by In a world where smart devices have become integral to human life, pets and livestock are now poised to benefit from the latest and greatest pet-friendly innovations – Pet Wearables. These ingenious devices, ranging from collars to vests, offer the capability to connect with apps, enabling pet owners to influence behavior, track locations, ensure safety, and monitor the health status of their beloved companions. The pet wearable market is booming as pet owners become increasingly attuned to their pets well-being, while technological advancements in sensors, cameras, GPS, and more are driving the markets growth.
The Pet Humanisation Trend Sparks Market Expansion
The global pet wearable market is on a predicted growth trajectory, thanks to rising pet adoption rates, particularly for cats and dogs. The COVID-19 pandemic saw a surge in pet adoption worldwide, with approximately 900 million dogs and 600 million cats now sharing our planet. The population of pet animals, especially cats and dogs, continues to grow, contributing significantly to market expansion. The trend of pet humanisation, coupled with an increased demand for premium pet care products, has also been a driving force behind market growth. As more consumers treat their pets as family members, the pet humanisation trend has led to higher global sales of pet care items.
RFID Chips Take the Lead in Accurate Tracking
The pet wearable market is set to be dominated by RFID-based pet wearable devices, driven by their dependability and accuracy. These devices help monitor vital health metrics, including heart rate variability, calorie intake, body temperature, and pulse, which are essential for the markets sustained growth. The RFID market share is projected to expand further due to increased competition and the availability of cost-effective RFID solutions globally. Manufacturers are also integrating connective technologies like the Internet of Things (IoT) for real-time pet identification, offering promising opportunities for market participants.
North America Leading the Charge
North America is expected to maintain its dominant position in the pet wearable market, driven by surging pet adoption rates and increased awareness of pet health. High levels of innovation and technology adoption among pet owners, coupled with rising disposable income, contribute to North Americas market leadership. In the United States, pet adoption rates increased during the COVID-19 pandemic, with a significant number of pets insured. This trend presents new product launch opportunities for leading players in the pet wearable market.
Asia Pacific: A Developing Market with Immense Potential
India, China, and Australia are the driving forces behind the pet wearable market in the Asia Pacific region. A growing aging population, an increase in individuals living alone, and rising disposable income have all contributed to a preference for smaller pets, fueling the markets growth. Increased awareness of pet health and wearable technology usage, combined with a growing demand for pet toys, further boost regional market growth in Asia Pacific.
Global Pet Wearable Market: Competitive Landscape
Key players in the pet wearable market, including Whistle Labs, PetPace, Garmin, FitBark, Tractive, Link AKC, Motorola, Num’Axes /EYENIMAL, KYON, Scollar, GoPro, and Felcana, continue to introduce innovative products and establish collaborations, alliances, and partnership agreements to cater to the burgeoning market.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa):
https://www.fairfieldmarketresearch.com/report/pet-wearable-market
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This press release first seen on Brilad
COMTEX_442053073/2840/2023-10-18T01:01:17
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.