U.S. experiences a strong hold in the overall pet wearable market. The escalating spending of the Americans on pets and companion animals have substantially driven pet wearable demand in this region. According to National Pet Owners Survey conducted by the American Pet Products Association over 2015-2016, almost 65% of the overall American households owned a pet, which itself is a testimony of the huge application scope of the regional pet wearable market. In fact, estimates depict that U.S. pet wearable industry held a billion-dollar business in 2016 and is slated to register a CAGR of 25% over 2017-2024.
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Speaking along the similar lines, GPS based pet wearable is gaining a huge popularity, subject to its capability of monitoring real time positioning of pets. The increasing trend of GPS providers to enter into strategic partnerships with application developers to advance the mapping portals is expected to further bring a consequential transformation in pet wearable market dynamics. With sensors becoming more affordable and high-speed broadband services becoming nearly ubiquitous, IoT is poised to change the way the animal healthcare was previously approached, leaving lucrative business opportunities for pet wearable market giants.
The RFID based devices accounted for over 30% revenue share in 2016. The growing trend of implementing RFID tags for dairy animals and pet tracking is a vital factor driving the RFID demand in the pet wearable market. These devices are designed for ultra-high and low frequencies, and are used in continuously recording readings of a pet’s daily activities and for animal tracking respectively.
Growing interest for security & wellbeing of pets, and ongoing developments in mapping portals with the infiltration of smart devices will stimulate the GPS enabled devices in the pet wearable market. Wearable technology is changing the lives of both pets and their owners, with mobile apps at the center of the industry. From GPS tracking to RFID implants, the usage of mobile apps and wearable technology in pet industry is providing innovative security and safety solutions to owners and their pets.
Worldwide, the industry is fiercely competitive with the engagement of major biggies like Fitbark, Whistle Labs Inc., Dairymaster, Scollar, DeLaval, and Nedap N.V. Manufacturers are highly optimistic toward the overall pet wearable market outlook and are investing more to innovate new products to address consumer expectations. Considering the fact that pet wearable is expanding its application scope with technology playing the pivotal role, the growth potential for pet wearable industry is forecast to be humongous in the coming years.
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Pet Wearable Market is anticipated to witness high growth over the coming years, owing to rising concerns regarding pet health. The pet industry has started to leverage trends in human fitness & health owing to the growing interest in monitoring pet health to supporting safe implementation of health regimes, such as weight reduction & control feeding. Pet wearable market is growing in popularity as they are specifically designed for cats & dogs with are proactively integrating preventative healthcare into the pet’s daily lives.
The extensive penetration of IoT has revolutionized almost every marketplace, pet wearable market being no exception. Wearable technology has indeed expended its application matrix beyond humans, which is quite evident from the large sales of pet wearable across the world. Statistics validating the fact- global pet wearable shipments have been claimed to exceed 5 million units in 2016, and the overall shipments is forecast to grow more than 25% over 2017-2024. Global Market Insights Inc., forecast that pet wearable market will record a valuation of USD 8 billion by the end of 2024.
Table Of Content For This Research Report:
Chapter 7 Pet Wearable Market, By Application (Revenue & Shipments)
7.1 Pet wearable market share, by application, 2016 & 2024
7.2 Medical diagnosis & treatment
7.2.1 Market estimates and forecast, by region, 2013 – 2024 (USD Million)
7.2.2 Market estimates and forecast, by region, 2013 – 2024 (Thousand Units)
7.3 Identification & tracking
7.3.1 Market estimates and forecast, by region, 2013 – 2024 (USD Million)
7.3.2 Market estimates and forecast, by region, 2013 – 2024 (Thousand Units)
7.4 Behavior monitoring & control
7.4.1 Market estimates and forecast, by region, 2013 – 2024 (USD Million)
7.4.2 Market estimates and forecast, by region, 2013 – 2024 (Thousand Units)
7.5 Fitness monitoring
7.5.1 Market estimates and forecast, by region, 2013 – 2024 (USD Million)
7.5.2 Market estimates and forecast, by region, 2013 – 2024 (Thousand Units)
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