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Pet Wearable Market to grow by USD 2.17 billion from 2022 to 2027 | Market is driven by growing pet industry – Technavio


NEW YORK, Sept. 24, 2023 /PRNewswire/ — The “Pet Wearable Market by product (Smart collar, Smart camera, and Smart harness and vest), application (Identification and tracking, Monitoring and control, Medical diagnosis and treatment, and Facilitation/safety and security), and geography (North America, Europe, APAC, Middle East and Africa, and South America) – Forecast and Analysis 2023-2027″ report has been added to technavio offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the pet wearable market between 2022 and 2027 is USD 2.17 billion. The growing pet industry is notably driving growth in the pet wearable market. The pet industry has continued to grow at a favorable rate, including accessories and services over the past years. Pet wearables represent a niche within this expanding market, attracting both established players and startups seeking opportunities for growth. The lifestyle of people has changed immensely with a growing number of dual-income households. However, people are willing to spend additional money on multiple products that are considered a luxury such as Gucci dog collars. They are becoming more and more interested in purchasing premium products in order to provide their pets with the best as pet owners treat their pets like members of the family. Such products cater to the needs of modern pet owners, driving market growth during the forecast period. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here


Technavio has announced its latest market research report titled Global Pet Wearable Market 2023-2027


Market Challenge

The presence of unorganized players and the availability of counterfeit products is a significant challenge faced by the pet wearable market. With the increased availability of counterfeit and low-quality products, the growth of the global for pets wearable devices is being hindered. The availability of counterfeit products, including pet wearables and other accessories, is high in emerging nations like China and India. Well-established global competitors face high competition from these players. However, in developing countries, many consumers do not prefer to invest in expensive pet care products, including pet furniture. With their cheap and low-quality offerings, most counterfeit players target these consumers. The low operating costs and investments required in this market are significant benefits for these players. Hence, the high competition from counterfeit players is a significant price challenge for well-established manufacturers which in turn hinders the market growth during the forecast period.

 Learn about additional key drivers, trends, and challenges available with Technavio. Read Free Sample PDF Report Now

The pet wearable market is segmented by Product (Smart collar, Smart camera, and Smart harness and vest), Application (Identification and tracking, Monitoring and control, Medical diagnosis and treatment, and Facilitation/safety and security), and Geography (North America, Europe, APAC, Middle East and Africa, and South America). 

  • The smart collar segment is estimated to witness significant growth during the forecast period. Smart collars are technologically advanced and innovative products that deliver different advantages to pet owners, improving the overall well-being and safety of their beloved furry companions. GPS tracking is an important aspect, which enables pet owners to find their pets in real-time and is usually included with the GPS tracking collar. Smart collars often deliver personalized settings, which entitle pet owners to change the functions of an instrument according to their pets’ specific needs and preferences. Due to such advantages, the demand for smart collars is increasing, which in turn is driving the growth of the global market in focus during the forecast period.
  • North America is estimated to account for 43% of the global market during the forecast period. 

 View the Free Sample Report for insights into the contribution of all the segments and regional opportunities in the report.

Key Companies in the pet wearable market:

Avid Identification Systems Inc., Barking Labs Corp., Datamars SA, Dogtra Co., Felcana, FitBark Inc., Garmin Ltd., GoPro Inc., Loc8tor Ltd., Mars Inc., Merck and Co. Inc., NUM AXES, Pet Valu Canada Inc., PetPace, Protect Animals With Satellites LLC, SCOLLAR Inc., Smart Tracking Technologies LLC, Tractive GmbH, Vandrico Solutions Inc., and Wagz Inc.

Related Reports:

The pet food market size is estimated to grow at a CAGR of 5.71% between 2022 and 2027. The market size is forecast to increase by USD 35.75 billion.

The Global Animal Health Diagnostics Market size is estimated to grow by USD 1,956.81 million between 2022 and 2027 accelerating at a CAGR of 9.63% during the forecast period.

Pet Wearable Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 13.66%

Market growth 2023-2027

USD 2.17 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

13.0

Regional analysis

North America, Europe, APAC, Middle East and Africa, and South America

Performing market contribution

North America at 43%

Key countries

US, China, Germany, UK, and France

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

Avid Identification Systems Inc., Barking Labs Corp., Datamars SA, Dogtra Co., Felcana, FitBark Inc., Garmin Ltd., GoPro Inc., Loc8tor Ltd., Mars Inc., Merck and Co. Inc., NUM AXES, Pet Valu Canada Inc., PetPace, Protect Animals With Satellites LLC, SCOLLAR Inc., Smart Tracking Technologies LLC, Tractive GmbH, Vandrico Solutions Inc., and Wagz Inc.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Product 

Market Segmentation by Application 

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

Email: [email protected]

Website: www.technavio.com

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