North America Pet Wearable Market Size, Share & Industry Trends Analysis Report By Application, By Technology (RFID, GPS, and Sensors), By Country and Growth Forecast, 2022 - 2028
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Market Report Description
The North America Pet Wearable Market would witness market growth of 13.3% CAGR during the forecast period (2022-2028).
The most obvious and significant advantage of a pet tracker is the ability to locate them when they do not return home. When a pet has been missing for an extended period of time and the owners are concerned, pet tracker devices can be used in order to check where they've been roaming, whether they are far away from home, or where to find them. If the animal is found by a stranger, some gadgets contain QE codes that can reveal the owner's contact information. Other types of trackers can even help pets find their way home by using the device's lights or buzzer, or a recorded voice instruction from the owner. Pet trackers can also provide location information in a variety of ways, depending on the device's manufacturer and the location technology it employs. The increasing adoption of pets along with the rising awareness about animal cruelty are the major factors that are accelerating the adoption of pet wearables all over the world. These factors would surge the growth of the pet wearables market in the coming years.
In June 2020, the Society for the Prevention of Cruelty to Animals in Los Angeles announced that the animal adoption rate had doubled, with daily adoptions of companion animals. The increased adoption of pets may fuel the requirement for veterinary healthcare management as well as the pet wearable market in North America. Moreover, because of the high disposable income, rising adoption of companion animals, and rising per capita animal healthcare expenditure, the United States is likely to observe high demand for pet wearable devices.
Other key drivers propelling the growth of the regional pet wearable market are increased pet owner awareness of pet health, sophisticated technology, increased product innovation, and a huge proportion of tech-savvy owners. According to the National Pet Owners Survey (2021-2022) of the American Pet Products Association (APPA), 70% of American homes own a pet. In addition, according to the State of the Industry Report for 2021 from the North American Pet Health Insurance Association (NAPHIA), the total number of pets covered by insurance in 2020 was nearly 3.45 million, up from 2.5 million in 2019. According to the report, dogs account for 82.9% of insured pets, while cats account for 17.1%.
The US market dominated the North America Sensors Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $338.8 Million by 2028. The Canada market is experiencing a CAGR of 16.5% during (2022 - 2028). Additionally, The Mexico market would witness a CAGR of 15.5% during (2022 - 2028).
Based on Application, the market is segmented into Identification & Tracking, Behavior Monitoring & Control, Facilitation, Safety & Security, and Medical Diagnosis & Treatment. Based on Technology, the market is segmented into RFID, GPS, and Sensors. The report also covers geographical segmentation of Pet Wearable market. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Pet Wearable Market is Estimated to reach $4.9 Billion by 2028, at a CAGR of 13.9%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Allflex Group (MSD Animal Health), Garmin Ltd., Avid Identification Systems Inc., Datamars SA, FitBark, Inc., Radio Systems Corporation, Trovan, Ltd., PetPace LLC, Mars, Inc., and Tractive.
Scope of the Study
Market Segments Covered in the Report:
- Identification & Tracking
- Behavior Monitoring & Control
- Facilitation, Safety & Security
- Medical Diagnosis & Treatment
- Rest of North America
Key Market Players
List of Companies Profiled in the Report:
- Allflex Group (MSD Animal Health)
- Garmin Ltd.
- Avid Identification Systems Inc.
- Datamars SA
- FitBark, Inc.
- Radio Systems Corporation
- Trovan, Ltd.
- PetPace LLC
- Mars, Inc.
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