The global pet wearable market is presently basking in the glorious advantages of smart pet tracking and other corresponding technological innovations. Apart from the highly worthwhile features of pet wearable devices, their reasonable cost has led to a surge in the demand for the global market. Pet parents can ensure the safety of their pets and monitor their activity with only a few clicks on a smartphone. Advanced pet tracking devices also allow pet owners to give voice instructions to their pets from a remote location at any given point of time. Technologies such as Bluetooth, GPS, Wi-Fi, and ZigBee have taken the market by storm.
With a double-digit CAGR, the international pet wearable market is calculated to outstretch to US$2.5 bn until 2024 after valuing at US$1.0 bn at the end of 2016. By 2017, it is projected that the revenue generated through pet wearable products will transcend to that from pet foods.
North America and Europe Team Up for Heavy Share
Between 2016 and 2024, the market for pet wearable products in Asia Pacific (APAC) is estimated to grow at a healthy pace, owing to some of the essential applications such as medical diagnosis and treatment, behavior monitoring and control, facilitation, safety, and security, and identification, and tracking based on technologies such as radio-frequency identification (RFID) and GPS. However, poor adoption of pet wearable technologies due to insufficient development in telecommunication infrastructure could reject the rise of the major markets in APAC.
Stringent government regulations regarding animal safety and pet security and impressive purchasing power of consumers have placed North America and Europe in a far better position in terms of revenue share. Other factors that could contribute to the rise of these leading regions are appealing knowledge about the usage of mobile devices and advancement in wireless technologies and infrastructure. They are anticipated to secure a compound share of 75.0% in the global market for the forecast period.
Substitutes Could Jeopardize Identification and Tracking Segment
The medical diagnosis and treatment segment by application is predicted to gain strength in developed regions such as North America and Europe. This growth is projected to ride on the back of better understanding about the fitness and health of pets among pet parents. Alternative products could pose some threat to the identification and tracking application segment with the availability of more developed and modern features. However, the slump in this segment is expected to be insignificant during the forecast period.
By technology, the pet wearable market can be segmented into sensors, GPS, and RFID. According to geography, Latin America and the Middle East and Africa (MEA) are other regions in the market that are primarily focused upon.
Browse the full Global Pet Wearable Market report http://www.mrrse.com/pet-wearable-market
Key vendors such as Dairymaster, Fitbark Inc., DeLaval Inc., GEA Group Aktiengesellschaft (AG), IceRobotics Ltd., i4c Innovations Inc., Whistle Labs, Inc., Motorola Mobility Inc., PetPace Ltd., Loc8tor Ltd., Konectera, and Nedap N.V. are prophesied to stay in the spotlight. Small and medium sized-enterprises (SMEs) along with their investors are anticipated to make significant contributions to the global pet wearable market, further driving its growth.