$1.7+ Billion Pet Wearable Market Outlook, 2024 - Smart Harness to Register the Highest CAGR

11/8/2019, 12:18 PM (Source: GlobeNewswire)

Dublin, Nov. 08, 2019 (GLOBE NEWSWIRE) -- The "Pet Wearable Market by Component (GPS Chips, RFID Chips, Sensors, Wi-Fi, Cellular, Bluetooth Chips, Processors, Memory, Displays, Batteries), Product (Smart Collars, Smart Cameras, Smart Harnesses), and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The pet wearable market is expected to grow from USD 703 million in 2019 to USD 1,718 million by 2024 at a CAGR of 19.6%.

  • This study aims to estimate the size and growth potential of this market, across different segments, such as product, component, and geography.
  • The study also includes an in-depth competitive analysis of key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

The growth of the pet wearable market can be attributed to the surging demand for IoT in pet tracking devices, increasing concerns toward pet health and well-being, and rising pet population and pet humanization. However, high power consumption and limited battery life of pet wearable devices are restraining the market growth.

Whistle Labs (US), PetPace (US), Garmin (US), FitBark (US), Tractive (Austria), Link AKC (US), Motorola (US), Num'Axes /EYENIMAL (France), KYON (Greece), Scollar (US), GoPro (US), and Felcana (UK) are a few key players in the pet wearable market.

Smart harness to register the highest CAGR in the overall market during the forecast period

A smart harness is fastened around a pet's body and is equipped with numerous technologies and sensors to sense and monitor the pet's posture, body language, and the sounds it makes. The smart harness also includes physiological sensors that monitor the pet's heart rate and body temperature. The sensors not only track a dog's physical well-being but can offer information on a dog's emotional state, such as whether it is excited or stressed.

The technology could be particularly useful for guiding dogs and monitoring their health. For example, a Japanese company created a harness-like device called Inupathy. It monitors the heart rate of pets; the device uses a sensor to analyses a dog's heartbeat variation and contains multicolored LEDs that represent the emotional state of these pets. For example, red for excited, blue for relaxed, white for focused, and multiple colors for happiness. This allows owners to understand their pets better and maintain a strong bonding with them.

Sensors to hold the largest size of pet market throughout the forecast period

Sensors collect information about the pet's vital signs and analyze the collected data to alerts pet owners with first signs of any trouble. There are various types of sensors such as temperature sensors, heart rate sensors, image sensors, accelerometers, and water sensors available in the market for different applications of pet wearables such for advanced functionalities such as tracking the pet's exact movement, activities, pet behavior, as well as monitor health-related bio-metric data during these activities. Moreover, the growing trend toward smaller, smarter, and cheaper sensors with improved compatibility is driving the demand for sensors in pet wearables.

Pet wearable market in APAC expected to grow at highest CAGR during the forecast period

The pet wearable market in APAC is anticipated to grow at a substantial growth owing to the urbanization and rise in the popularity of pets. Many vendors are extending their businesses to emerging countries of APAC such as China, Japan, and India. The rise in per capita income and disposable incomes in developed and developing countries is leading to a significant change in spending habits pertaining to pet fitness and wellbeing.

With the rising disposable incomes and an exponential increase in pet health consciousness among pet owners, there is a growing demand for fitness technology products such as pet smart collars, smart cameras, and fitness trackers in these developing economies. Countries with increasing disposable incomes will continue to be the major contributors to the pet wearable market, thereby resulting in high growth opportunities.

Key Topics Covered

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in Pet Wearable Market
4.2 Pet Wearable Market, By Product (Thousand Units)
4.3 Pet Wearable Market for Sensors, By Product (Thousand Units)
4.4 Pet Wearable Market in APAC
4.5 Pet Wearable Market, By Geography

5 Market Overview
5.1 Introduction
5.1.1 Drivers Surging Demand for IoT in Pet Tracking Devices Increasing Concerns Toward Pet Health and Well Being Rising Pet Population and Pet Humanization Growing Expenditure on Pets Due to High Disposal Income
5.1.2 Restraint High Power Consumption and Limited Battery Life of Pet Wearable Devices
5.1.3 Opportunity Rapid Advancements in Wan and Lpwan Technologies Exponential Demand for Pet Wearables From Developing Countries in APAC
5.1.4 Challenges High Cost and Requirement for Continuous Subscriptions

6 Pet Wearable Market, By Component
6.1 GPS Chips
6.2 RFID Chips
6.3 Connectivity Integrated Circuits
6.3.1 Bluetooth Chips
6.3.2 Wi-Fi Chips
6.3.3 Cellular Chips
6.4 Sensors
6.5 Processors
6.6 Memory
6.7 Displays
6.8 Batteries
6.9 Others

7 Pet Wearable Market, By Product
7.1 Introduction
7.2 Smart Collars
7.2.1 Smart Collars Accounted for The Largest Share of The Overall Pet Wearable Market in 2018.
7.3 Smart Cameras
7.3.1 Potential of AI to Bring New Capabilities to Pet Smart Camera Market
7.4 Smart Harnesses
7.4.1 Smart Harness Expected to Grow at Highest CAGR During The Forecast Period

8 Pet Wearable Market, By Region
8.1 Introduction
8.2 North America
8.2.1 US US Accounted for Largest Share of North American Pet Wearable Market in 2018
8.2.2 Canada Pet Ownership is on Rise in Canada
8.2.3 Mexico Mexico is Third-Largest Country in North American Pet Wearable Market in 2018
8.3 Europe
8.3.1 UK Growing Dog Population Increases Demand for Pet Health and Fitness Trackers in UK
8.3.2 Germany Increasing Trend of Pet Humanization
8.3.3 France Higher Focus on Pet Health in France
8.3.4 RoE
8.4 Asia Pacific
8.4.1 Japan Rising Focus on Pet Ownership
8.4.2 China China Held Largest Market Share of Pet Wearable Market in APAC
8.4.3 Australia Australian Market is Also Trending Toward Pet Humanization
8.4.4 RoAPAC
8.5 RoW
8.5.1 South America Rise in Pet Population Contributes to Continual Growth of Pet Wearable Industry
8.5.2 Middle East & Africa Market in MEA is at Emerging Stage and has Significant Potential for Growth During Forecast Period

9 Competitive Landscape
9.1 Introduction
9.2 Market Ranking Analysis: Pet Wearable Market
9.3 Competitive Situations and Trends
9.3.1 Product Launches and Developments
9.3.2 Partnerships and Collaborations
9.3.3 Acquisitions
9.4 Competitive Leadership Mapping
9.4.1 Visionary Leaders
9.4.2 Innovators
9.4.3 Dynamic Differentiators
9.4.4 Emerging Companies

10 Company Profiles
10.1 Key Players
10.1.1 Petpace
10.1.2 Garmin
10.1.3 MotoRoLA Mobiltiy (Binatone)
10.1.4 Fitbark
10.1.5 Whistle Labs
10.1.6 Tractive
10.1.7 Link AKC (WAGZ)
10.1.8 Num'axes (Eyenimal)
10.1.9 Kyon
10.2 Other Companies
10.2.1 Gopro
10.2.2 Pawbo
10.2.3 Loc8tor
10.2.4 Pod Trackers
10.2.5 Felcana
10.2.6 Scollar
10.2.7 Invoxia
10.2.8 Dogtra
10.2.9 Xiaomi
10.2.10 RAWR

For more information about this report visit https://www.researchandmarkets.com/r/bkjsys

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