The global pet wearable market is extremely consolidated led by two players who accounted for a combined share of 89.0% of the total market revenue in 2015, finds Transparency Market Research (TMR). These companies are DeLaval Inc. and GEA Group AG. The top companies are actively adopting business expansion strategies to consolidate their market shares. Several prominent players are intensively investing in research and development activities and making product innovations to gain a competitive edge over others. Since the market is still in the initial stages of growth, several players are increasingly targeting untapped product and technology segments to gain a better foothold in the pet wearable market.
A number of vendors are capitalizing on emerging opportunities in new regional markets to expand their presence. Continuously rising demand for new and better product varieties is a key factor stimulating research and development investments by companies.
The opportunity in the global pet wearable market was valued at US$1.0 bn in 2016 and is expected to reach a valuation of US$2.5 bn by 2024 by rising at a robust CAGR of 12.0% from 2016 to 2024.
North America to Offer Lucrative Market Avenues
Geographically, the North America and Europe markets are expected to account for a combined share of 75% of the global market by the end of the forecast period. Currently, North America holds an important position on account of a substantial chunk of demand generated from an advanced U.S. market. This is mainly attributed to the high demand for advanced pet wearable technology devices for tracking and monitoring pets. The regional market of North America is expected to maintain its lead along the forecast period.
On the basis of technology, the global pet wearable market is segmented into GPS, RFID, and sensors. Among them, GPS trackers are expected to lead. The estimated share of GPS-based pet wearable segment was around 45.0% in 2016. The market for RFID-based products is expected to follow in the second position. The sensors segment accounted for a comparatively low share among all segments; however, the segment is expected to clock healthy growth from 2016 to 2024.
GPS-Based Devices Gaining Prominence
Rise in disposable incomes of pet owners and growing awareness about the health of animals are the key factors propelling the demand for pet wearable. Stringent regulations related to treatment of animals in advanced nations to ensure the safety and security of pets have also boosted the pet wearable market. In addition, the application of pet wearable devices is stimulated by the need for behavior monitoring in pets and to facilitate medical diagnosis and treatment. Furthermore, several farm owners are increasingly adopting pet wearable to track large herds using various GPS devices and to monitor vital statistics of their livestock via smartphone app. This is a crucial factor catalyzing the market growth.
On the downside, lack of proper networking technologies and unreliable Internet connectivity in less developed regions are likely to hinder the market to some extent. Nevertheless, the advent of advanced wireless infrastructure and telecommunication technologies, especially in developed regions, is anticipated to open up new opportunities for vendors. Furthermore, the use of pet wearable in medical diagnosis is expected to unlock plethora of exciting opportunities for market players.
The study presented here is based on a report by Transparency Market Research (TMR), titled “Pet Wearable Market (Technology - GPS, RFID, and Sensors; Application - Medical Diagnosis and Treatment, Behavior Monitoring and Control, Facilitation, Safety, and Security, and Identification and Tracking) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016–2024.”
The global pet wearable market is segmented based on:
- Medical Diagnosis and Treatment
- Behavior Monitoring and Control
- Facilitation, Safety, and Security
- Identification and Tracking
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- The Middle East and Africa
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
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