The global petwearable 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 report by Grand
View Research : http://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
o
U.S.
o
Canada
·
Europe
o
Germany
o
UK
·
Asia Pacific
o
China
o
India
o
Japan
·
Latin America
o
Brazil
o
Mexico
·
MEA
View press release of this research
report by Grand View Research:
https://www.grandviewresearch.com/press-release/global-pet-wearable-marketAbout 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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