Global Pet Wearable Market Study Analysis: A surge in demand for IoT will boost the growth of the market

The fast-food market size was valued at $ billion in 2020 and is estimated to reach $ billion by 2028, growing at a CAGR of 21.2% during the forecast period. Wearable devices are gaining popularity due to their diversified applications including pet wearable electronic devices. These devices help pet owners to monitor the physiological and biomechanical system, food intake, and behavior of their pets and keep a real-time record of their activities. They are also used to track the pet location to ensure safety and security. The medical condition of the pets, heart rate, calories burnt, and rest patterns can also be tracked using pet wearable devices. These devices use wireless communication and GPS or Radio Frequency Identification (RFID) technology to get information about the location of pets and alert the masters in case of an emergency. Various other technologies like motion sensors, Bluetooth, accelerometer sensors, cameras, transmitters, and antennas are also integrated into pet wearable to enhance the quality of life of pets. These devices are not only useful for pet owners but the data collected by these devices can also be used by veterinary doctors to diagnose any possible disease symptoms and provide necessary treatment at the earliest. Pet wearable devices work as a bond between the owner and their pets this has influenced the pet wearable market growth.

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Global Pet Wearable Drivers And Restrain:
The major factors that have impacted the growth of the pet wearable market include rapid technological advancements which have increased the efficiency of pet wearable and increasing expenditure on pets which has increased the sales of pet wearable, among others.

Rapid Technological Advancements:
Nowadays, the concern of the owners towards their pet health has exponentially increased the demand for pet food, nutritional supplements, pet accessories, grooming services, pet daycares, and pet wearable devices. The pet wearable device developing companies are focusing on the integration of new features in their devices. Various sensors to measure temperature, heart rate, calories intake, respiration, blood pressure, and so on are implemented in the pet wearable devices together with GPS and other wireless communication techniques. These developments have led to not only track the location of the pet but also help in real-time monitoring of fitness, sleep, behavior, and food intake. Internet of things is also playing a key role in the market growth of pet wearable devices. The IoT together with mobile applications and data analysis technology provides real-time data about the behavioral and medical condition of pets. Also, the technological advancements and the availability of cheap wearable sensing devices are expected to fuel the pet wearable device market growth.

Increasing Expenditure on Pets:
Owners consider their pets as family members and thus are highly concerned about their well-being. The rising income has influenced the growing rate of pet adoption. To monitor and control the health of their companion pets, owners are spending a reasonable amount on pet health and fitness products especially wearable devices. According to the American Pet Products Association (APPA), over 65% of American households own a pet. APPA survey also states that a total of $95.70 billion was spent on pets in the year 2019 and it is expected to reach $99.0 billion in the year 2020. With the increasing awareness for pet safety and health globally, the pet wearable device market is growing largely. Furthermore, with the availability of low-cost sensors, the cost of pet wearable devices is decreasing. Also, the implementation of IoT, smartphone applications, and an in-built GPS tracking system is expected to boost the market value.
The market is hampered by pet wearable devices that use a lot of power and have a short power consumption.

Impact Of COVID-19 on the Pet Wearable Market:
• Impact on Market Size
• End-User Trend, Preferences, and Budget Impact
• Regulatory Framework/Government Policies
• Key Players Strategy to Tackle Negative Impact
• Opportunity Window

Global Pet Wearable Market Segments:
The global Pet Wearable market is further segmented into technology, product, application, and geography.

By Technology: GPS Chips, RFID Chips, Sensors, Bluetooth Chips, Processors, Memory, Wi-Fi, and Others
By Product: Smart Collar, Smart Vest, Smart Harness, and Smart Camera
By Application: Identification and Tracking, Monitoring and Control, Medical Diagnosis and Treatment, Facilitation, Safety, and Security

Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Russia, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
• Rest of the World (the Middle East & Africa and South America)

North America is expected to dominate the pet wearable market due to the growing adoption of companion animals and increasing expenditure on pets. The increasing disposable income, growing population of tech-savvy pet owners, growing awareness towards animal health, and product innovation are others factors that are expected to drive the pet wearable market growth. The Asia-Pacific region is expected to propel the pet wearable market owing to rapid urbanization coupled with the urban culture of adopting a companion animal. The health benefits of having pets such as stress relief decreased anxiety, and normalization of blood pressure has encouraged the population to adopt companion animals which are anticipated to increase the demand for pet wearable.

Key Players of Global Pet Wearable Market:
• Whistle Labs
• FitBark Inc
• Scollar Inc
• Garmin International Inc
• GoPro Inc
• Motorola Solutions
• Nedap
• Otto Petcare Systems
• Tractive
• PetPace

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Key Questioned Answered Through The Report:
• The Impact of COVID-19 on the global market
• What are the potential opportunities for new entrants in the global market
• What is the market Size and Forecast from 2020 to 2028?
• Key Players associated with the global Pet Wearable Market
• Value Chain Analysis of Global Pet Wearable Market
• What is the CAGR of the global Pet Wearable Market from 2021 to 2028
• Major Growth Factor, Challenges, Trends, and Opportunities in the global market
• Key outcomes of SWOT Analysis

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