Albany, NY -- (SBWIRE) -- 05/10/2017 -- The global pet wearable market features players such as DeLaval Inc., Nedap N.V., Whistle Labs Inc., Loc8tor Ltd., PetPace Ltd., GEA Group AG, and IceRobotics Ltd. However, the market is extremely consolidated, with GEA Group AG and DeLaval Inc. collectively accounting for an overwhelmingly dominant 89% of the global pet wearables market in 2015.

The pet wearables market is still in the early stages. As a result, product innovation, backed by strong and consistent R&D undertakings, is likely to be the key growth strategy for players in the pet wearables market in the coming years. Despite the dominance of the market leaders, the nascent state of the pet wearables market means there is significant scope for dynamic changes in the market's competitive landscape in the coming years. Regional expansion is also likely to be a popular strategy in the pet wearables market in the coming years, as most leading players are still focusing on establishing a strong foothold in their native region.

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According to Transparency Market Research (TMR), the global pet wearables market is expected to rise from a valuation of US$1 bn in 2016 to US$2.5 bn by the end of 2024 at a strong CAGR of 12% therein.

Identification and Tracking to Remain Leading Application of Pet Wearables

By application, the report segments the global pet wearables market into behavior monitoring and control, medical diagnosis and treatment, identification and tracking, and facilitation, safety, and security. Of these, identification and tracking has traditionally been the leading application of pet wearables and is likely to remain the dominant application segment of the market in the coming years. However, the rising use of cheaper and more convenient substitutes is likely to erode the segment's share in the global pet wearables market.

On the other hand, pet owners, especially in developed regions such as North America and Europe, are becoming increasingly aware about the various disorders their pets can suffer and how to keep them at bay. This is likely to drive the demand for medical diagnosis and treatment wearables in the coming years. Facilitation, safety, and security is also expected to remain a leading application segment of the global pet wearables market. These two application segments are expected to cumulatively account for more than 25% of the global pet wearables market by the end of 2024.

Accordingly, North America and Europe are likely to be the leading regional markets for pet wearables in the coming years. "While keeping pets is becoming popular in emerging regions, pet owners in developed countries have to abide by several rules that make the use of certain pet wearables necessary. The ease of purchasing advanced pet wearables in North America and Europe is another key driver for the pet wearables market in these regions," explained TMR's lead analyst. Collectively, these two regional markets are expected to consistently account for around 75% of the overall sales of pet wearables through the 2016-2024 forecast period.

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Rising Pet Ownership to Drive Demand for Pet Wearables

The prime driver for the global pet wearables market is the rising preference for adopting pets in developed as well as developing economies. The steady social movement towards nuclear families has also helped drive the demand for pets. Owing to the rapid urbanization in emerging regions such as Asia Pacific and Latin America, this is likely to remain a key driver for the global pet wearables market in the coming years.

On the other hand, the unavailability of reliable Internet connectivity in emerging regions such as Southeast Asia has been a key constraint on the market. In stark contrast to developed regions, where the ease of employing high-speed Internet connectivity has been a key driving factor, this is likely to remain an influential restraint on the market in emerging regions in spite of the rapid urbanization in many developing economies.