Surging demand for IoT anticipated to drive the global pet wearable market in the forecast period of 2019-2025.
Published | 31 March 2020
BlueWeave Consulting review
study of the pet wearable market anticipated propelling with a significant CAGR
of 12.7% in the forecasted period of 2019-2025. Factor such as rising
disposable income, pet healthcare concern, and rising pet healthcare
expenditure driving the demand for pet wearable in the global market. Besides,
increasing the adoption rate of IoT, coupled with technological advancement for
pet monitoring, contributing to the growth of the pet wearable market during
the forecast period. The factors mentioned above anticipated to boost the
demand with a significant growth rate in the pet wearable market. North America
is anticipated to hold a significant proportion of the Pet Wearable market. As
an outcome of rising pet ownership rates, increasing trends towards pet
adoption and humanization, increasing expendable income, and rising per capita
expenditure on animal health are the main drivers of the market's growth.
Smart
collar product type expected to dominate the market with the rising pet
population and pet humanization
The smart pet collar is a
system that connects to a smartphone wirelessly through Wi-Fi or Bluetooth and
offers insights into animals such as their location, training activities, and
more. In comparison to the current conventional collar, it is a multi-purpose
device. This collar enables pet owners to track their pets utilizing GPS
technology, collaborate with others using an external collar LED display, and
monitor, monitor, and obtain information and alerts about your wearable pet
market. RFID-based pet wearables are used in tandem with sensors to monitor
health-related parameters such as pulse, temperature, HRV, location, breathing,
or calorie intake across the day continuously and accurately.
High
power consumption and limited battery life of pet wearable devices anticipated
to hamper market in forecast period
High power usage and limited
battery life are a massive challenge for the acceptance of pet wearable
devices. Most wearable devices use emerging technologies that consume a lot of
energy, such as GPS and wireless networks. Generally speaking, the battery
power of all these devices will last for a few days, and the battery will last
for less than a day in case of heavy use. Europe is projected to boom the
industry with substantial market share with rising pet humanization development
and growing fitness tracker demand. The involvement of different trade groups
in the pet wearable industry helps players. The People's Dispensary for Sick
Animals (PDSA), for example, in the UK, provides pets reduced costs and free
veterinary care. The growing concern for the safety and health of animals will
lead to the increased adoption of modern technologies such as smart cameras,
smart harnesses, and smart waistcoats.
Pet
wearables market: competitive landscape
Some of the major industry
players are Petpace Ltd, Binatone Global, Garmin Ltd, Motorola Mobility
(Binatone), Loc8tor, Ltd., Fitbark, Cybortra Technology Co. Ltd, Whistle Labs,
Inc., Otto Petcare Systems, Tractive, Link AKC (WAGZ), NuIceRobotics, Ltd.,
Fitbark, Kyon and Other Prominent Player
Browse Detailed Table of Contents, “Pet Wearable Market by Component (GPS Chips, RFID Chips, Sensors, Wi-Fi, Cellular, Bluetooth Chips, Processors, Memory, Displays, Batteries), Product (Smart Collars, Smart Cameras, Smart Harnesses), By Region (North America, Europe, Asia Pacific, Middle East & Africa and Latin America); Trend Analysis, Competitive Market Share & Forecast, 2015-2025”
AT: https://www.blueweaveconsulting.com/pet-wearable-market-bwc19447
The
in-depth analysis of the report provides the growth potential, upcoming trends,
and statistics of pet wearable market size & forecast. The report promises
to provide state-of-the-art technology of veterinary infectious disease
diagnostics market and industry insights, which help decision-makers to take
sound strategic decisions. Furthermore, the report also analyzes the market
drivers and challenges and competitive analysis of the market.
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Publish Date: January 2022
The market for pet wearables is growing rapidly as pet owners become more aware of their pets' health. The growing tendency to adopt pets as companions for entertainment and mental stability has significantly increased pet care expenditures. With the growing popularity of wearables and ease of availability, the global pet wearable market is expected to grow strongly in the foreseeable future.
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