Pet Wearable Market Size, Share & Trends Analysis Report By Technology (RFID, GPS, Sensors), By Application (Identification & Tracking, Behavior Monitoring & Control), By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global pet wearable market size was valued at USD 2,365.1 million in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 14.3% from 2023 to 2030. The market growth is supported by awareness among owners regarding the well-being of their pets. Further, the pet wearable industry has attracted considerable funding over the last couple of years for an array of technology-enhanced products for pets, including cameras and wearables. The pet wearable industry is still in its initial stages of development. However, it is still characterized by increasing competition among key stakeholders and the threat of new entrants. The focus of OEM will be the development of products with the capability of efficiently collecting health metrics.

IoT will play a crucial role in driving market growth in the future. Transmitting real-time data concerning pet health to veterinarians or pet owners will be supported by the connectivity offered by these devices. The non-invasive wearable sensor system combining photoplethysmograph (PPG), electrocardiogram (ECG), and inertial measurement units (IMU) is used to continuously monitor the health condition of pets integrated with the wireless technology, and handheld devices can make pet health monitoring easier.

Advancements in technologies including sensors, cameras, GPS, etc. will further elevate market demand in the future. Technology plays an important role in any electronic device, therefore any advancements in the aforementioned fields will be conducive to the growth of the pet wearables industry. Short battery life and high consumption of power may reduce the usage and adoption of the technology. Moreover, compliance with stringent government regulations is expected to hamper the pet wearable market growth.

Technology Insights

The RFID segment in pet wearable devices recorded the highest revenue share surpassing 30% in 2022. Reliability and accuracy are the two key features contributing to the pet wearable segment’s growth. The RFID trackers help monitor parameters concerning health such as variability in heart rate, calorie intake, body temperature, and pulse. These benefits play a key role in up-keeping segment growth, a trend expected to continue over the forecast years.

GPS enabled devices segment is projected to grow at a CAGR of 15.0% from 2023 to 2030, contributing to a high revenue share over the forecast period. Growing demand to monitor pet activities while ensuring security is creating avenues for GPS-based pet wearable devices. Growth in real-time positioning, increasing penetration of smartphones, and growth in mapping portals worldwide are estimated to fuel demand. Moreover, GPS providers have established strategic alliances with stores, mobile phone manufacturers, and application developers to increase GPS usage in new applications.

Application Insights

The demand for identification & tracking pet wearable device held a revenue share of 61.65 % in 2022. Access to location history and weight & dimensions are key features driving the segment’s growth. These devices offer pet owners a secure and easy way to monitor pet activity contributing to the segment's popularity.

Apart from activity monitoring, the demand for pet wearables for medical diagnosis & treatment is projected to witness growth at a CAGR of 16.8 % from 2023 to 2030. The expenditure on pet health diagnostics is creating opportunities for segment growth. Without a doubt, we can say that pet wearables have a bright future, with pet owners spending more on a daily basis. To a certain extent, this spending is driven by emotional motives such as increasing emotional attachment as well as dependence on pets for entertainment, companionship, and mental well-being.

Regional Insight

North America held the highest market share of 38.33% in 2022. The availability of sophisticated technologies in the region along with increasing spending on pet healthcare is anticipated to drive the regional pet wearable industry growth. For example, according to the America Pet Product Association, the spending on the pet industry in the U.S. is projected to surpass USD 100 billion by 2022.

Asia Pacific pet wearable industry growth will be led by countries including India, China, and Australia. The growing awareness about pet health and increasing wearable technology penetration in the region are the factors anticipated to drive the regional industry’s growth over the forecast period.

Key Companies & Market Share Insights

The pet wearable industry is in its developing stage and is observing intense competition among existing players and new entrants. Companies are also focusing on strategic expansions, collaborations, and acquisitions to strengthen their position in the global market. Market players are focused on improving their presence by pursuing various strategic initiatives, such as new product development; strategic collaborations, joint ventures, and partnerships; and mergers & acquisitions.

Key players in the market are also highly focused on R&D activities to develop innovative products to expand their product offerings.  Further, these players are also focused on developing innovative products that can gather health metrics of pets, such as distance walking and calories burned, which can be advantageous to veterinarians. Some prominent players in the global pet wearable market include:

• Avid Identification Systems, Inc.

• Allflex USA Inc.

• Datamars

• FitBark

• Garmin Ltd.

• Invisible Fence

• Link AKC

• Loc8tor Ltd.

• PetPace LLC

• Whistle Labs, Inc.

• Voyce.

Pet Wearable Market Report Scope 

Global Pet Wearable Market Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global pet wearable market report based on technology, application, and region:

• Technology Outlook (Revenue, USD Million, 2018 - 2030)

  • RFID

  • GPS

  • Sensors

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Identification & Tracking

  • Behavior Monitoring & Control

  • Facilitation, Safety & Security

  • Medical Diagnosis & Treatment

• By Region Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Spain

    • Rest of Europe

  • Asia Pacific

    • China

    • India

    • Japan

    • Rest of Asia Pacific

  • Latin America

    • Brazil

    • Mexico

    • Rest of Latin America

  • Middle East and Africa