MaketStudyReport.com adds a new Pet Wearable market Research Report for the period of 2017-2024 that shows the growth of the market is rising at a 25% CAGR to 2024.
The increasing disposable income and growing adoption of pets in several households is expected to drive the pet wearable market over the forecast timeframe. According to American Pet Products Association (APPA), over 65% of American households own a pet.
The owners are increasing their spending on smart products that can be controlled remotely and monitor their pet’s health and fitness. Moreover, safety is primary for the owners while buying product such as collars, harness and vest for their pets.
This is encouraging players to manufacture products that are safer for both owners and pets driving the high adoption rate. It is estimated that by 2024, owners will increase their spending on pets by 55% in countries such as the U.S., Canada, UK, Germany and Australia.
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Pet Wearable Market size is set to exceed USD 8 billion by 2024; according to a new research report. The global shipments are forecast to grow at over 25% CAGR from 2017 to 2024.
Increasing awareness towards pet fitness & health is expected to offer significant prospects for the development of innovative products for the pet wearable market. As owners look to pamper their pets, they will invest more in high-quality activity monitoring products.
Demand for GPS based products has witnessed considerable rise over the years due to the increase in penetration of mapping applications & smartphones coupled with the growing need for tracking and real-time positioning of pets across the globe. In addition, service providers have developed strategic agreements with application developers, smartphone manufacturers, and stores to increase the usage of GPS in innovative applications which is anticipated to escalate pet wearable market size.
Smart cameras accounted for more than 25% of the overall pet wearable market share in 2016. The cameras monitor the pet’s outdoor activity and are help owners to keep track of their pets when they are away.
Owners buying the smart cameras are valuing the interactivity of the products which are enabled by its laser toy and two-way audio features.
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Medical diagnostic tagging accounted for more than 30% of the pet wearable market share in 2016. Medical treatments which use electrics and electronics is steadily being adopted to monitor cooling, heating, and drug delivery in animals.
The animals which are most likely to employ wearable devices in high volume are controlled by humans include dairy cows, horses, cats and dogs which is anticipated to increase the global volume sales.
Asia Pacific pet wearable market is anticipated to witness considerable growth owing to cheap labor and presence of manufacturing plants in countries such as China, and Taiwan. There are currently about 300 manufacturers in the pet wearable market in the world, with a high percentage of them based in China, making very basic devices at the lowest price.
Increased adoption and sales of GPS-based products in the region will encourage the industry demand.
The players operating in the pet wearable market include Dairymaster, DeLaval, Inc., Whistle Labs Inc., Nedap N.V., Scollar, Pet Vu Inc., and Fitbark,. The industry is extremely competitive which will lead to consolidation in the next seven years.
Many vendors are extending their businesses to emerging markets such as Asia Pacific and Latin America. The growing demand for pet wearables in several applications has pushed manufacturers and service providers working across the ecosystem to develop innovative products to meet consumer requirements, thereby resulting in high growth opportunities.
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