In terms of revenue, the global pet wearables market is projected to expand at a CAGR of 7.5% during the forecast period, owing to numerous factors, which study offers thorough insights and forecasts in this report.
As a leading economy, the US, which accounts for more than 80% of the North American market is focusing more on innovation across sectors including food, healthcare, consumer products, etc. The similar trend is observed in the pet wearables market.
The major factor attributed to the growth of pet wearables market is the high concentration of players in the United States. The pet wearables market is poised to grow twice its current size during the forecast period. The major factors driving the growth of the pet wearables market are the upcoming innovative technologies such as NB-IoT, EEG sensors, pedometers, etc.
Multiple players established in similar and associated industries have been developing products for the pet wearables market. Trends affecting the pet wearables market are primarily dependent on consumer preferences. The pet wearables market has observed multiple mergers and acquisitions in the recent past.
Plethora of product offerings are available in the pet wearables market such as pet cameras, activity monitors, GPS trackers, pet emotion sensors and pet-to-human translators. These applications of pet wearables are similarly varied, which includes medical diagnosis & treatment, behavior monitoring & control, safety & security and identification & tracking.
The usage of pet wearables in medical diagnosis & treatment is expected to be the main factor affecting the growth of the market. Technologies currently used in pet wearables are GPS, RFID and other miscellaneous sensors such as pedometers. GPS trackers will show the highest growth rate in technologies involved in pet wearables. The pet wearables market is still in the introductory stage of the industrial development life cycle.
Key players have been trying to increase their market penetration through multiple distribution channels. The main distribution channels used for pet wearables are E-commerce, modern trade, franchised stores and specialty stores. The introduction of e-commerce has been the driving component for the pet wearables market.
The usage of human technologies for pets such as pedometers and EEG are the new trends followed in the pet wearables market. One of the pioneers in the usage of human related technology for pet wearables is Xiaomi’s pet fitness and location tracker PetBit. The integration of Cloud technology and analytics in pet wearables is currently under testing and development phases.
As per the views of leading veterinarians, advanced analytics will be helpful for better diagnostics of pets. As per reviewed statistics, more people own a smart phone than toothbrushes. This has shown the dependency of consumers on technology. To reach out to this wide demographic, the social media presence of the products and companies involved in the pet wearables will be vital.
The current market of pet wearables is highly fragmented. Multiple new entrants in the pet wearables market are emerging with their distinguished applications. Garmin International, Whistle Labs, Tractive, Petzila, Gibi Technologies, Petcube, FitBark, DOGTRA, Loc8tor, Invoxia, Xiaomi, Pawbo, Pitpatpet, and PetPace are some of the key players discussed in the pet wearables report.
Poor socialization and lack of training and discipline in dogs are causing increased anti-social and disruptive behavior leading to abandonment. Some of the previously used pet training collars are entering the pet wearables market. The used technology is more humane to pets than the previous counterparts.