Dairymaster, DeLaval, Whistle Labs, Nedap N.V., Scollar, Pet Vu, Fitbark, Profiled in Pet Wearable Market Report 2018 by Global Market Insights, Inc.

Pet Wearable Market growth will be driven by increasing disposable income and adoption of pets in several households. According to American Pet Products Association (APPA), over 65% of American households own a pet. The owners are increasing their spending on smart products that can be controlled remotely and monitor their pet’s health and fitness. Moreover, safety is primary for the owners while buying product such as collars, harness and vest for their pets. This is encouraging players to manufacture products that are safer for both owners and pets driving the high adoption rate. It is estimated that by 2024, owners will increase their spending on pets by 55% in countries such as the U.S., Canada, UK, Germany and Australia.

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Smart cameras accounted for more than 25% of the overall pet wearable market share in 2016. The cameras monitor the pet’s outdoor activity and are help owners to keep track of their pets when they are away. Owners buying the smart cameras are valuing the interactivity of the products which are enabled by its laser toy and two-way audio features.

The RFID based devices accounted for over 30% revenue share in 2016. The growing trend of implementing RFID tags for dairy animals and pet tracking is a vital factor driving the RFID demand in the pet wearable market. These devices are designed for ultra-high and low frequencies, and are used in continuously recording readings of a pet's daily activities and for animal tracking respectively.

Medical diagnostic tagging accounted for more than 30% of the pet wearable market share in 2016. Medical treatments which use electrics and electronics is steadily being adopted to monitor cooling, heating, and drug delivery in animals. The animals which are most likely to employ wearable devices in high volume are controlled by humans include dairy cows, horses, cats and dogs which is anticipated to increase the global volume sales.

Pet Wearable Market was over USD 1 billion and shipments exceeded 5 million units in 2016, and is set to surpass USD 8 billion by 2024. The global shipments are forecast to grow at over 25% CAGR from 2017 to 2024.

Growth Drivers:

. Need for remote monitoring and tracking pets in North America

. Rising consciousness regarding medical diagnosis of pets in Europe

. Need for obligatory RFID tagging for farm animals in Australia

. Rising disposable income in Asia Pacific countries

. Urbanization and rise in popularity of pets in China

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Smart collars in the pet wearable market accounted for over 40% of the global industry share in 2016. The collars are allowing owners to monitor the pet’s activity level and location at all times. These smart collars use Wi-Fi, GPS, sensors and cellular data to send statistics to the owner’s smartphone. The data collected through the collars is helping owners track their pet’s health and vital signs. Usage of GPS-based wellbeing trackers that utilize innovative applications for acquiring the pets ongoing updates on smartphones is a pivotal driving factor.

Asia Pacific pet wearable market is anticipated to witness considerable growth owing to cheap labor and presence of manufacturing plants in countries such as China, and Taiwan. There are currently about 300 manufacturers in the pet wearable market in the world, with a high percentage of them based in China, making very basic devices at the lowest price. Increased adoption and sales of GPS-based products in the region will encourage the industry demand.

Key players operating in the pet wearable market include Nedap N.V., Silent Herdsman Limited, Scollar Inc., Pet Vu Inc., DeLaval, Inc., Dairymaster, PetPace, Otto Petcare, Motorola, Ridogulous Labs, Garmin, FitBark, i4c Innovations, Tagg, Whistle Labs Inc, Loc8tor, and IceRobotics, among others.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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