Pet Wearable Market: Snapshot
Over the last couple of years, the advent of wearable technology and the ever-growing awareness about pet health, fitness, and safety have resulted in the emergence of pet wearables. The pet wearable market is presently in its nascent stage and holds significant potential in the ensuing years. Transparency Market Research projects that the spending on pet wearables is likely to surpass that on pet food by 2017.
The global pet wearables market is estimated to be valued at US$1.0 bn by the end of 2016 and is expected to reach US$2.5 bn by 2024 at a 12.0% CAGR therein.
Availability of Advanced Substitutes Threatening Uptake of Identification and Tracking Devices for Pets
In terms of application, the pet wearable market is classified into identification and tracking, facilitation, safety, and security, behaviour monitoring and control, and medical diagnosis and treatment. So far, majority of the demand in the pet wearables market has been generated by the identification and tracking segment. However, the adoption rate of identification and tracking devices for pets and farm animals is projected to witness a marginal decline during the forecast period mainly due to the availability of substitute products offering similar as well as more advanced and sophisticated features.
Increasing awareness about pet health and fitness among owners, especially in North America and Europe, is expected to fuel the demand for devices providing medical diagnosis. The medical diagnosis and treatment segment, in combination with the facilitation, safety, and security segment, is expected to account for over a quarter of the pet wearables market by 2024.
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Stringent Regulations Pertaining to Treatment toward Animals Drives North America Pet Wearables Market
Geographically, North America and Europe are expected to be the major markets for pet wearables, with a combined share of around 75% during the forecast period. Market penetration of pet wearables is relatively high across these regions owing to greater purchasing power and stringent regulations pertaining to treatment toward animals. The latter has compelled households with pets to purchase products such as bark collars and behavior modification devices. In addition, the availability of advanced wireless infrastructure and telecommunications technologies has catalyzed the adoption of GPS collars along with monitoring devices for pets. The prevailing technological know-how of mobile devices and interpretation of mobile data among prospective customers in these regions also plays a major role in the uptake of these devices across North America and Europe.
The Asia Pacific pet wearables market is projected to grow at a significant pace through 2024. GPS and RFID technology-based identification, tracking, behavior monitoring, and control are expected experience considerable demand during the forecast period. However, in terms of growth rate, the adoption of devices to ensure the safety and security of pets and to facilitate medical diagnosis and treatment is expected be the leading segment. The lack of advanced telecommunication infrastructure across major markets in the Asia-Pacific region has resulted in a relatively lower adoption of pet wearables and they are expected to gain traction only by the next decade.
This 126-page report gives readers a comprehensive overview of the Pet Wearable Market. Browse to unlock the hidden opportunities in this market
For a better understanding of the pet wearable market, we have provided a detailed analysis of the supply chain. A comprehensive analysis of the market dynamics that is inclusive of market drivers, restraints and opportunities is included in the purview of the report. Market dynamics are the distinctive factors which impact the market growth, thereby helping to understand the ongoing trends of the global market. Therefore, the report provides the forecast of the global market for the period from 2016 to 2024, along with offering an inclusive study of the pet wearable market.
The report offers company market share analysis of the various industry participants. Key players have also been profiled based on company overview, financial overview, business strategies, SWOT analysis, and recent developments in the field of Pet Wearable. Major market participants profiled in this report include DeLaval Inc. (Sweden), Loc8tor Ltd. (United Kingdom), Nedap N.V. (Netherlands), PetPace Ltd. (Burlington), Whistle Labs Inc. (United States) and IceRobotics Ltd (United Kingdom) among others.
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