(2020-2024) Pet Wearable Market Global Insights and Trends | Binatone Global, Cybortra technology co.,Ltd., FitBark Inc., Garmin Ltd., KYON, Loc8tor Ltd., Pawtrack Ltd

Global Pet Wearable Market This market research provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Research classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.

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Market Overview-

The Pet Wearable Market is expected to register a growth rate of approximately 12.6% during the forecast period, 2018-2023.

Pet Wearable refer to devices that can be worn on the pets body to serve various purposes such as identification, tracking, monitoring, controlling, medical diagnosis, treatment, facilitation, safety, and security.

The market is primarily driven by the increase in awareness about pets' physical and mental fitness, rise in trend of IoT (Internet of Things), growth in demand of monitoring pet outdoor activities, and technological advancements. As per the geographical analysis, North America followed by Europe are expected to dominate the market, while Asia-Pacific is expected to exhibit fastest growth rate owing to the factors such as the rise in awareness about health and activities of pets and ongoing technological innovations as a result of rapid urbanization..

Market competition by Top manufacturers, with production, price, revenue (value) and market share for each manufacturer; the Top players including-

Binatone Global, Cybortra technology co.,Ltd., FitBark Inc., Garmin Ltd., KYON, Loc8tor Ltd., Pawtrack Ltd., PetPace LTD., Voyce, Whistle Labs, Inc.

Market segment by Regions/Countries, this report covers
North America (U.S., Canada, Mexico)
Global (Germany, UK, France, Rest of Global)
Asia Pacific (China, India, Japan, Rest of Asia Pacific)
Latin America (Brazil, Argentina, Rest of Latin America) 
Middle East & Africa

Key Market Trends

Growing Demand for Pet Monitoring to Propel the Pet Wearable Market

Rising need for monitoring pet outdoor activities, owing to the high frequency of companion and livestock animals being lost every year, is expected to propel the market growth. According to a survey result published by The American Society for the Prevention of Cruelty to Animals (ASPCA) in 2017, 15% of owners reported their pet as lost. Among the animals reported missing by their owners, 93% of dogs and 75% of cats were eventually found. 6% of dog owners and 2% of cat owners found their lost pets in shelters. Similarly, The American Humane Association states that approximately 34% pets get missing at some point in their lifetime and it also estimates 10 million dogs and cats to be lost or stolen every single year, in the US alone.

Battery Life Issues of Pet Wearables to Limit the Market Growth

The constant issue of high power consumption and short battery life associated with the pet wearable gadgets is expected to restrain the market growth. Majority of pet wearable devices, which are presently in the market, have lithium-ion or lithium-polymer batteries having limited lifespans of 2 to 3 years, usually. These batteries get deteriorated through repeated charging cycles owing to their shelf lives. In addition, overheating and deep discharge also contribute to the persistent problems associated with these devices. According to a report published in arXiv (a repository owned by Cornell University) in the year 2015, manufacturers control energy consumption of wearable devices through the design of hardware or operating systems, thus the battery life of these devices ranging from about a day to a week and not at all being satisfactory. As a result of this, energy consumption management is an essential issue for wearable devices, which is expected to restrain the Pet Wearable market. Hence, impeding the market growth.

North America to Dominate the Pet Wearable Market

North America is expected to retain its largest market share in Pet Wearable Market over the forecast period owing to the growing companion animal adoption, growing disposable income and increasing per capita animal healthcare expenditure. In addition, the rise in awareness about pet health among the pet owners, rise in product innovation, sophisticated technology, and a high percentage of tech-savvy owners are some other significant factors for driving the growth of the Pet Wearable Market in North America.
Europe is expected to retain its second position in the market for Pet Wearable and to follow North America, while Asia-Pacific is expected to demonstrate highest growth rate, owing to factors such as rapid westernization of the developing countries, and increasing awareness about physical fitness as well as mental health of pets. Hence, the aforementioned factors are expected to fuel the growth of the Pet Wearable Market in the Asia Pacific.

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Feb 2017- RSA insurance group invested in a company named PitPatPet which provides wearable devices for monitoring dog activity with intelligence data platform.
Jun 2018- Intrinsyc Technologies Corporation introduces Open_Q 2500 System on Module (SOM) and its companion Open_Q 2500 Development Kit. The SOM combines high performance and connectivity, which is crucial for android-based wearable devices including that of pet.

Major points covered in this research are:-

─Pet Wearable Market Overview, Segment by Type (Product Category), by Application, by Region (2020-2023), Competition by Manufacturers

─Global Market Size (Value) of Pet Wearable (2020-2023)

─Global Pet Wearable Capacity, Production, Revenue (Value), Supply (Production), Consumption, Export, Import by Region (2020-2023)

─Global Pet Wearable Production, Revenue (Value), Price Trend by Type

─Global Pet Wearable Market Analysis by Application

─Global Pet Wearable Manufacturers Profiles/Analysis

─Pet Wearable Manufacturing Cost Analysis

─Industrial Chain, Sourcing Strategy and Downstream Buyers

─Marketing Strategy Analysis, Distributors/Traders

─Market Effect Factors Analysis

─Global Pet Wearable Market Forecast (2020-2023)

─Competitive Landscape

─Research Findings and Conclusion

Finally, this Pet Wearable report covers the market scenario and its development prospects over the coming years. Report likewise manages the type analysis, contrasting it with the significant application, recent Pet Wearable product development and gives an outline of the potential Global market.

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