30 Nov -0001
Rockville, Md. The global pet wearables market is set to grow at a 7.6% value CAGR from 2018 to 2028, according to Fact.MR, as advances in wearable technology and the spread of the Internet of Things push more owners toward smart pet products. GPS trackers remain the most used device, while activity monitors are expanding at a meteoric pace.
Medical diagnosis and treatment accounts for the largest share of use, e-commerce is reshaping how devices are sold, and the United States is the largest market. India is the standout growth story within Asia Pacific excluding Japan.
GPS trackers lead on usage, but activity monitors are the fastest-growing product as owners embrace preventive health monitoring. Medical diagnosis and treatment holds the major share of demand, with pet identification and tracking the second most attractive segment. E-commerce is steadily displacing traditional brick-and-mortar retail across the category.
The United States is the largest market, helped by high household pet spending, over US$ 69 Bn in 2017 with pet tech accounting for around 6.7%, and strong purchasing power. Within Asia Pacific excluding Japan, demand is concentrated in China and India, with the Indian market growing fastest at an 8.3% CAGR over the period.
The market runs on animal wellness. Rising concern over pet obesity, with a majority of dogs and cats overweight in the United States in 2017, is pushing owners toward continual monitoring, and wearables such as activity monitors have become a practical tool for preventive care.
The market brings together technology-focused pet product makers competing on GPS tracking and activity monitoring, with stakeholders increasingly targeting fast-growing markets such as China and India, where rising pet ownership among the middle class and a growing calendar of pet expos are widening the customer base.
For makers, growth favours GPS trackers, activity monitors and a strong e-commerce presence. Investors get a fast-growing market led by the United States with rising Asian potential. Procurement and retail teams can plan around medical monitoring carrying demand and India offering the quickest growth through 2028.
Fact.MR's study examines the global pet wearables market for the 2018 to 2028 period, assessing demand by product, application, sales channel and region. It sizes the market, maps the competitive field, and weighs the consumer forces shaping demand. Further detail is available in the pet wearables market report.
Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. The firm is known for its syndicated research, custom research and consulting solutions, helping clients make decisions on demand, competition, investment, procurement and future growth.
Pet Wearables Market
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Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. We are known for our syndicated research, custom research, and consulting solutions.