other Pet Products, whereas the applications include Identification and Tracking, Medical Diagnosis and Treatment as well as Other Applications. Pet owners are becoming more tech-friendly over time. Pet wearables are being adopted widely, marking their significant presence. With the owners investing more in such technology, the market is expected to grow at a higher scale undoubtedly.
The growing love and sensitivity towards animals, along with the tremendous increase in pet adoption during the pandemic has led to an increase in the number of pet owners that has also been beneficial for the market dynamics to evolve. In addition, the act of pet adoption is usually carried to boosting one’s mental health, fitness, and entertainment thus encouraging these pet parents to invest in their well-being. Recently, a campaign which was in fact a film named, “The New Year’s Resolution” was released by a digital pet care start-up. Supertails calls pet parents to look for the comfort of their fur babies and invest in tech-based devices that help them to keep a track of their activities. Here IoT plays a crucial role that helps in transmit real-time data to the owners and the veterinarians.
Although the pet wearable industry is at an evolving stage, it is witnessing several innovations with the growing inclination toward artificial intelligence. The investments made by the pet care and insurance giants for the development of GPS, smartphone apps, and cost-effective sensors, along with other advanced technologies are expected to create avenues for growth. It is projected that manufacturers producing comparatively affordable products with specific functional features that meet customer requirements will witness a good amount of growth.
Research Support Specialist, USA
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