Pet Wearable Market 

The pet wearable market is likely to grow at a rapid pace. Factors such as increasing pet ownership and increasing per capita income would drive pet wearable market growth. Market Research Future (MRFR) states that the global pet wearable market is projected to escalate from USD 1 BN in 2022 to USD 2.47 BN by 2032, growing at a 10.6% CAGR throughout the assessment period (2023-2032).

Major Players

Leading pet wearable market players include

·        FitBark Inc.

·        Indiegogo Inc.

·        Tractive GmbH

·        Loc8tor Ltd

·        PawTrax Limited

·        Dairymaster USA Inc.

·        Whistle Labs Inc.

·        Afimilk Ltd

·        PetPace LLC

·        IceRobotics, Ltd (UK), among others. 

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The rise in the per capita income levels is propelling the market growth, leading to increasing pet adoptions. Besides, the increasing awareness about pet health & well-being and advancements in wearable technology boost the pet wearable market revenues. Growing awareness of animal cruelty has also influenced people's perceptions and ideologies towards animals.

High market competition drives the market's growth, leading to product innovations that attract many users. Additionally, the trend of nuclear families and rising income levels have resulted in increased adoption of pets among middle-income families as well. Also, the rising need for monitoring and tracking the movement of pets contributes to the pet wearable market growth. The pet wearable market is thriving with the rise in pet ownership and overall spending.

Global Pet Wearable Market- Segments

The market is segmented into products, technologies, applications, and regions. The product segment is sub-segmented into smart collars, smart vests, smart harnesses, and others. The technology segment is sub-segmented into RFID, GPS, Bluetooth, and others.

The application segment is sub-segmented into identification & tracking, fitness monitoring, behavior monitoring & control, and medical diagnosis & treatment. By region, the pet wearable market is segmented into the Asia-Pacific, Americas, Europe, and the rest of the world.

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Global Pet Wearable Market - Regional Analysis

North America dominates the global pet wearable market with a significant market share. Factors such as the rise in the adoption of pets and high disposable incomes are major pet wearable market trends. In the US and Canada, various pet shows and events are organized to promote a healthy lifestyle for pets. 

Besides, the growing demand for quality pet healthcare products led by the increasing number of pet owners substantiates the pet wearable market size. The ever-increasing pet ownership in the region is driving the sales of pet wearables, especially in the US and Canada.

Global Pet Wearable Market- Competitive Landscape

Characterized by the presence of many big and small players, the global pet wearable market appears highly competitive and fragmented. Players incorporate strategies, such as mergers & acquisitions, collaboration, product launches, and expansion, to gain a larger competitive advantage and maintain their market position. Key players try to expand their footprints in emerging regions, making it further difficult for regional players. 

Innovation/Industry/ Related News

Jan. 5, 2023 – Link, by Smart Tracking Technologies, LLC, announced an exclusive partnership with MWI to distribute the new smart pet wearable and companion smartphone app, LinkVet. The new product is distributed exclusively through MWI Animal Health, a division of Amerisource Bergen, to the veterinary market. In addition to GPS tracking and customized activity monitoring & analysis, the device provides an ecosystem that connects veterinarians and dog parents with every aspect of a pet's well-being.

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