worldwide pet wearable market is expected to procure US $4,172 million by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2026.
As per the report, the identification and tracking application segment garnered maximum revenue in the global market in 2017. That same year, in terms of regional contribution, North America registered the highest market share in the global market.
Driving factors of the pet wearable market contained within the report include:
- The growing adoption of pets coupled with increasing awareness about pet care and safety primarily boosts market growth.
- High penetration of mobile devices and growing disposable income will persuade consumers to invest in pet wearables.
- New emerging markets, evolving consumer demographics, and sale via online channels would present lucrative growth opportunities for the pet wearable market in the foreseeable years.
- The growing trend of online shopping is gaining huge traction within emerging economies, thereby encouraging prominent market players to provide global supply.
- The use of online platforms for the promotion and sale of products by emerging and new players will also boost market growth.
- The growing need to monitor pets, rising adoption of IOT, and technological advancements will support market growth.
The product landscape of pet wearable market encompasses an array of products including smart collar, smart harness, smart camera, and others. Smart cameras accounted for the highest market share in the global market in 2017 on account of the significant hike in the demand for monitoring pets. These cameras not only capture pet activities but also provide features like audio and toys. Increasing awareness pertaining to smart wearable technology along with rapid emergence of customized mobile applications and software platforms is estimated to fuel the demand for smart cameras.
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In terms of regional growth, North America is expected to lead the global pet wearable market over the forecast period. This growth can be accredited to high living standards coupled with rising disposable income. In addition, the presence of eminent players in these countries taps market potential and further augments market growth. Growing penetration of mobile devices and increasing use of GPS-enabled devices in the region will also favor market growth. Furthermore, growing concerns about pet safety, and technological advancements will propel market growth in North America, cites the report.
The report also delivers an in-depth analysis of the pet wearable market drivers, restraints, and opportunities over the estimated timeline. A detailed analysis of the market in terms of products, technology, application spectrum, regional landscape, and competitive ranking analysis has also been included in the report. In addition, company profiles of market majors have been explained in the report under the heads of business overview, financials, product benchmarking and recent developments of market partakers.
The competitive landscape of the global pet wearable market encompasses eminent players like DogTelligent, GoPro, Garmin Ltd., Dairymaster, IceRobotics, Fitbark, Loc8tor, Whistle Labs LLC, PetPace LLC, DeLaval, Otto Petcare and i4C Innovations. The significant growth strategies practiced by these companies include launching innovative products and teaming up with other market leaders to design new products and suffice the rising consumer needs and requirements, thereby boosting the global market growth.