Global Pet Wearable Market: Snapshot
The global pet wearable market to grow significantly due to the growing awareness about the fitness, pet health, and safety. Tech-savvy owners have also shown huge interest in pet wearable as it helps in tracking their pets and helps them in maintain and checking their health. However, pet wearable is currently in its nascent stage and is projected to grow at a large scale in the forthcoming years. The demand for pet wearable is high in developed regions and is also growing intensely in developed regions as well.
In a recent report published by Transparency Market Research (TMR), the global market for pet wearable is projected to rise at a healthy CAGR of 12.0% during the forecast period between 2016 and 2024. The valuation of the global pet wearable market is expected to reach US$2.5 bn by the end of 2024 from US$1.0 bn earned in 2016.
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Growing Use Pet Wearable to Track Farm Animals to Benefit Market Growth
The global pet wearable market is classified on the basis of technology type and application. The application of pet wearable is seen in behavior monitoring and control, medical diagnosis and treatment, identification and tracking, facilitation, security, and safety. Until now, the application of pet wearable was largely seen in the identification and tracking segment. On the contrary, identification and tracking devices for farm animals and pets is expected to experience marginal decline in the near future. This is because of the availability of similar products that have sophisticated and more advanced features.
Based on the technology type, the pet wearable market is divided into radio frequency identification (RFID), GPS, sensors, and others. Among these segments, GPS segment is likely to gain traction in the coming years. This is due to advancing wireless infrastructure and telecommunication technologies that have accelerated to adoption of GPS collars coupled with monitoring devices for pets. The GPS installed devices helps in tracking lost or stolen pets. In addition, the demand for RFID technology is likely to grow over the forecast tenure as it give scope to reshape traditional process and expand its capability.
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Growing Demand for Pet Wearable by Tech-Savvy Owners in Developed Economies to Surge Market Growth
On the regional front, Europe and North America dominates the global market for pet wearable by holding approx. 75% collectively. The demand for pet wearables is comparatively high in these regions due to strict rules for animal safety and treatment and higher purchasing power. Strict regulations imposed by government has forced the people who have pets to buy products such as behavior modification devices and bark collar. Moreover, tech-savvy pet owners prefer to use sophisticated technology and spend largely on pet wearables which will also boos the demand in the pet wearable market.
In addition, Asia Pacific is projected to be significant regional market for the growth of the pet wearable market. There the demand for RFID, GPS technology based identification, behavior monitoring, tracking, and control are likely to increase at substantially in the forthcoming years. Lak of advanced telecommunication in various countries in Asia Pacific has posed challenge for the pet wearable market growth. However, this scenario is likely to change in the near future, which in turn drive the market growth.
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The report also gives the details about the vendor landscape of the global pet wearable market. To mention of the prominent players in the global pet wearable market are Loc8tor Ltd., Nedap N.V., Whistle Labs Inc., PetPace Ltd., IceRobotics Ltd., and DeLaval Inc.
Advent of Wearable Innovation for Pet Therapeutics will Boost Pet Wearable Market Growth
The increasing awareness about animal health and welfare, coupled with the increasing number of pet welfare clinics is projected to promote the growth of the global pet wearable market. The worldwide pet wearable market will gain major impetus owing to the developing mindfulness about the wellness, pet wellbeing, and security. Well informed proprietors have likewise shown colossal interest in pet wearable as it helps in following their pets and causes them in keep up and checking their wellbeing. Notwithstanding, pet wearable is right now in its beginning stage and is projected to develop at an enormous scope in the impending years. The interest for pet wearable is high in created locales and is filling strongly in created districts also.
The pet wearable market which is right now in a beginning phase is ready for momentous development in the following years. The coming of wearable innovation and consistently expanding mindfulness about pet wellbeing, security, and wellness have prompted the rise of pet wearables. The rising mindfulness about distant perception of pets, leading control and checking of pets, and following of pets are anticipated to invigorate the pet wearable market.
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