Press release
Global Pet Wearables Market Production, Trends, Price, Revenue, Share, Growth and Forecast Until 2022
Fact.MR
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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. The latest report published by Fact.MR reveals that the global pet wearables market is set to register a steady CAGR of 4.3% between 2017 and 2022.
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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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%.
The report’s last section comprises of the global pet wearables market competitive landscape, to provide readers with the dashboard view of company analysis and market players. This competitive intelligence is based on the providers’ categories across value chain, and their presence in the global pet wearables market.
Competition Tracking
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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About Fact.MR
Fact.MR is a fast-growing market research firm that offers the most comprehensive suite of syndicated and customized market research reports. We believe transformative intelligence can educate and inspire businesses to make smarter decisions. We know the limitations of the one-size-fits-all approach; that’s why we publish multi-industry global, regional, and country-specific research reports.
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