A Better Approach To Pet Wearable and Impact of COVID-19……..Posted by Mrudula Anil Karmarkar on January 9th, 2024 San Francisco, 09 January 2024: The ReportPet Wearable MarketSize, Share & Trends Analysis Report By Technology (RFID, GPS, Sensors), By Application (Identification & Tracking, Behavior Monitoring & Control), By Region, And Segment Forecasts, 2023 - 2030 The global pet wearable market size is expected to reach USD 6,888.1 million by 2030 and is set to expand at a CAGR of 14.3% from 2023-2030, according to a study conducted by Grand View Research, Inc. The market has experienced enormous growth as a result of the widespread use of electronic manufacturers' research and the combination of mobile technology with wearables. The growth of wearables is just beginning to grow, and in the years to come, promises a major revolution in everyday interaction between pets and their owner. The future of the pet wearable industry is predicted to witness a positive growth trajectory due to consumer expenditure that is motivated by personal factors. These include emotional attachment, reliance on pets for company, entertainment, and mental well-being. Pet owners' concern for their pets' welfare is boosting pet wearables market growth opportunities. Additionally, an increase in the percentage of pet owners and the requirement to monitor their behavior in real-time will encourage more growth in the future. In order to regularly collect pet data, pet owners have recently increased their spending on high-tech gear. They can monitor the activities and health of their pets thanks to this crucial information. Despite being in its infancy, the pet wearable industry is seeing breakthroughs because of the spread of artificial intelligence and rising internet usage. Growth is also anticipated to be aided by the creation of low-cost sensors, smartphone applications, GPS, and other technologies. Additionally, these investments from major players in pet care and insurance will open up new growth opportunities. The U.S. has a high pet wearable device penetration rate due to rising pet well-being awareness and rising pet care expenditures, which is anticipated to increase the industry as a whole. The American Pet Products Association estimates that U.S. spending on the pet sector was USD 97.1 billion in 2023 and will likely top USD 0 billion by 2021. Currently, the pet wearable industry is expanding primarily due to the pet wearable industry in the developing nations of Latin America, Asia Pacific, the Middle East, and Africa. The market growth is supported by awareness among owners regarding the well-being of their pets. Further, the pet wearable industry has attracted considerable funding over the last couple of years for an array of technology-enhanced products for pets, including cameras and wearables. The pet wearable industry is still in its initial stages of development. However, it is still characterized by increasing competition among key stakeholders and the threat of new entrants. The focus of OEM will be the development of products with the capability of efficiently collecting health metrics. Request sample report of Pet Wearable Market@https://www.grandviewresearch.com/industry-analysis/pet-wearable-market IoT will play a crucial role in driving market growth in the future. Transmitting real-time data concerning pet health to veterinarians or pet owners will be supported by the connectivity offered by these devices. The non-invasive wearable sensor system combining photoplethysmograph (PPG), electrocardiogram (ECG), and inertial measurement units (IMU) is used to continuously monitor the health condition of pets integrated with the wireless technology, and handheld devices can make pet health monitoring easier. Pet Wearable Market Report Highlights
Advancements in technologies including sensors, cameras, GPS, etc. will further elevate market demand in the future. Technology plays an important role in any electronic device, therefore any advancements in the aforementioned fields will be conducive to the growth of the pet wearables industry. Short battery life and high consumption of power may reduce the usage and adoption of the technology. Moreover, compliance with stringent government regulations is expected to hamper the pet wearable market growth. The RFID segment in pet wearable devices recorded the highest revenue share surpassing 30% in 2022. Reliability and accuracy are the two key features contributing to the pet wearable segment’s growth. The RFID trackers help monitor parameters concerning health such as variability in heart rate, calorie intake, body temperature, and pulse. These benefits play a key role in up-keeping segment growth, a trend expected to continue over the forecast years. Pet Wearable Market Report Scope
GPS enabled devices segment is projected to grow at a CAGR of 15.0% from 2023 to 2030, contributing to a high revenue share over the forecast period. Growing demand to monitor pet activities while ensuring security is creating avenues for GPS-based pet wearable devices. Growth in real-time positioning, increasing penetration of smartphones, and growth in mapping portals worldwide are estimated to fuel demand. Moreover, GPS providers have established strategic alliances with stores, mobile phone manufacturers, and application developers to increase GPS usage in new applications. List of Key Players of the Pet Wearable Market
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