Pet Wearable Market Growth Rate, Demands, Status and Application Forecast to 2026
Posted: Oct 25, 2018
The worldwide Pet Wearable market is anticipated to reach USD 4,172 million by 2026 according to a new research report. In 2017, the identification and tracking segment dominated the global market, in terms of revenue. In 2017, North America accounted for the majority share in the global pet wearable market.
The increasing adoption of pets, along with growing awareness regarding pet care and safety majorly drives the market growth. Consumers are increasingly becoming aware of safety concerns regarding pets, which support market growth. The increasing penetration of mobile devices, and increasing disposable income encourage consumers to invest in pet wearable. Other factors driving market growth include increasing need of monitoring pets, growing adoption of IOT, and technological advancements. New emerging markets, emerging consumer demographics, and sale through online channels would provide growth opportunities for pet wearable market in the coming years. Sale of products through online channels has gained significant popularity over the years.
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Top Key Player In Global Market: -
Whistle Labs LLC
The trend of online shopping is gaining traction in developing economies, thereby encouraging established market players to distribute their products globally. Emerging and new players are also using online platforms for promotion and sale of products. Online distribution channels offer a global platform to market players for expansion of customer base, while reducing operation cost.
North America is expected to dominate the global market during the forecast period. This is due to high living standards and high disposable income. Presence of global players in these countries taps market potential and boosts the market growth. Increasing use of mobile devices and increasing sale of GPS-enabled products further augments market growth. Growing concerns regarding pet safety, and technological advancements further boost the market growth.
The various types of pet wearable products include smart collar, smart camera, smart harness, and others. Smart cameras dominated the global market in 2017 owing to increase need to monitor pets. These cameras monitor the pet activities while also offering features such as audio and toys. Growing awareness regarding smart wearable technology coupled with increasing development of customized mobile applications and software platforms is projected to fuel the demand for smart cameras.
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Polaris Market Research
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises.