The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company’s pet wearable market report forecasts the pet wearable market size to grow to $5.24 Billion by 2027, with a CAGR (compound annual growth rate) of more than 16%.

Learn More On The Pet Wearable Market Report 2023 – https://www.thebusinessresearchcompany.com/report/pet-wearable-global-market-report

Pet Wearable Market Size Forecast
The global pet wearable market is expected to grow from $2.47 billion in 2022 to $2.85 billion in 2023 at a compound annual growth rate (CAGR) of 15.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The pet wearable market size is expected to grow to $5.24 billion in 2027 at a CAGR of 16.4%.

North America held the largest pet wearable market share, and Asia-Pacific was the fastest-growing region in 2022.

Key Pet Wearable Market Driver ­– Rise In Demand For Pet Monitoring Globally
According to a COVID-19 Pulse Study 2020, conducted by the American Pet Products Association, 11.38 million U.S. families brought new pets during the pandemic. Furthermore, 72% of respondents in the study stated that their pet’s diet and health were of utmost priority for them. Additionally, according to the Pet Food Manufacturers Association, a UK-based trade body for the pet food industry, 3.2 million households in the UK acquired a new pet during the COVID-19 pandemic. The increase in the number of pets indicates a rise in demand for pet-related goods, including pet wearable devices.

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Key Pet Wearable Market Trend – Adopting IOT Technology In Pet Tracking Devices
Companies operating in the pet wearable market are increasingly adopting IoT (Internet of things) technology in pet tracking devices to allow pet owners to seamlessly track the activity and location of their pets. IoT-enabled pet tracking devices utilize IoT technology that uses GPS (Global Positioning System) or cellular tower triangulation to pinpoint the tracker’s location. This data can be accessed by a companion application that is installed on the pet owner’s smartphone. The advantages of IoT-enabled pet trackers include high precision in location tracking, geofencing notifications if the pet leaves a specified area, and longer battery life. For instance, in September 2021, Vodafone Group PLC, a UK-based multinational telecommunications company, launched the Curve Smart GPS tracker pack which is an IoT-enabled tracker which can be used to accurately pinpoint the pet’s location.

Pet Wearable Market Segment
1) By Product Type: Smart Collar, Smart Camera, Smart Harness and Vest, Other Product Types
2) By Technology: RFID Devices, GPS, Sensor, Bluetooth, Other Technologies
3) By Application: Identification and Tracking, Monitoring and Control, Medical Diagnosis and Treatment, Other Applications

Pet Wearable Market Major Players and Strategies
Major players in the pet wearable market are Allflex USA Inc., Avid Identification Systems Inc., Dairymaster, Datamars Inc., Felcana, FitBark Inc., Garmin Ltd., GoPro Inc., Intervet Inc., Invisible Fence, Konectera Inc., Scollar Inc., Tractive GmbH, Trovan Ltd., PetPace Ltd., Motorola Mobility LLC, Num’Axes, Dogtra, Dog Tracker Nano, DeLaval Inc., Furbo, GIBI Technologies, Nedap, Omnia Technologies, Pawbo Inc., Indiegogo Inc., Invoxia, and Jiobit.

In November 2021, Life360 Inc., a US-based information technology company leader in family location and safety services including pets acquired Jiobit for a deal of $37 million . Through this acquisition, Life360 Inc aims to be the leader in both hardware and software products for families and pets in the US market. Jiobit is a US-based company operating in wearable devices and solutions.

The Pet Wearable Global Market Report 2023 covers regional data on pet wearable market size, pet wearable market trends and drivers, opportunities, strategies, and pet wearable market competitor analysis. The countries covered in the pet wearable market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The pet wearable are devices that can be worn on the pet’s body such as dogs, cats, and other pets to serve various purposes, such as identification, tracking, monitoring, controlling, medical diagnosis, treatment, facilitation, safety, and security. These products are utilized to collect the data which is tracked through a companion app installed on the pet owner’s smart device.

View More Reports Related To The Pet Wearable Market –
Wearable Blood Pressure Monitors Global Market Report 2023
Pet Food Global Market Report 2023
Wearable Medical Devices Global Market Report 2023

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