ALBANY, New York, January 9, 2019
ALBANY, New York, January 9, 2019 /PRNewswire/ --
Transparency Market Research (TMR) witnesses the global pet wearable market has a highly consolidated vendor landscape. Some of the companies dominating the global pet wearable market are DeLaval Inc., Whistle Labs Inc., Nedap N.V., Loc8tor Ltd., IceRobotics Ltd., and PetPace Ltd. These players are trying to improve the products and trying to maintain their position in the market. Additionally, these companies are increasingly adopting the policies and strategies such as collaborations and merger and acquisition (M&A).
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According to TMR, the global pet wearable market pegged the value of US$1.0 bn in the year 2016 and is expected to attain a value of US$2.5 bn by the end of the year 2024. The market is anticipated to swell with a CAGR of 12.0% over the forecast period from 2016 and 2024.
Based on technology type, the GPS segment dominated the global pet wearable market in the year 2016. On the basis of region, North America dominated the global pet wearable market followed by Europe in the year 2016. Both the regions collectively accounted for the share of 75% in the pet wearable market.
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Growing Awareness about Pet Health to Propel Growth
The pet wearable market is gaining traction due to growing awareness among the pet owners about their health. The growing inclination toward the adoption of pets as a companion for mental stability, fitness, and entertainment is boosting the expenditure on the well-being of pets. This boost in the adoption of the wearables for a pet is propelling growth of the global pet wearables market. Additionally, the use of pet wearables offers some benefits such as connection with a human to pets for tracking their daily activities and monitoring their health with these devices. This monitoring generates data for food intake, heart, and respiratory rate and patterns, and calories burnt by the pets during the day. This data generated by devices is used for analyzing the health of pets. The aforementioned factors are boosting the adoption of pet wearables, which in turn, is propelling the growth of the global pet wearables market.
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Growing Advancement in the Pet Wearable to Propel Growth
Despite these growth factors, lack of effective batteries, which lasts for few days, or hours due to high power consumption coupled with high costs of wearable devices. These factors are expected to challenge growth of the pet wearable market.
Nonetheless, growing adoption of Internet of Things (IoT) technologies is playing a key role in the boosting adoption of pet wearable. Additionally, growing awareness coupled with easy availability of advanced products globally and especially in the developing countries is expected to offer lucrative opportunities for growth of the global pet wearable market. In addition, uptake of connected devices and wearables such as mobile application, connected wearables, and data analytics is expected to witness a sudden boost in the adoption of pet wearable and expected to remain over the forecast period. This trend is expected to offer numerous growth opportunities for growth over the forecast period.
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This information is encompassed in the new report by TMR, titled "Pet Wearable Market (Technology Type - GPS, RFID Sensors; Application - Medical diagnosis & treatment, Behavior monitoring & control, Facilitation, safety & security and Identification and tracking) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024."
For the study, the pet wearable market has been segmented as follows:
By Technology Type
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