The increasing awareness about pet health, coupled with the rising inclination towards pet fitness and medical care is projected to promote the growth of the global pet wearable market. Pet wearable devices consist of sensors that work in conjunction with other wearable devices specifically built for pets used for tracking health and location as well.
GPS Segment holding highest Revenue Owing to Advancement in Wireless Infrastructure
In terms of classification by technology, the market is dominated by the GPS segment on account of the increasing advancement and rapid adoption of wireless telecommunication technology and the increasing adoption of GPS collars for pet monitoring.
According to a research report by Transparency Market Research, the value of the global pet wearable market was USD 1.0 billion in the year 2016. It is likely to rise at a CAGR of 12% to reach USD 2.5 billion by the end of 2024. The forecast period is set between 2016 and 2024.
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Rising Need for Tracking Pets health and location will Promote Growth of Market
The pet wearable market which is correct now in a starting stage is prepared for essential advancement in the next couple of years. The methodology of wearable development and reliably growing care about pet prosperity, security, and health has provoked the ascent of pet wearable. The rising care about far-off view of pets, coordinating control and checking of pets, and following of pets are resolved to energize the pet wearable market.
The expanding mindfulness about animal wellbeing and government assistance, combined with the expanding number of pet government assistance centers is projected to advance the development of the worldwide pet wearable market. The overall pet wearable market will acquire significant impetus attributable to creating care about health, pet prosperity, and security. Well-settled people are more inclined towards keeping pets and are very keen on their hygiene, health, and maintenance. In any case, pet wearable is correct now in its early phase and is projected to create at a tremendous extension in the approaching years. The interest for pet wearable is high in made regions and is filling emphatically in made regions moreover.
Another key factor affecting the development of the pet wearable market is the increased utilization of electronic guides by suppliers of the cellphone. By and large, interest in cutting-edge maps has been on the ascent across a few business regions including pet wearable. Adaptable applications that are being made with worked in modernized guides are utilized to recover information from gadgets like pet trackers to follow the space of pets whenever lost or taken.
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Wearable technology is seeing a quick selection inferable from its enhanced applications in following and recognizing, checking conduct, diagnosing clinical issues, and the wellbeing and security of pets. These wearable gadgets assist with petting proprietors track the everyday exercises of their pets. They additionally empower measurable following, for example, rest designs and calories consumed, alongside pulse observing. The reconciliation of different advances like GPS and Radio Frequency Identification (RFID) for upgrading the personal satisfaction of buddy creatures has likewise impacted the pet wearable market development.
Geographically, the market is dominated by North America and Europe in close competition with an approximate 75% share. This dominance is attributed to the increasing demand for pet wearables and the stringent rules implemented on animal treatment and safety. Besides this, the market in the Asia Pacific is likely to witness significant growth in the coming years on account of the increasing demand for GPS, RFID, and behavior monitoring. This, coupled with the rising adoption of tracking and control systems for pet monitoring in emerging nations are likely to aid in the expansion of the global pet wearable market in the coming years.
Companies functioning in the global pet wearable market are investing heavily in expanding their geographical boundaries in developing and emerging nations. Players are also merging with regional players to collectively contribute to the pet wearable market in the coming years and draw revenues out of it.
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Significant players of the global pet wearable market include DeLaval Inc., Dairymaster, GEA Group Aktiengesellschaft AG, Fitbark Inc., IceRobotics Ltd., Whistle Labs Inc., I4c Innovations Inc., Motorola Mobility Inc., PetPace Ltd., Loc8tor Ltd., Konectera, Nedap N.V., and others.
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