The global pet wearables market was valued at US$ 1,093.2 Mn in 2016 and is expected to grow at a CAGR of 13.5% during the forecast period from 2017 to 2025.
Growing popularity of wearable technology for humans coupled with decreasing costs of various communication and sensor devices have paved the way for the rise of wearable technology for pets in the recent years. Numerous companies across the world have been engaged in leveraging existing technologies and applying the same in the pet’s domain. In addition to the technological advancements, factors such as growing concerns pertaining to pet health and rise in disposable incomes are expected to further fuel the demand for innovative pet wearables.
Furthermore, changing consumer lifestyle and increasing need to remotely track and monitor pets have led to the growing popularity of pet wearables in the most of the developed markets especially in the North America and Europeregions. However, factors such as lack of technological awareness and initial costs have hampered the adoption of pet wearables in some of the developing markets across the world.
The global pet wearables market is fairly niche with leading providers of pet wearable technology offering diversified products ranging from standardized ones to application specific gadgets. In addition, companies have engaged in incorporating various applications such as remote feeding and playing in the wearables ecosystem with the use of additional hardware installed at homes.
Some of the key players in the pet wearables market include FitBark, Loc8tor Ltd., PetPace Ltd., Whistle Labs Inc., Pitpatpet Ltd., DOGSTAR LIFE, Fetch (GoPro, Inc.) and INUPATHY, Inc., among others.
- Increasing incorporation of pet wearables technology into the overall smart home ecosystem
- Exponential demand from countries such as China, Japan, South Korea and Singapore, among others in the Asia Pacific region
- Rise of diversified products to be worn on neck, back, tail, feet, etc.