According to a new market research report published by Acute Market Reports “Pet Wearables Market (By Technology – GPS, RFID, Sensors and Others; By Product: Smart Tags, Smart Collars and Smart Vests) - Growth, Future Prospects, Competitive Analysis and Forecast 2020 - 2028”, the global pet wearables market was valued at US$ 1,584.3 Mn in 2019 and is expected to grow at a CAGR of 12.5% during the forecast period from 2020 to 2028.

The complete report is available at https://www.acutemarketreports.com/report/pet-wearables-market

Market Insights

The growing popularity of wearable technology for humans coupled with decreasing costs of various communication and sensor devices have paved the way for the rise of wearable technology for pets in recent years. Numerous companies across the world have been engaged in leveraging existing technologies and applying the same in the pet’s domain. In addition to the technological advancements, factors such as growing concerns pertaining to pet health and a rise in disposable incomes are expected to further fuel the demand for innovative pet wearables. Furthermore, changing consumer lifestyle and the increasing need to remotely track and monitor pets have led to the growing popularity of pet wearables in most of the developed markets especially in the North America and Europe regions. Moreover, a larger proportion of pet owners have been spending more time with their pets due to lockdown restrictions and work from home cultures during the ongoing COVID-19 pandemic. Thereby, people have started to spend more on various pet products to play and interact with their pets. However, factors such as lack of technological awareness and initial costs have hampered the adoption of pet wearables in some of the developing markets across the world.

Competitive Insights:

The global pet wearables market fairly niches with leading providers of pet wearable technology offering diversified products ranging from standardized ones to application-specific gadgets. In addition, companies have engaged in incorporating various applications such as remote feeding and playing in the wearables ecosystem with the use of additional hardware installed at homes. Some of the key players in the pet wearables market include FitBark, Loc8tor Ltd., PetPace Ltd., Whistle Labs Inc., Pitpatpet Ltd., DOGSTAR LIFE, Fetch (GoPro, Inc.), and INUPATHY, Inc., among others.

Key Trends:

- Increasing incorporation of pet wearables technology into the overall smart home ecosystem

- Exponential demand from countries such as China, Japan, South Korea, and Singapore, among others in the Asia Pacific region

- Rise of diversified products to be worn on the neck, back, tail, feet, etc.