Global pet wearable market to reach $2.4 billion by 2022
Parallel to growth of the mainstream wearables market, we’ve seen the rise of the global market for pet wearables. From devices that allow you to remotely monitor, water, feed and release treats for your pet, to technologies that unlock home doors to allow animal sitters access to your home when you are away.
Pet wearables are definitely a good thing. Statistics show that 1 in 3 pets will become lost in their lifetime. Using one of these devices can ensure that your cat or dog isn’t one of them.
Animal-related spending in the US is now so high that the subset of pet technology has become a mutibillion-dollar industry. A new report by Grand View Research gives us an insight into where this market is heading in the coming years. According to the study, the global pet wearable market is expected to reach nearly $2.4 billion by 2022. The report says, growing pet ownership coupled with increasing per capita expenditure on pets is expected to drive this market.
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For example, over 50 million American homes have a dog. Each one of these households will spend an average of $1,641 per year on one dog. It is estimated that by next year, pet owners will spend more on wearable devices than on food, and this is only the beginning. Spending on pets is expected to rise by an additional 50% by 2020. Most of this growth will come from developed markets. High costs of such technology and lack of infrastructure are expected to hamper development in emerging market countries.
Other interesting findings from the report include:
- In 2014, GPS captured a sizeable market share accounting for over 30% of overall pet spending. The need for Real Time Location System (RTLS) has led to increased demand;
- RFID tagging is projected to be subsumed by diagnostic devices such as the available stomach boluses, implants and collars;
- Behavior monitoring & control systems are anticipated to witness high growth. It involves video monitoring solutions along with non-invasive sensors attached to a collar to measure behaviour and devices that offer virtual geo-fencing;
- The North American pet wearable market is estimated to see annual growth of over 12.0% from 2015 to 2022. Europe is expected to witness strong growth as well.
Request a sample copy of the “Pet Wearable Market” Report at www.hexareports.com/sample/98183.
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