Pet Wearables Market
Pet Wearables Market Analysis, By Product (Pet Cameras, Activity Monitors, GPS Trackers, Pet-emotion Sensors, Pet-to-human Translators), By Technology (GPS, RFID, Sensors), By Application (Medical Diagnosis & Treatment, Behavior Monitoring & Control, Safety & Security, Identification & Tracking) - Global Market Insights 2019 to 2029
Pet Wearables Market Insights
Global pet wearables market is anticipated to grow at a CAGR of 7.5% during the forecast period. Rise in demand for pet wearables can be primarily attributed to the increased spending capability of consumers on pets, owing to medical diagnostics and healthcare of pets. Pet insurance companies have been showing high growth in recent years.
The usage and need for pet wearables recommended by insurance companies will be one of the prominent factors affecting the pet wearables market. Key factors affecting the pet wearables market are increasing downstream demand and pet health consciousness. The cost effectiveness and impact of pet wearables on pet healthcare system will determine the role of pet wearables in the forecast period.
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Technological Innovations to Augment the Growth of the Pet Wearables Market
The pet industry and other related industries such as pet food, pet accessories, and others have seen an exponential increase in the recent past. The plethora of services are available for pets such as pet day cares, grooming services, nutritional supplements, pet accessories and one of the most recent one, pet wearables and communication devices. The development of pet wearables is not only limited to pet tracking. Additional value added services such as fitness tracking, steps, sleep, steps, behaviour and diet are under constant research and development.
Multiple companies are entering the market for pet wearables. The current focus of new entrants and established players in the pet wearables market is on product innovation and service integration.
New companies such as Xiaomi have integrated their human pedometers with pet trackers to provide additional fitness data and analytics for consumers. Some companies are working on development of communication standards such as NB-IoT for pet monitoring. These new communication standards will augment functionalities of currently used sensor technologies.
The research of NB-IoT was carried out by u-blox in partnership with key players in IoT industries such as Huawei, Vivo, CAS Tecnologia and PinMyPet. The research of these companies include multiple lab and field tests in real time settings. The research of these pet wearables was carried out in Brazil. The testing of proprietary pet wearables hardware was carried out on 2G band.
In the recent news, the company released its latest 5G ready cellular modules and low powered chipset for IoT applications. The upcoming introduction of 5G networks in the global market will help the company to grow in the pet wearables market in long run. The research in IoT usage for pet wearables is to facilitate the tracking of pets.
The entry barriers for pet wearables are extremely low considering the consumer popularity. The awareness of pet wearables will be one of the major obstacles for new emerging players to address.
Development of imaginative applications of pet wearables are needed for sustenance in the pet wearables market. The market penetration of established players is still on the lower side. The rise of E-commerce for pet wearables will be the growth driver for the pet wearables market. The preference of companies has been towards usage of their own proprietary e-commerce channels.
Increasing Trend of Treating Pets as Family Members
The society as a whole has become more isolated and rapid breakdown of social support systems has increased the pet adoption. The importance of pets in social life has led to changes in the social standing of pets.
People have come to view pets as extended family members, and in turn marked a sharp increase in pet healthcare. Additional tracking of heartbeat, temperature, and other miscellaneous data are being developed for the qualitative analysis of pet health.
Some of the previously used pet wearables to stop barking or training purposes are being revamped to create humane training collars. The banning of pet wearables using inhumane tactics is underway in multiple countries.
The United Kingdom is one of the recent governments to ban the usage of inhumane pet wearables such as shock collars and noxious gas sprayers. Development of new mechanisms in pet wearables include noise calibrators, and vibration modules.
An Adaptive Approach to Modern-day Research Needs
Introduction of New Standards and Regulations to Gain Popularity
The pet wearables market is still in the introductory phase of the industry life cycle. Multiple new entrants in the pet wearables market are seen experimenting with their services.
The introduction of new proprietary solutions catering to consumers’ needs have been one of the key strategies in the pet wearables market. New emerging technologies and services have led to creation of new standards for proper and benchmarked approaches to wearables electronic devices and technologies.
IEC Technical Committee was formed to develop international standards for wearable electronic devices. Several similar committees are already involved for designing, testing and equipment specifications of wearables technologies.
The major concerns to be addressed with pet wearables are the data collection and privacy involved with pet wearables.
The development of new standards will help the pet wearables industry to gain customary compliances and securities. The main focus with regards to privacy concerns in the pet wearables market is to limit the data collection and profiling to pets and avoid profiling to owners.
RFID technology usage has been increasing for pet wearables. ISO 11784/11785 are the main international standards that define specifications of RFID tags and activation of transponder. The pet wearables report deliberates over these standards and technologies, which are tested or under research at the moment.
A Look Out of Pet Insurance Companies
The increased humanization of pets has given birth to new services such as pet insurance. The current scenario for pet insurance is slightly stagnating. This can be attributed to the increasing pet insurance premiums. RSA Group, one of the leading providers of insurance, has invested in PitPat, for the development of pet wearables.
The major concern of insurance companies is the overall insurance provided to pets, regardless of the health condition of pets. This has led to higher costs incurred on companies’ side.
Investments in the pet wearables market cater to better plans for pets with specific health monitoring. The pet wearables market is likely to help consumers provide better healthcare to their pets and in turn reduce the veterinarian’s bills in the long run. The finding is the report showcases the development of the medical diagnosis and treatment application of pet wearables.
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Untapped Potential to Amplify the Growth of the Pet Wearables Market
The pet wearables market has got a wide range of product offerings. Ranging from basic GPS trackers to advanced emotion trackers for pets, pet wearables are being developed to cater to consumer needs.
Pet emotion trackers are mostly in development or available in the most basic forms. As per the data analysed in the pet wearables report, pet emotion sensors and activity monitors are poised for heavy development in the forecast period. The integration of multiple technologies in a single device has received highest attention in recent years.
Owing to the increasing urbanization and development in recent years, the per capita income and the average consumer spending have increased, which is likely to influence the per capita spent on pet healthcare products.
Consumers are willing to pay a higher price for pet health and satisfaction, which leads to an increased demand for pet wearables. Currently, due to concentration of players in North America and Europe, these regions hold the highest share for the usage of pet wearables.
But the usage of pet wearables is still in its preliminary phase for these regions. The potential growth in these regions are likely to attribute to the highest growth of the pet wearables.
Closely following the growth of the European pet wearables market is the APEJ region. The urbanization of developing countries in the region will lead to significant growth in the demand for pet wearables. Availability of products will be one of the main concerns in Asia.
The introduction and social awareness of the technology are likely to catch the eye of pet loving millennials. The affordability of pet wearables in developing countries such as India will determine the success for the market. Japan has been on the forefront for the innovative and technological developments.
“Connected Cow” was one of the most innovative usages of pedometers to determine estrous cycles. The whimsical applications and innovative pet wearables will help the growth of the market in the forecast period. South Korea is one of the leading nations in pet registration.
The implementation of blockchain technology in the registration is likely to increase the preference of consumers in South Korea. The growth metrics of pet wearables according to regional characteristics are examined in the report.
The study also shares details on factors impacting pricing strategies of manufacturers within the global pet wearables market. Segmentation of the global pet wearables market provided in the report is briefly delineated in the following taxonomy table:
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