U.S. Pet Wearable Market - Future Trends, Revenue Growth & Leading Players, Forecast To 2028

The U.S. pet wearable market size was valued at USD 617.0 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 12.9% from 2021 to 2028.

The U.S. Pet Wearable Market size is forecast to reach USD 1.63 billion by 2028, registering a CAGR of 12.9% from 2021 to 2028, as per a study conducted by Grand View Research, Inc. The rising levels of disposable income, the growing purchasing power of consumers, and subsequently the increasing spending on pets are some of the key factors that are expected to drive the growth of the market over the forecast period. The strong emphasis that pet owners in the U.S. are putting on investing in pet wearable devices to keep their pets happy, healthy, and safe is supporting the market growth.

According to the American Pet Products Association (APPA), pet owners in the U.S. spent around USD 99 billion on their pets in 2020 as against USD 69.4 billion in 2017. Out of that total expenditure, USD 40.9 billion were spent on veterinary care, insurance, pet wearable devices, grooming, and training. The growing popularity of pet wearable devices is particularly opening opportunities for introducing pet wearable devices based on IoT technology.

The pet wearable market is still in the nascent stage. However, manufacturers are focusing on developing new and innovative products capable of gathering the health metrics of pets, which can be very beneficial to veterinarians. Pet care companies are spending on pet care hospitals to offer collaborative services to pet owners. For instance, in August 2019, Petco Animal Supplies Inc. expanded the footprints of their in-store veterinary clinics and hospitals in the U.S.

Some of the dominant players in the market include Konectera Inc.; Datamars; Allflex USA Inc.; Avid Identification Systems, Inc.; Intervet Inc.; FitBark; Garmin Ltd.; Link AKC; and Invisible Fence. These players focus on new product launches, mergers and acquisitions, and strategic partnerships and collaborations to enhance their product offerings. For instance, in December 2018, FitBark formed a partnership with Fitbit, a prominent player in human health technology. This partnership was established to promote healthy habits for both human as well as the pet. From the first quarter of 2019, the FitBark app and watch face for Fitbit Versa will show stats such as distance, activity, and calories burned of both humans as well as for their pet dog.

Related Press Release@ U.S. Pet Wearable Market Report

U.S. Pet Wearable Market Report Highlights

• The GPS segment dominated the market in 2020 with a revenue share of 44.4%. The growing instances of missing pets in the U.S. is driving the use of GPS-based pet wearable devices that can help in tracking a missing pet
• The identification and tracking segment dominated the market in 2020 and is projected to reach USD 0.94 billion by 2028. The wearable can help animal rescue in identifying the pet and its owner and return the pet to the rightful owner