Market Research Reports Search Engine (MRRSE) has announced that its repository now features a report, titled “Pet Wearable Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016–2024.” According to the report published by Transparency Market Research (TMR), the market is expected to progress at an impressive CAGR of 12.0% from 2016 to 2024, reaching a value of US$2.5 bn by 2024 from US$1.0 bn in 2016.
North America and Europe to Represent Large Share in Revenue Pie Owing to Availability of Advanced Wireless Infrastructure
In terms of geography, North America and Europe will be the major pet wearable markets throughout the forecast period, collectively accounting for 75% of the overall market revenue. The high market penetration of pet wearables across these regions can be attributed to the stringent government regulations related to treatment towards animals. These stringent rules have mandated household with pets to purchase products such as behavior modification devices and bark collars.
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Moreover, the presence of advanced wireless infrastructure and telecommunications technologies has triggered the adoption of GPS-based pet collars along with monitoring devices. The high purchasing power of pet owners in these regions is also supplementing market growth. Asia Pacific is estimated to rise at a significant CAGR during the same period, primarily driven by the increasing adoption and sales of GPS and RFID technology-based devices.
Rising Awareness Regarding Animal Safety and Health to Play Central Role in Market Growth
With the rising disposable income, pet owners have started spending on their pets more than ever before. It is estimated that the overall expenditure on pets will increase by approximately 50% by 2020.This trend along with the advent of wearable technology and increasing awareness regarding pet safety and health has provided a significant push to the global pet wearable market. The increasing animal husbandry worldwide is also influencing the growth of the market positively. Owners of farm animals are increasingly using pet wearables to monitor and track animals’ health and fitness.
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Unreliable Internet Connectivity in Developing Regions to Hamper Growth Prospects
Despite the numerous benefits of wireless technology, their high cost per line is limiting the widespread adoption of pet wearables. Moreover, the poor internet connectivity in several developing countries is hindering the growth of the market. Nevertheless, a large number of new players are venturing into the market since it is in its initial growth phase and holds tremendous potential in the coming years.
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The global market for pet wearables is highly consolidated, with the top two players - DeLaval Inc. and GEA Group AG - commanding a whopping combined share 89% of the overall market revenue in 2015. As the market is still at its nascent stage, several players are keen on capitalizing untapped technology and product segments and regions. Product innovation and rigorous research and development efforts are some of the commonly adopted strategies by the leading players to stay ahead in the market.
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