Pet Wearables Market Anticipated to Gain Prominent Growth at a CAGR of 4.3%
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Notable changes in global demographics and rising expenditure in pet care is proving instrumental in driving the worldwide popularity of pet wearables. In addition, increasing disposable income is propelling the number of pet owners across the globe, which, in turn, is reflecting favourably on the global pet wearables market. Most owners are increasing their budgets on pet in order to provide the best quality care. Moreover, new guidelines that are introduced by internationally recognized animal care organizations are helping owners get more informed about pet management and care. Further, rising awareness among owners of farm animals as well as household pet owners regarding the importance of tracking and monitoring animal health condition is also influencing the global pet wearables market. However, various technological glitches associated with pet wearables and poor rate of adoption in developing markets are acting as the primary restraints to the market’s growth. High cost of such as wireless technologies that entail robust network also limit their adoption in many countries where internet infrastructure continues to be inadequate.
Pet wearables are electronic devices used for the safety and wellbeing of household pets. Such devices can be used for various purposes right from monitoring the health of a pet to tracking a missing pet. Some of the pet wearables are capable of alerting owners of any possible illness or other unhealthy symptoms in pets and even help resolve barking issues. A wide range of wearable pet tech products is currently available in the market.
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Key Excerpts From the Report Include:
· Based on products, demand for GPS trackers for pets is projected to remain relatively higher as compared to other pet wearable products. Global sales of GPS trackers for pets currently commands for close to 33% market share in terms of revenue. Owners are fitting GPS trackers in collars of their pets to track their position 24X7. Towards the end of 2022, more than US$ 1,100 Mn GPS trackers are estimated to be sold worldwide.
· Among regions, North America is expected to remain the most lucrative market for pet wearables during the forecast period. This is largely due to high demand for pet wearables such as GPS trackers for pets and pet cameras in the region. Between 2017 and 2022, the market in the region is expected to surge at a steady CAGR of 4.3%.
· On the basis of distribution channel, the E Commerce segment is expected to retain its top position over 2022. The segment currently represents nearly one-third share of the global market in terms of revenue. By the end of forecast, this segment is expected to reach a valuation is excess of US$ 1,200 Mn.
· By application, the medical diagnosis & treatment segment is projected to highly attractive in 2017 and beyond. In terms of revenue, the segment currently commands for around 33% revenue share of the global market. In addition, the segment is anticipated to surpass a market valuation of US$ 1,180 Mn by 2022-end, reflecting an above average CAGR.
GPS Trackers Will Continue to Be the Most Sought-After Pet Wearable Product
On the basis of product, the GPS trackers segment is expected to remain highly lucrative in 2017 and beyond. The segment currently represents around 33% revenue share of the global market and is expected to register a CAGR of 4.2% during the forecast period.
On the basis of region, the pet wearables market in North America is expected to remain dominant throughout the assessment period. This is primarily owing to the high willingness of owners to provide their pets with optimum care. During the forecast period, North America’s pet wearables market is projected to expand at a CAGR of 4.3%.
FitBark, Inc., Loc8tor Ltd, PetPace LLC, Tractive GmbH, Whistle Labs LLC, Garmin International, Inc., Gibi Technologies Inc, GoPro, Inc., Motorola, IceRobotics, Ridogulous Labs Inc. are the key market participants profiled in the Fact.MR’s report. Many of these companies are stepped up their efforts in research and development activities in order to introduce more innovative products.
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