The global pet
wearable market is expected to reach USD 2.36 billion by 2022,
according to a new report by Grand View Research, Inc. Growing pet ownership
coupled with increasing per capita expenditure on pets is expected to drive
product demand over the forecast period. Over the next seven years, linkage of
pet wearable with IoT & other mobile devices along with increasing
dominance of certain vendors would challenge industry penetration of new
entrants.
Increasing awareness towards pet health & fitness
is expected to offer significant opportunities for the development of advanced
wearable products. The industry is characterized by extensive R&D
investment in order to obtain competitive advantage which is also expected to
result in frequent acquisitions and strategic alliances.
Smartphone’s combined with new applications and
products are allowing owners to remotely monitor, water, feed and release
treats for their pets. Some technologies unlock home doors and relock them
remotely, thus allowing pet sitters and dog walkers access to pets when the
owners are away. The nature of the industry, where many owners have multiple
pets is expected to accentuate growth across the globe. It is estimated that by
2017, pet owners will spend more on wearable devices than on food and by 2020,
rising the spending on pets by an additional 50%.
However, high power consumption and procurement costs
in developing countries may hinder growth over the forecast period. High cost
per line for both fixed and wireless technologies would make it difficult to
provide services at an affordable price across major emerging regions. Lack of
infrastructure and high cost of network installation and maintenance in
developing countries are expected to further result in ineffective
framework.
Browse full research report on Pet Wearable Market: https://www.grandviewresearch.com/industry-analysis/pet-wearable-market
Further
key findings from the report suggest:
- In 2014, GPS captured a sizeable market share accounting for over
30% of the overall revenue. This segment is being viewed as a lucrative
technology. Need for Real Time Location System (RTLS) has led to increased
demand
- RFID tagging is projected to be subsumed by diagnostic devices such
as the available stomach boluses, implants and collars. Tagging of varied
forms of livestock in certain jurisdiction is expected to offer lucrative
opportunities for industry growth. It is projected that by 2016, over 420 million
tags will be used for tagging the animals across the world
- Behavior monitoring & control systems anticipated to witness
high growth over the forecast period. It involves video monitoring
solutions along with non-invasive sensors attached to a collar to measure
behavior, and transmitting alerts the owner. Safety & security devices
use GPS technology which provides real-time locations and allows the user
to create the virtual boundary for roaming for their pets
- North America pet wearable market is estimated to grow at a CAGR of
over 12.0% from 2015 to 2022. This can be primarily attributed to
increasing adoption of GPS collars with activity and fitness monitoring
devices along with availability of advanced infrastructure.
- Europe pet wearable market is anticipated to witness substantial
growth owing to increasing adoption and awareness of these technologies
and large number of cattle breeding and heat detection devices. Further
existence of key players from this region is estimated to proliferate
growth across the European region
- Notable companies operating in the pet wearable market, include
Whistle LLC, FitBark, i4C Innovations, DeLaval, PetPace. Emerging trend of
these devices is being adopted by a large number of start-ups and small
players. Animal trackers and activity monitors are anticipated to be the
focus of these players.
Browse more reports of this category
by Grand View Research: https://www.grandviewresearch.com/industry/sensors-and-controls
Grand
View Research has segmented the pet wearable market on the basis of technology,
application and region:
Pet wearable Technology Outlook (Revenue, USD
Million, 2012 - 2022)
- RFID
- GPS
- Sensors
Pet wearable Application Outlook (Revenue, USD
Million, 2012 - 2022)
- Identification
& tracking
- Behavior
monitoring & control
- Facilitation,
safety & security
- Medical
diagnosis & treatment
Pet wearable Regional Outlook (Revenue, USD Million,
2012 - 2022)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Mexico
- MEA
About Grand View
Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
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