Rising per capita income is leading to strong growth of the pet wearable market a new research report says.
Sales of such devices are booming thanks to consumers who want to improve their pets’ lives with devices similar to what they themselves are using. This includes anything from pet cameras, activity monitors, GPS trackers, pet emotion sensors to pet-to-human translators.
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A report published by Fact.MR forecasts the global pet wearables market will grow to over $3.4 bn by 2022. This equates to a steady CAGR of 4.3% between 2017 and 2022. In addition to increasing disposable income which is propelling the number of pet owners across the globe, new guidelines from animal care organizations are helping to raise awareness on best practices of pet care.
Demand for pet wearables is expected to grow both from pet owners and owners of farm animals. On the other hand, slow adoption of such devices in emerging countries coupled with malfunctioning of various pet wearable products is impeding the growth.
On the basis of region, market in North America is expected to remain dominant throughout the assessment period. This is mostly due to high disposable income and willingness of owners to provide their pets with the best possible care.
Statistics show that the most popular pet in the US is the dog – over 50 million American homes have one. However, most dogs in the United States don’t get enough exercise, more than 40% are overweight, 25% are obese. Now pet owners are able to use technology to get a better overall picture of their animal’s health.
The GPS trackers segment in particular is expected to remain highly lucrative in the coming years. Such devices currently account for around a third of the global pet wearable market. The benefit to using smart collars is safety. Currently, 1 in 3 pets will become lost in their lifetime. Using one of these devices can ensure that your pet is not one of them.
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