With wearable technology dominating the market, humans are not the only target market being catered for. Pet wearables are rising in popularity and the demand for more is increasing. Awareness for pet fitness, safety and overall health is growing with pet owners looking towards the rising expenditure in pet care – and in turn, driving the worldwide popularity of pet wearables.
Pet owners are increasing their budgets in providing their pets with the best quality of care, with a latest report published by Fact.MR, showing that the compound annual growth rate for the global pet wearable market is set to steadily increase by 4.3% between 2017 and 2022. Information on remote finding, medical needs and IoT (Internet of Things) is encouraging customers to buy smart wearables and enabling the market to boost momentum. Technology including augmented usage of computerized maps are one of the reasons why pet wearables are becoming popular, giving users the ability to control the wearable on their pet with the help of an application installed in their smartphone.
The majority of popular pet wearables are devices which are focused on monitoring the safety and wellbeing of household pets. The purposes of these technologies cover a whole range of uses, for example, pet heart rate monitoring, diagnosing symptoms of potential illnesses your pet might be suffering from, and even the ability to help calm them down. However, GPS tracking and AI is providing to be the most popular, with the specific revenue of these types of wearables taking a large 33% share of the market. GPS/AI pet wearables give owners the ability to track their pet’s precise location and even alert those around the pet if the pet is missing. The geographical hotbed for most pet wearable purchases remains in North America.