Pet Wearables Market Valuable Growth Prospects and Future Insights till 2028 || Key Players - DOGTRA Co. Ltd., Fitbark, Petcube, Gibi technology, Tractive GmbH, Whistle Labs LLC, Garmin International

The report titled “Pet Wearables Market Forecast, Trend Analysis & Competition Tracking - Global Market insights 2018 to 2028” offers granular insights into growth drivers, restraints, key opportunities, lucrative avenues, strategic dynamics, and prominent technology trends. The study takes a closer look at the current outlook and promising prospects of various product types in the pet wearables market, notably including pet cameras, activity monitors, GPS trackers, pre-emotion sensors, and pet-to-human translators. It evaluates the prospects of various distribution channels in the pet wearable market, notably including modern trade, franchised stores, e-commerce and specialty stores.

Smart wearables have made rapid strides over the past few years, with rising use cases in various application areas. In recent years, these wearables have secured increasing presence in pets’ technologies, and they have gained considerable traction among pet owners, driving the evolution in the pet wearables market. Pet wearables are popularly being used for tracking the location of pets and monitoring their activities, with an aim to improve their safety and security. Wearable gadgets fitted with trackers are rising in demand in the pet wearable market for keeping a close track of various health aspects. The uptake of such technologies in the pet wearables market is notably fueled by the rising spending on pet technologies for monitoring the health of the pets. GPS trackers and technologies are witnessing vast prospects in the pet wearables market, especially for canines in developed nations. Their substantial demand in the market is attributed to the basic benefit of real-time pet activity captures. Over the years, GPS-enabled smart collars meant for canines have become more versatile in functionality, such as being used for pet training and their entertainment in the pet wearables market. GPS have emerged as sustainable technology in the pet wearable market for being used for ensuring the safety of pets and immunizing the risk of being stolen.

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The rapid pace of digitization and automation, coupled with the rise in connected technologies, has led to the rapid emergence of e-commerce platforms in the pet wearable market. However, modern retailing has also started to gain pace in the pet wearables market. The widespread awareness of the availability of e-commerce platforms at convenient price points is fueling the adoption of these distribution channels by manufacturers in the pet wearables market.

The rising health concern of the growing incidence of obesity in cats and dogs is a key factor bolstering the demand for pet wearables. Over the past few years, the pet wearables market has been gaining substantial growth momentum from the promising prospects in the health monitoring of domesticated animals. The emergence of new business models may pave way for new, exciting avenues in the pet wearables market.

Efforts to improve the functionality of pet wearables are expected to set the pace of design of technologically-advanced products. The new generation of pet wearables will inevitably witness technological improvements in their components. Constant advances in pet wearables technologies have led to pet wearables with increased battery life and the advent of devices that can work across platforms. Advancements in pre-emotion sensors and pet-to-human translators are expected to lead to high-end products in the pet wearables market. Moreover, the end users of pet wearables will also benefit from the declining prices of several of key technologies.

Of all the various regional markets for pet wearables, Asia Pacific excluding Japan (APEJ) is expected to present tremendous potential for growth during the assessment period. A major chunk of demand in the regional market for pet wearables are expected to be concentrated in a few economies, notably India and China. The burgeoning rise in the ownership of domesticated animals in China is a case in point and is expected to offers abundant growth prospects in the pet wearables market. In particular, the demand for pet wearables in India is expected to be spectacular. The country market for pet wearables is projected to expand at a promising CAGR of 8.3% from 2018 to 2028. This is driven by the substantially rising number of pet ownerships in metro cities of the country.

The growing number of pet expos and annual trade shows in various economies of Asia Pacific has spurred the adoption of pets, thus boosting the pet wearables market. Furthermore, the increasing focus on the welfare of animals is also catalyzing the overall demand for pet wearables.

The study takes a critical look at the current competitive landscape and the factors affecting the entry barriers and the level of competition in various regions on the pet wearables market. Some of the prominent players operating in the market are DOGTRA Co. Ltd., Fitbark, Petcube, Gibi technology, Tractive GmbH, Whistle Labs LLC, and Garmin International.

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