A recent report published by Infinium Global Research on pet wearable market provides an in-depth analysis of segments and sub-segments in the global as well as regional pet wearable market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional pet wearable market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global pet wearable market. According to the report, the global pet wearable market is projected to grow at a CAGR of 12.22% over the forecast period of 2019-2025.
Rising awareness about the pet's physical fitness, mental fitness,
and safety are the major factors driving the growth of the pet wearable market
across the globe. According to the American Humane Association, near about 10
million dogs and cats go missing or are stolen in the United States alone, each
year. Therefore, the easy availability of wearables, such as GPS tracking
devices reduces the chances of a pet getting lost or stolen that in turn drives
the growth of the pet wearable market. Furthermore, an increase in consumer
spending on companion animals in developed countries also boosts the market
growth. However, high maintenance and high cost of products may restrain the
growth of the pet wearable market during the forecast period. Furthermore,
battery life issues of these devices may also hamper the market growth. On the
other hand, technological advancements and increasing research and development
activities by manufacturers create an opportunity for the growth of the market
in the next few years.
North America dominates the pet wearable market during the forecast period. This is primarily due to the growing per capita animal healthcare expenditure in the region. Also, strict rules for animal safety and treatment and higher purchasing power boosts the demand for pet wearables in the North American region. The United States is likely to retain its significant market share in the pet wearable market during the forecast period due to the increasing adoption of companion animals and growing per capita animal healthcare expenditure. Also, the rise in product innovation and advanced technology are some other factors that drive the growth of the market in the US region. Moreover, Asia Pacific is expected to grow at a beneficial rate during the forecast period owing to increase in adoption of companion animals in countries such as China, Australia, and India as well as increasing awareness regarding pet health and fitness.
The report on global pet wearable market covers segments such as product, technology, application, and animal type. On the basis of product, the sub-markets include smart collar, smart camera, smart harness and vest, and tags. On the basis of technology, the sub-markets include GPS, RFID, sensors, and other technologies. On the basis of application, the sub-markets include identification and tracking, monitoring and control, medical diagnosis and treatment, and facilitation, safety, and security. On the basis of animal type, the sub-markets include companion, and livestock.
The report provides profiles of the companies in the market such as Binatone Global, Cybortra Technology Co. Ltd, FitBark Inc., Garmin Ltd, KYON, Loc8tor Ltd., PetPace LTD, Tractive, Dogtra, and Mars Incorporated.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of pet wearable market. Moreover, the study highlights current market trends and provides forecast from 2019-2025. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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