Pet Wearable Market Highlights
The global pet wearable market was valued at USD 895.4 million in 2017 and is expected to reach USD 1,611.0 million by the end of the forecast period at a CAGR of 10.6%. The animal healthcare industry is rapidly changing with advancements in wearable technology. Pet wearables are devices that can be worn by animals and can be used to monitor and track their location and activities. The factors that contribute to the growth of pet wearable market include the increased awareness among the people to promote a healthy lifestyle for their pets by using wearable devices. Pet wearable devices help consumers to gather data from wearable devices analysis. Pet wearable devices are highly popular among the consumers in North America; thus, these witness a high rate of adoption, resulting in the highest market share in this region.
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Pet Wearable Market Key Players
The key players in the pet wearable market are identified across all the major regions based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. Some of them are FitBark Inc. (US), Indiegogo Inc. (US), Tractive GmbH (Austria), Loc8tor Ltd (UK), PawTrax Limited (UK), Dairymaster USA Inc. (US), Whistle Labs Inc. (US), Afimilk Ltd (Israel), IceRobotics, Ltd (UK), and PetPace LLC (US). These players contribute significantly to market growth.
Pet Wearable Market Segmentation
The global pet wearable market has been segmented based on product, technology, application, and region.
By product, the pet wearable market has been segmented into smart collar, smart vest, smart harness, and others.
By technology, the pet wearable market has been segmented into RFID, GPS, Bluetooth, and others.
By application, the pet wearable market has been segmented into identification and tracking, fitness monitoring, behavior monitoring and control, and medical diagnosis and treatment.
By region, the pet wearable market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world.
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Pet Wearable Market Regional Analysis
The market for pet wearable is estimated to grow at a significant rate during the forecast period from 2019 to 2024. The geographic analysis of pet wearable market has been conducted for North America, Europe, Asia-Pacific, and the rest of the world (including the Middle East & Africa, and South America). According to MRFR analysis, North America is expected to dominate the pet wearable market in terms of revenue generation during the forecast period. The market growth in North America can also be accounted to the higher concentration of companies providing tracking devices and mobile applications for monitoring and tracking pets. Moreover, increased awareness about animal health and medical attention in North America is also boosting the market growth. Asia-Pacific has experienced an increase in pet ownership over the last five years. This has increased the overall demand for smart pet wearable devices for tracking and monitoring the health of pets. The consumer market in Asia-Pacific is highly dominating and is also expected to grow at a rapid pace with the increase in the number of pet ownership, which subsequently creates the demand for wearable devices for pets.
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This post was originally published on Trading Herald