Press release
What's driving the Pet Wearable Market Trends? Top Key Players: DeLaval, Garmin International, GEA Group, GoPro, Motorola Mobility (a Lenovo Company), Nedap, Whistle Labs, Dairymaster
pet wearable market
Technological advancements in pet wearable market to enable pet safety and health has been a fast-emerging trend. Sensors, RFID tracking devices, and GPS-based technologies have been the highlights to design pet wearable. As per reports, in 2016, the RFID technology dominated pet wearable market, subject to the rising trend of monitoring and tracking animal health. In 2014, i4C Innovations launched a health tracking dog collar called Voyce that was based on RFID technology. This dog collar allows the owners to monitor dog's respiratory and heart rate, rest taken, calorie intake, and pattern of movements.
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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
DeLaval
2. Garmin International
3. GEA Group
4. GoPro
5. Motorola Mobility (a Lenovo Company)
6. Nedap
7. Whistle Labs
8. Dairymaster
Parallel to growth of the mainstream wearable devices for health conscious and tech-savvy consumers, the global pet wearable market is also gaining remarkable popularity of late. With growing disposable income, it its quite evident that the pet owners are investing more on their pets than before. This trend along with inception of the wearable technology has provided a significant thrust to the growth of pet wearable market. The advent of pet wearable has allowed the owners to monitor, feed, water, track location, and even release treats for their pets.
This is just an instance of the regional landscape of pet wearable market that offer great potential for the business growth. It is further estimated that, in countries such as U.S., Germany, Australia, Canada and UK, the owners will raise their pet spending over 55% by 2024. Asia Pacific and Latin America are foreseen to be major future regional markets for the expansion of this industry.
In U.S., the disposable income with regards to animals and pets is significantly high. Subject to this trend, the pet wearable industry being a subset of the evolving pet technology, has itself become a billion-dollar business. In 2016, the global pet wearable market stood at USD 1 billion and is projected to witness a target revenue slated to reach over USD 8 billion by 2024. U.S. is the most lucrative region for the development of pet wearable industry, endorsed with a considerable presence of domestic pets. According to the American Pet Products Association (APPA), more than 65% of American households own a pet, which is likely to create greater demand for pet wearable.
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