New York
City, 04 Feb 2020: The worldwide pet
wearable market is anticipated to reach USD 4,172 million
by 2026 according to a new research published by Polaris Market Research. In
2017, the identification and tracking segment dominated the global market, in
terms of revenue. In 2017, North America accounted for the majority share in
the global pet wearable market.
The increasing adoption of pets,
along with growing awareness regarding pet care and safety majorly drives the
market growth. Consumers are increasingly becoming aware of safety concerns
regarding pets, which support market growth. The increasing penetration of
mobile devices, and increasing disposable income encourage consumers to invest
in pet wearable. Other factors driving market growth include increasing need of
monitoring pets, growing adoption of IOT, and technological advancements. New
emerging markets, emerging consumer demographics, and sale through online
channels would provide growth opportunities for pet wearable market in the
coming years.Sale of products through online channels has gained significant
popularity over the years.
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The trend of online shopping is
gaining traction in developing economies, thereby encouraging established
market players to distribute their products globally. Emerging and new players
are also using online platforms for promotion and sale of products. Online
distribution channels offer a global platform to market players for expansion
of customer base, while reducing operation cost.
North
America is expected to dominate the global market during the forecast period.
This is due to high living standards and high disposable income. Presence of
global players in these countries taps market potential and boosts the market
growth. Increasing use of mobile devices and increasing sale of GPS-enabled
products further augments market growth. Growing concerns regarding pet safety,
and technological advancements further boost the market growth.
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The various types of pet wearable
products include smart collar, smart camera, smart harness, and others. Smart
cameras dominated the global market in 2017 owing to increase need to monitor
pets. These cameras monitor the pet activities while also offering features
such as audio and toys. Growing awareness regarding smart wearable technology
coupled with increasing development of customized mobile applications and
software platforms is projected to fuel the demand for smart cameras.
The well-known companies profiled
in the report include DogTelligent, Garmin Ltd., GoPro, Dairymaster, Fitbark,
IceRobotics, Loc8tor, PetPace LLC, Whistle Labs LLC, Otto Petcare, DeLaval, i4C
Innovations. These companies launch new products and collaborate with other
market leaders to innovate and launch new products to meet the increasing needs
and requirements of consumers.
About Polaris Market Research
Polaris
Market Research is a global market research and consulting company. The company
specializes in providing exceptional market intelligence and in-depth business
research services for our clientele spread across different enterprises.
Contact Us:
Polaris
Market Research
Phone:
1–646–568–9980
Email: sales@polarismarketresearch.com
Web: www.polarismarketresearch.com
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