As per the report published by Kings Research, the Global Pet Wearable Market was valued at USD 2,314.8 million in 2023. The market is projected to reach USD 6,095.1 million by 2031, growing at a CAGR of 13.08% from 2024 to 2031.
The growth of the pet wearable market is being fueled by the rise in pet ownership and increasing awareness regarding pet health. The wearable devices encompass a wide range of products including GPD trackers and health monitors that offer pet owners peace of mind by providing real time data regarding the whereabouts, activity levels, and the key health metrics of their pets. The market is anticipated to grow substantially in the forecast period with advancements in technology thus providing better solutions to monitor and care for their pets.
Key Insights
- Based on component, the GPD chips segment accounted for the largest market share of 40.85% in 2023
- Based on application , the facilitation and safety segment is estimated to register a CAGR of 13.09% between 2024 and 2031
- Based on product type, the smart collars segment accounted for the highest market share of 45.65% in 2023
- On the basis of region, Europe held a valuation of USD 614.6 million in 2023
Tractive Launches a New ‘Base Station’ to Extend Battery Life of Existing GPS Trackers
April 2024: Tractive, a manufacturer of wearables specializing in GOD enabled devices for cats and dogs announced the launch of ‘Base Station’, a plug-in accessory device to boost the battery health of their GPS and health trackers. Although the device is non-essential for the trackers to function on their own, the device offers significant improvement in the battery life of the product. The device offers an additional Power Saving Zone for trackers that enables users to adjust its range, particularly in areas with patchy and no Wi-Fi coverage.
Innovation and Development for Creating New Products and Advanced Solutions for Pet Owners
Innovation and development offer a significant opportunity for technology companies to create advanced solutions for pet owners. The humanization of pets and their treatment as family members has increased awareness of pet health, driving the demand for devices that offer real-time health monitoring, activity tracking, and location tracking for pets. This market provides opportunities for companies specializing in sensor technologies, data analytics, and related IT industries to develop comprehensive, user-friendly wearable solutions. Partnerships with veterinarians and pet care professionals can further enhance the quality and implementation of these devices, providing actionable insights and personalized recommendations for pet owners.
Global Expansion of E-Commerce Platforms to Create Opportunities for Market Growth
The global expansion of e-commerce platforms and the increasing penetration of smartphones offer a lucrative opportunity for pet wearable manufacturers to market their products to a wider audience. Effective utilization of online sales channels is enabling companies to showcase their product portfolio to pet owners globally. Additionally, the rise of digital marketing strategies, including social media advertising and collaborations with influencers, results in increased brand awareness, thereby driving product sales .
Asia-Pacific is Slated to Be the Fastest-Growing Region, Exhibiting the Highest CAGR of 15.45% Between 2024 and 2031
Based on region, the global pet wearable market is classified into North America, Europe, Asia-Pacific, MEA, and Latin America. The Asia-Pacific region is expected to grow at the fastest rate in the pet wearables market due to rising urbanization, increased pet ownership among the affluent middle class, a growing focus on pet health, and advancements in technology such as GPS tracking and health sensors. Additionally, expanding e-commerce and retail channels, cultural shifts valuing pets as family members, and supportive government policies are set to contribute to the regional industry growth in the forecast duration.
Companies Focusing on Product Innovation to Expand Their Market Reach
The global pet wearable market reveals a fragmented landscape featuring prominent companies including Tractive, PetPace, FitBark, Science & Diagnostics, Radio Systems Corporation, Loc8tor Ltd., DOGTRA, Mobiusworks Private Limited, Barking Labs, PETFON, and others. Companies are employing a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their global business footprint and enhance their competitive position.