Industry Outlook and Trend Analysis
The Pet Wearable Market was worth USD 0.78 billion in 2014 and is expected to reach approximately USD 4.02 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 19.92% during the forecast period. The business has seen impressive development attributable to the expanding awareness among the proprietors about pet well-being. In addition, expanding attachment of consumers with their pets for companionship, fitness, entertainment and mental wellbeing has brought about more spending by them on their companion than earlier which is expected to boost the market development. Pet wearable is likewise one of the cases of wearable innovation for personal use. This innovation encourages people to associate with their pets and track their daily exercises.
Technology Outlook and Trend Analysis
The demand for GPS based pet wearable is anticipated to develop at a significant CAGR over the estimate time frame. GPS tracking devices are increasing expanding prominence. Interest for two-way correspondence for pet tracking devices, which focuses on integrated devices and programming stages offered by key industry members is foreseen to draw the attention of consumers. The RFID technology segment represented the biggest share of the market in 2016.
Application Outlook and Trend Analysis
The market for the medical diagnosis & treatment application is anticipated to develop at a significant rate over the gauge time frame. The ascent sought after for wearable gadgets which would give measured data about the physical activity and wellbeing information about pets to their owner. The market development is additionally helped attributable to the increasing concerns associated with obesity in the pets, for example, cats and dogs, which can decrease their future by 2 to 3 years and furthermore drove different serious diseases.
Regional Outlook and Trend Analysis
North America market was esteemed at USD 505.9 million in 2016. The North America locale holds the biggest share of the general pet wearable industry. The market development in the district is ascribed to the developing spending on pets and the developing interest for advanced innovation among the technically knowledgeable owners. As indicated by the American Pet Products Association, the US pet industry was USD 66.75 billion in 2016.
The leading players in the market are Tractive, PetPace LLC, Whistle, Garmin International Inc, FitBark and i4C Innovations. The major players in the market are profiled in detail in view of qualities, for example, company portfolio, business strategies, financial overview, recent developments, and share of the overall industry.
The Pet Wearable Market is segmented as follows-
Behaviour monitoring & control
Medical diagnosis & treatment
Identification & tracking
Facilitation, safety & security
Rest of Europe
Rest of Asia-Pacific
Rest of South America
Middle East and Africa
Rest of MEA
Some of the key questions answered by the report are:
What was the market size in 2014 and forecast from 2015 to 2023?
What will be the industry market growth from 2015 to 2023?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?