Rockville, WA -- (SBWire) -- 07/17/2018 --Pet wearables are a multi-functionality electronic device meant to ensure the safety and wellbeing of household pets. They find usage in monitoring the health of pets, tracking them in case they go missing, and even resolve barking issues at time. Currently, the market is inundated with a range of pet wearables products. This can be chalked up to the growing interest in having pets by people across the world.
The global pet wearables market is expected to clock a 4.3% CAGR over the course of the period starting from 2017 and ending in 2022. Rising at this pace, the market is projected to attain a value of US$3.4 bn by the end of 2022.
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Rising Awareness About Pet Welfare Drives Market
Numerous factors are driving up sales in the global pet wearables market. Foremost among them is the rising number of pet owners across the world. This includes both farm animal owners and personal pet owners. This alongside the growing awareness about their welfare and the increasing capacity of spend on the same is proving beneficial to the pet wearables market. Other factors helping the market to rise is the increasing thrust by manufacturers on research and development of better products using latest sophisticated technologies such as Internet of Things (IoT) and big data analysis. Guidelines set by internationally recognized animal care organizations to enable pet owners to better care for their animals is another factor boosting the pet wearables market.
Posing a challenge pet wearables market's growth are the occasional technological glitches hampering their healthy functioning. Besides, expensive wireless technologies that facilitate a solid network is also proving to be a roadblock to the market's growth. This has prevented the pet wearable's market from gaining traction in the developing regions.
Despite such temporary setbacks, the pet wearables market would remain on a steady growth path because of players embracing ecommerce to tap into a much larger consumer base.
GPS Trackers for Pets Seeing Maximum Sales.
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There are different types of products available in the pet wearables market. Among them, the GPS tracker for pets is grossing maximum revenue at present. Vis-à-vis sales, GPS trackers at present account for a significant 33.0% share in the market. This is because of the growing number of pet owners fitting GPS trackers in collars for their pets to keep a tab on their positions round the clock. By the end of 2022, GPS trackers worth US$1.1 bn is expected to be sold in the market. Application-wise, the segment of medical diagnosis and treatment is predicted to remain the most lucrative in the pet wearables market. The segment currently holds 33.0% share in revenue in the market.
North America Leads Market Owing to Significant Number of Pet Owners
From a geographical standpoint, North America at present holds a leading position in the pet wearables market owing to a large number of animal owners in the region and their means to spend on the welfare of such animals. Over the course of the next few years, the market in the region is predicted to rise at a 4.3% CAGR.
Constant Thrust on Product Development Shaping Competition in Market
Some of the prominent participants in the pet wearables market are Whistle Labs LLC, FitBark, Inc., Loc8tor Ltd, Tractive GmbH, PetPace LLC, Whistle Labs LLC, Gibi Technologies Inc, GoPro, Inc., Garmin International, Inc., Motorola, Ridogulous Labs Inc., and IceRobotics. By constant thrust on research and development of better products, these companies have reached a position of prominence.
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Pet Wearables Market to Rise at 4.3% CAGR from 2017 to 2022 Because of Rising Number of Pet Owners
A recent Fact.MR study foretells the pet wearables market to record an expansion at 7.6% CAGR over the forecast period (2018-2028). Pet wearables continues to witness increased traction in GPS based technology. However proper innovations in RFID based products for increased accuracy will gain impressive growth in some of the regions.