The global Pet Wearable market was valued at USD 1,330.6
million in 2017 and is anticipated to grow at a CAGR of 13.7% during the
forecast period. The Report “Pet Wearable Market [By Product (Smart Collar,
Smart Camera, Smart Harness, Others); By Technology (RFID, Sensors, Bluetooth,
GPS, Others); By Application (Medical Diagnosis, Identification and Tracking,
Safety & Security, Behavior Monitoring & Control, Others) By Region]:
Market size & Forecast, 2017 – 2026” 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.
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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.
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.
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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.
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.
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