Oct 11, 2018
Pet Wearables Market to Chart New Growth Trajectories from Technological Advancements to Improve Functionality, notes Fact.MR
by Team Fact.MR
The rapid inroads by wearable technologies in the health monitoring and location tracking, riding on the wave of automation, is a key factor driving the evolution of the pet wearables market. The expansion of the pet wearables market is propelled and supported by constant advances in internet of things (IoT) market and GPS technologies. The growing adoption of pet wearables for collecting data analytics related to the health of pets is fueled by the rising awareness about the fitness and nutrition of their pets among owners. The advent of cloud-based analytics has bolstered the application of pet wearables in medical diagnostics. The rising demand for user-friendly and reliable maps in smartphones for location tracking is also boosting the pet wearables market. Advances in real-time tracking pets, especially among canine owners, is opening large, lucrative avenues in the pet wearables market.
Underpinned by these adoption trends and technology advances, the pet wearables market is projected to expand at a CAGR of 7.6% from 2018 to 2028.
The rapid pace of digitization and automation, coupled with the rise in connected technologies, has led to the rapid emergence of e-commerce platforms in the pet wearable market. However, modern retailing has also started to gain pace in the pet wearables market. The widespread awareness of the availability of e-commerce platforms at convenient price points is fueling the adoption of these distribution channels by manufacturers in the pet wearables market.
The rising health concern of the growing incidence of obesity in cats and dogs is a key factor bolstering the demand for pet wearables. Over the past few years, the pet wearables market has been gaining substantial growth momentum from the promising prospects in the health monitoring of domesticated animals. The emergence of new business models may pave way for new, exciting avenues in the pet wearables market.
Efforts to improve the functionality of pet wearables are expected to set the pace of design of technologically-advanced products. The new generation of pet wearables will inevitably witness technological improvements in their components. Constant advances in pet wearables technologies have led to pet wearables with increased battery life and the advent of devices that can work across platforms. Advancements in pre-emotion sensors and pet-to-human translators are expected to lead to high-end products in the pet wearables market. Moreover, the end users of pet wearables will also benefit from the declining prices of several of key technologies.
Of all the various regional markets for pet wearables, Asia Pacific excluding Japan (APEJ) is expected to present tremendous potential for growth during the assessment period. A major chunk of demand in the regional market for pet wearables are expected to be concentrated in a few economies, notably India and China. The burgeoning rise in the ownership of domesticated animals in China is a case in point and is expected to offers abundant growth prospects in the pet wearables market. In particular, the demand for pet wearables in India is expected to be spectacular. The country market for pet wearables is projected to expand at a promising CAGR of 8.3% from 2018 to 2028. This is driven by the substantially rising number of pet ownerships in metro cities of the country.
The growing number of pet expos and annual trade shows in various economies of Asia Pacific has spurred the adoption of pets, thus boosting the pet wearables market. Furthermore, the increasing focus on the welfare of animals is also catalyzing the overall demand for pet wearables.
Some of the leading players in the pet wearables market are Motorola, Whistle Labs LLC., Tractive GmbH, Petzila, Gibi technology, DOGTRA Co. Ltd., and Loc8tor Ltd.