The pet wearable industry has revealed hefty expansion owing to the increasing awareness among the pet owners about pet comfort. Moreover, increasing attachment of pet owners with their pets for companionship, entertainment, fitness and mental wellbeing has resulted in more spending by them on their companion than earlier which is anticipated to further boost the market growth.
Qualified Analyst Investigate the Market to Technology and Application. In terms of application, identification and tracking currently accounts for a leading share in the demand for pet wearables.
The Report employs comprehensive and constant analysis methodology focused on minimizing aberrance in order to provide the most accurate and simplified estimates and forecast possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market.
Pet Wearable Market to Accelerate at CAGR of 12.0% Through 2024
“There are a lot of challenges with dogs at the moment,” says Andrew Nowell, one of the founders of PitPat, who previously worked on wearable tech for humans. About 4 million of the UK’s 9 million dogs are burluy, and about 25% are left home alone. So in terms of pet care, it’s deteriorating. Hence this creates an urge of awareness for safety, fitness and health. Further rise of wearable technology has added fuel to Growth of this market.
World Pet wearable market is further carved into Identification and Tracking (On the basis of application) which could account for a colossal share. However, this segment is projected to eyewitness a slight downturn in the coming decade. This could be because of the oppurtunity of alternate products with more refined and advanced features. The demand for medical diagnosis devices is forecast to hike due to the swelling awareness about pet fitness and health among owners, mainly in Europe and North America. Medical diagnosis and treatment coupled with abetment, safety, and security could account for more than a 25.0% of the market by 2024.
Global Pet Wearable Market: Geological Reasoning
Europe and North America are portened to brandish an aggregate share of close to a 75.0% between 2016 and 2024. These major regions of the international pet wearable market could experience a high sewage of products in the formable future. This could be due to rigid animal treatment standards and higher purchasing power of consumers therein. Severe regulations have constrained pet owners to buy products such as behavior modification devices and bark collars. The adoption of such devices could be organised by the presence of telecommunication technologies and advanced wireless infrastructure.
Asia Pacific is expected to amass a decent growth in the international pet wearable market owing to a high demand for radio-frequency identification (RFID) and global positioning system (GPS)-based control, behavior monitoring, tracking, and identification. The regional market could expand at a quick pace during the course of the forecast period.
Global Pet Wearable Market: Key Players
The worldwide pet wearable market is envisioned to honor Whistle Labs Inc., PetPace Ltd., Nedap N.V., Loc8tor Ltd., and DeLaval Inc. as key players. In order to cash in on industry gains, players could take to strategic expansion as a powerful business strategy.
Global Pet Wearable Market (By Technology)
Global Pet Wearable Market (By Application): Medical Diagnosis and Treatment, Behavior Monitoring and Control, Facilitation, Safety, and Security, Identification and Tracking
Global Pet Wearable Market (By Geography)
North America, U.S., Rest of North America, Europe, U.K, Germany,France, Rest of Europe, Asia Pacific (APAC), Japan, India, China, Rest of APAC, Middle East and Africa (MEA), U.A.E., Qatar, South Africa, Rest of MEA, Latin America, Brazil, Argentina, Rest of Latin America