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Rising Demand for GPS-Based Tracking Technology Driving Pet Wearables Market

06-12-2024 07:03 PM CET | Consumer Goods & Retail

Press release from: Fact.MR

Rising Demand for GPS-Based Tracking Technology Driving Pet

The pet wearables market will experience a steady growth rate of 8% CAGR during the forecast period spanning 2022 to 2032. By 2032, the global market for pet wearables is anticipated to reach a valuation of US$ 10.96 billion. This growth surge is primarily attributed to the rising consumer expenditure on pets, driven by advancements in pet healthcare and biomedical imaging. Additionally, the rapid expansion of pet insurance companies in recent years has further fueled the demand for pet wearables. The use and demand of these devices, as recommended by insurance companies, will be one of the major factors affecting the market for pet wearables. Rising downstream demand and expanding pet health awareness are the main factors affecting the market for pet wearables. Pet wearables will serve a purpose during the projected period based on their cost-effectiveness and impacts on the pet healthcare system.

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Key Takeaways from the Market Study

In 2022, the global cheddar cheese market is estimated to have reached a significant market size of US$ 3.2 billion, showcasing the enduring popularity of this dairy product worldwide. Amidst the technological advancements shaping various industries, the RFID segment emerges as a dominant force, projected to hold a substantial 58% market share in 2022. This technology's efficiency and versatility are expected to fuel its dominance in the global market throughout the forecast period spanning 2022 to 2032. Similarly, the emotion tracker segment, with a projected 30% market share in 2022, highlights the growing importance of consumer sentiment analysis in market strategies. These segments underscore the evolving landscape of technological integration in the food industry, indicating a shift towards data-driven approaches to meet consumer demands and enhance product offerings.

Looking specifically at regional dynamics, the United States is poised to command a significant share of the global cheddar cheese market, predicted to acquire 45% of the market share in 2022. Furthermore, with an anticipated compound annual growth rate (CAGR) of 8.1% during 2022-2032, the US market demonstrates robust growth potential and underscores its leading position in the industry. Meanwhile, the Chinese region is forecasted to exhibit a compelling CAGR of 7.9% over the same projection period, highlighting the expanding consumer base and increasing demand for cheddar cheese in this key market. These trends indicate not only the enduring popularity of cheddar cheese globally but also the evolving market dynamics influenced by technological advancements and shifting consumer preferences.

List of Key Companies Profiled in The Report

RSA Group
Avid Identification Systems, Inc.
Allflex USA Inc.
Garmin Ltd.
Invisible Fence
Link AKC

What is the outlook of the US Pet Wearables Market?

The US market will be the most lucrative market for pet wearables during the forecast period. As per Fact.MR, the US market is expected to gain a market share of 45% in 2022.

The region's market is expected to develop as a result of the availability of advanced technology and rising expenditure on veterinary care. For instance, the American Pet Product Association projects that by 2022, the U.S. pet sector would spend more than USD 100 billion.

Numerous pet-related services, including pet daycare facilities, nutritional supplements, grooming services, pet accessories, and one of the newest offerings-pet wearables and communication gadgets-are all anticipated to drive demand in the industry. Thus, the US market is predicted to grow at an 8.1% CAGR during 2022-2032.

Notable Developments

This section of the article explores the most significant milestones and breakthroughs in the pet wearables market. From the introduction of revolutionary features to the adoption of artificial intelligence for more accurate health monitoring, notable developments shape the industry's trajectory. This section also sheds light on how these advancements contribute to the overall improvement of pet care, fostering a deeper connection between pet owners and their beloved companions.

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Competitive Landscape

Avid Identification Devices Inc. creates and provides injectable RFID electronic identification systems for use in animal applications. The company sells Labtrac, a permanent microchip-based animal identification system. Among the nations where it sells and distributes its items are Australia, Argentina, Brazil, Colombia, Canada, Costa Rica, France, Ecuador, Guatemala, Mexico, South Korea, New Zealand, Spain, Peru, the United States, the United Kingdom, and Uruguay.

In 2022, Fitbark debuted FitBark GPS 2nd Generation. Their most current tracker seamlessly (and easily) switches between AT&T, Verizon, and T-Mobile 4G LTE-M networks to deliver the best coverage at all times. It is important to remember that the inbuilt sim is independent of the smartphone's cellular provider. FitBark GPS 2nd Generation weighs 16 grams and is as fond of water as the dog is. It is suitable for dogs of all sizes, including Leonbergers and Chihuahuas. It accommodates collars as wide as 1.5′′. (38 mm).


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About Fact.MR:

Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range - from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories.

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