Pet Wearable Market Size Revolution: 16.03% CAGR Propels Growth by 2031

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Pet Wearable Market By Technology (RFID, GPS And Sensors), Application (Identification & Tracking, Behavior Monitoring & Control, Facilitation, Safety & Security And Medical Diagnosis & Treatment)- Trends, Industry Competition Analysis, Revenue And Forecast To 2031."

The global pet wearable market is estimated to reach over USD 9.23 billion by 2031, exhibiting a CAGR of 16.03 % during the forecast period.

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Pet parents can monitor their pets' physiological and biomechanical activities using devices known as pet wearables. To assure the dogs' safety, these wearables are made using cutting-edge technology, including radio-frequency identification (RFID), the internet of things (IoT), GPS trackers, cameras, Bluetooth sensors, transmitters, and antennas. They keep track of vital signs like pulse, body temperature, respiration, calories burned, sleep habits, food intake, and heart rate variability (HRV), which might help a vet manage the animals appropriately. One of the main factors positively affecting the market for pet wearables is the growing trend of pet humanization, accompanied by pet parents' increased worries about their pets' well-being. In addition, pet owners are spending more money on pet wearables to pinpoint their precise position due to the increase in lost and stolen pet cases. Leading players are also providing Wi-Fi-equipped RFID gadgets for controlled remote pet monitoring. Additionally, they are adding cloud-based and data analytics services that let pet owners establish objectives or reminders and save medical records in the cloud. In addition, they are working together and building agreements with other businesses to launch cutting-edge products.

List of Prominent Players in the Pet Wearable Market:
Allflex USA Inc.
Avid Identification Systems, Inc.
Datamars
Fitbark
Garmin Ltd.
Intervet Inc.
Invisible Fence
Konectera Inc.
Nuzzle
PetPace LLC
Tractive
Trovan Ltd.
Whistle Labs, Inc.
Voyce

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Market Dynamics:
Drivers-
Pet food and accessory sectors have experienced an exponential expansion in recent years. Grooming, pet daycare, nutritional supplements, and more current services like wearable communication devices are just a few of the many benefits the pet sector provides. Other value-added services like fitness tracking, step tracking, sleep tracking, and behaviour tracking are continually being created with pet wearables, projected to drive market expansion throughout the research period. The development of the new 5G network technology, which will fuel the growth of the pet wearable market, is anticipated to benefit several industry players.

Challenges
The industry's limited battery life for pet wearables is one of the main obstacles to its expansion. Another vital issue impeding the development of the global pet wearable market is high power consumption. Additionally, because most wearable devices use cutting-edge technology that consumes much power, such as wireless networks and GPS, they frequently need to be recharged. As a result, battery life is reduced, raising maintenance costs for pet owners. Pet wearable technology prices are another hindrance to the market's expansion. Low-income consumers are typically less inclined to purchase pet wearable technology, which is predicted to impede market expansion.

Regional Trends:
The North American pet wearable market is expected to register a major market share in revenue and is projected to grow at a high CAGR shortly due to an increase in the use of GPS-enabled equipment and parts, an increase in the demand for heat detection technology, and an increase in the identification and tagging solutions in this region. The region's market expansion is predicted to be fueled by the availability of advanced technology and rising spending on veterinary care. For instance, the America Pet Product Association predicts that by 2022, U.S. spending on the pet market will exceed USD 100 billion. Demand for a variety of pet-related services, such as pet daycare facilities, nutritional supplements, grooming services, pet accessories, and one of the newest products-pet wearables and communication devices-is projected to fuel the business. Besides, Europe had a substantial share of the pet wearable market. The growing trend of pet humanization in countries like the UK, France, and Spain will cause the industry to grow. The U.K. leads the world in the percentage of adults who own pets, with 26% of adults in the country keeping a dog as a pet. As pet ownership rises across Europe, smart pet devices like security cameras and harnesses are becoming quite popular. These tools allow pet caretakers to remotely monitor the whereabouts of their animals using a smartphone, increasing their security and safety.

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Recent Developments:
• In May 2022, LavvieTag is a smart-care fitness tracker for cats that PurrSong, Inc, introduced. With LavvieTAG's Activity Analysis Sensor, pet owners may track their cat's daily activity levels in terms of walking, running, sleeping, and calorie consumption.
• In January 2021, a South Korean business called Petpuls Lab developed an AI-powered dog collar that can recognize five different canine moods simply by listening to their barks.

Segmentation of the Pet Wearable Market-
By Technology-
• RFID
• GPS
• Sensors

By Application-
• Identification & Tracking
• Behavior Monitoring & Control
• Facilitation, Safety & Security
• Medical Diagnosis & Treatment

By Region-
North America-
• The US
• Canada
• Mexico

Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific

Latin America-
• Brazil
• Argentina
• Rest of Latin America

Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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This release was published on openPR.