Albany, NY -- (SBWIRE) -- 03/07/2017 -- The global pet wearable market, still in its early stage of growth, features an oligopolistic competitive landscape and a rapidly rising set of opportunities presently shared by a very small number of players, observes Transparency Market Research in a recent report. The top two vendors in the market, namely DeLaval Inc. and GEA Group AG collectively held an astonishing 89% of the overall market in 2015. Although a very little share of the market is accounted by other companies, a large number of unexploited technology and product segments and rising demand for new product varieties could allow new vendors to find lucrative growth opportunities.

Transparency Market Research states that the market is expected to exhibit a remarkable 12% CAGR over the period between 2016 and 2024, rising from a valuation of US$1.0 bn in 2016 to US$2.5 bn by 2024.

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GPS-based Pet Wearable Devices Witness High Demand

On the basis of technology, the global pet wearable market is expected to be dominated by the GPS technology. The GPS segment is expected to account for nearly 45% of the overall market by 2016. The RFID technology will follow, accounting for the second-largest share in the market and exhibiting growth at an encouraging pace over the report's forecast period. Although the segment of sensors presently accounts for a relatively very low share in the global pet wearable market, it is expected to gain a larger share by the end of the forecast period, exhibiting growth at a promising 12.3% CAGR from 2016 through 2024.

On the basis of geography, the global pet wearable market is dominated by developed economies across regions such as North America and Europe. Collectively, the Europe and North America markets are expected to account for a 75% of the global market by the end of the report's forecast period. North America is presently the leading consumer of pet wearables and is expected to retain its dominance, chiefly owing to the high demand for technologically advanced pet monitoring devices in the U.S.

Increased Pet Ownership and Expenditure to Remain Key to Market Growth

The vast rise in pet ownership across developed as well as developing parts of the globe and the increased expenditure of pet owners on the health and wellness of pets are the two key factors driving the global pet wearable market. Owing to rising disposable incomes, pet owners are more inclined to spend lavishly on their pets. Pet wearable devices, allowing pet owners to keep a tab on the fitness, health, and whereabouts of their pets, are gaining an increased level of popularity among pet owners.

TMR projects that by 2020, the global population will spend about 50% more of what is now spent on pets. This is expected to lead to the increased demand for pet wearables in the next few years. Additionally, the rising awareness about the vast benefits of wearables for farm owners, especially when it comes to tracking the health and fitness of large herds, is also expected to drive the global market for pet wearable.

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Unreliable Internet Connectivity to Dampen Growth Prospects across Developing Regions

Most pet wearable devices rely on high-speed and reliable internet connectivity. This could be a key factor hindering the adoption of pet wearables in some developing regions with unreliable internet connectivity and other data communication networks. The high costs of pet wearables could also act as a restraint to the overall growth of the market across developing regions.