Worldwide pet wearable device / equipment market to grow at a CAGR of 6.8% during 2016-2023

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Worldwide pet wearable device / equipment market to grow at a CAGR of 6.8% during 2016-2023

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Global Pet Wearable market has been studied in one of our latest research and an extensive research has been displayed on the demand for segments of technology such as GPS, RFID (Radio Frequency Identification) and sensors. Among these segments, RFID segment is expected to be the fastest growing segment followed by GPS technology. The advancement in pet wearable such as long battery life and enhanced connectivity features are likely to augment the market of pet wearable in near future.

The global pet wearable market reached USD 856.2 Million in 2015. Further, the market is expected to register a CAGR of 6.8% over the forecast period i.e. 2016-2023 on account of rising adoption of pet wearable by pet owners in order maintain health and monitor & control behaviour of pets.

North America with Lion share accounted the largest market revenue share of 40% in 2015 in overall pet wearable market across the globe; steep rise in pet owners and growing awareness towards safety and security of pets. However, the market of Asia-Pacific accounted USD 945.6 Million in 2015 and estimated to be fastest growing market over the forecast period attributed to increasing adoption of pet wearable due to rising concern towards safety and security of pets and increasing gross disposable income in growing economies such as China, Japan, Malaysia, Indonesia etc.

Rising concern towards pet well-being: Major Stimulation

Rising awareness towards health and well-being of pets, rise in pet ownerships across the globe and increase in spending on pets in order to maintain fitness of pets are some of the factors likely to augment the market of pet wearable in near future. Moreover, growing awareness towards safety and security of pets and availability of high-end technology devices along with the facilities of monitoring of animal behaviour and control are some of the prime factors stimulating the demand for pet wearable across the globe.

Advancements in Technology:

Introduction of advanced cost effective pet wearable, rising penetration of smart phone users, introduction of pet wearable with app assisting technology in order to enhance the monitoring and controlling of pets, and advanced connectivity pet wearable are some of the key factors which pave the market of pet wearable over the forecast period i.e. 2016-2023. Other than this, rise in gross disposable income of population across the globe is likely to spend more on animal health and well-being by the pet owners.

Although, high cost of wireless pet wearable, high power consumption of pet wearable, short battery life, stringent regulations from government authorities, lack of awareness towards pet wearable in undeveloped nations and high capital cost of equipment which increase the cost of services are some of the factors likely to inhibit the growth of pet wearable market in near future.

The report titled Global Pet Wearable Market Outlook 2023” delivers detailed overview of the Global Pet Wearable Market in terms of market segmentation by technology type, by application type, by animal type, and by End-user.

Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.

This report also provides the existing competitive scenario of some of the vendors of the Global Pet Wearable Market which includes company profiling of Whistle Labs, Tagg, Dropcam (Nest), i4c Innovations, and Radio Systems PetSafe Europe, etc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview on the Global Pet Wearable Market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

To know more about this research, kindly visit http://www.researchnester.com/reports/pet-wearable-accessories-devices-market-global-demand-analysis-opportunity-outlook-2021/194

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