October 19th, 2022
Smart devices are quickly becoming a norm. It is allowing the users to maintain greater awareness of their environment, health, and other vital aspects of life. With time, market players have also started to launch these smart devices for pets and livestock. As pets are increasingly becoming a greater part of people’s lives, many pet owners are putting dedicated efforts and resources into providing fulfilling and healthy lives to their pets. Currently, there are around 900 million dogs and about 600 million cats across the globe. These new-age smart pet wearables allow owners to conveniently monitor their pet’s health status, location, and behaviour and ensure overall safety. Of late, several IoT-based devices are using RFID technologies to further boost the usability of these pet wearables. Such a business landscape is expected to be highly fruitful for the global pet wearable market.
Growing Humanisation of Pets to Create Fruitful Market Opportunities
In the past few decades, the adoption and survival rates of pets have grown at breakneck speed across the world. It is directly creating growth opportunities for the global pet wearable market. In addition to this, the growing interest in pet humanisation and the soaring demand for the premiumisation of pet care products are creating fertile grounds for further market expansion. As pets are increasingly becoming equal to family members, consumers are taking greater care of their pets. The owners are readily spending money on pet wearable devices for better care and surveillance. Such developments are projected to drive the global pet wearable market to greater heights.
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Soaring Demand for RFID-Based Products to Prolong Growth Trajectory
As the demand for sophisticated pet wearable devices grows gradually, many market players are offering smarter products for greater usability and convenience. Against this backdrop, radio frequency identification (RFID) based pet wearable devices are gaining tremendous traction. RFID-based gadgets offer greater dependability and accuracy. These trackers can easily monitor a pet’s vitals including heart rate variability, calorie intake, body temperature, and pulse. This allows the pet owners to have a greater awareness of their pet’s well-being and act in time in case of an emergency. These IoT technologies also enable remote monitoring. These developments are collectively contributing to paced pet wearable market expansion.
High Pet Adoption Rates to Cement North America’s Dominance in Pet Wearable Market
In the forecast period, North America is expected to dominate the pet wearable market due to the growing pet population and pet humanisation in the country. A high pet adoption rate in major regional economies such as the USA and Canada is said to promote overall market growth. Growing pet healthcare awareness and paced technological innovation and development are poised to increase the growth prospects. Meanwhile, Asia Pacific is also expected to emerge as a promising market due to increasing disposable incomes making pet adoption more affordable.
Leading Market Players
Some of the major players in the global pet wearable market include PetPace (US), Whistle Labs (US), FitBark (US), Garmin (US), Link AKC (US), Tractive (Austria), Num’Axes /EYENIMAL (France), KYON (Greece), Motorola (US), Scollar (US), GoPro (US), and Felcana (UK).
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