Increase in Demand for Innovative Pet WearablesSurge in Spending on Pet Accessories to Augment the Innovative Pet WearablesThe global pet wearables market to grow at a CAGR of 7.5% during 2020-2029 with demand spurred by increased spending capability of consumers on pets, Fact.MRIn terms of revenue, the Sales of the pet wearables market is projected to expand at a cagr of 7.5% during the forecast period, owing to numerous factors.
As a leading economy, the U.S., 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 the pet
wearables market is the high concentration of players in the United States. The
Demand for pet wearables 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 pet wearables. Trends affecting
the pet wearables industry are primarily dependent on consumer preferences. The
report forecasts pet wearables demand by the country for 2021-2031, giving business
leaders the insights to know fast-growing, stable, and mature markets
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, behaviour 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 LLC, Tractive GmbH, Petzila, Gibi
Technologies Inc., Petcube, FitBark Inc, DOGTRA, Loc8tor Ltd, Invoxia, Xiaomi,
Pawbo Inc., Pitpatpet Ltd, and PetPace are some of the key players discussed in
the pet wearables report. Poor socialisation and lack of training and
discipline in dogs are causing increased anti-social and disruptive behaviour
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. Source: Fact.MR news announcement |