Pet Wearable Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024

Pet wearables essentially refer to devices designed for pets, which perform crucial functions including but not limited to identification, tracking, controlling and monitoring of pets. Furthermore, with the advancementof technology pet wearable devices for enabling medical diagnosis & treatment and facilitation, safety and security is fast emerging as a popular product segment globally.

Market Research Reports Search Engine (MRRSE) has announced that its repository now features a report, titled “Pet Wearable Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016–2024.” According to the report published by Transparency Market Research (TMR), the market is expected to progress at an impressive CAGR of 12.0% from 2016 to 2024, reaching a value of US$2.5 bn by 2024 from US$1.0 bn in 2016.

North America and Europe to Represent Large Share in Revenue Pie Owing to Availability of Advanced Wireless Infrastructure

Request For a Sample Report:

In terms of geography, North America and Europe will be the major pet wearable markets throughout the forecast period, collectively accounting for 75% of the overall market revenue. The high market penetration of pet wearables across these regions can be attributed to the stringent government regulations related to treatment towards animals. These stringent rules have mandated household with pets to purchase products such as behavior modification devices and bark collars.

Moreover, the presence of advanced wireless infrastructure and telecommunications technologies has triggered the adoption of GPS-based pet collars along with monitoring devices. The high purchasing power of pet owners in these regions is also supplementing market growth. Asia Pacific is estimated to rise at a significant CAGR during the same period, primarily driven by the increasing adoption and sales of GPS and RFID technology-based devices.

Rising Awareness Regarding Animal Safety and Health to Play Central Role in Market Growth

With the rising disposable income, pet owners have started spending on their pets more than ever before. It is estimated that the overall expenditure on pets will increase by approximately 50% by 2020.This trend along with the advent of wearable technology and increasing awareness regarding pet safety and health has provided a significant push to the global pet wearable market. The increasing animal husbandry worldwide is also influencing the growth of the market positively. Owners of farm animals are increasingly using pet wearables to monitor and track animals’ health and fitness.

Unreliable Internet Connectivity in Developing Regions to Hamper Growth Prospects

Despite the numerous benefits of wireless technology, their high cost per line is limiting the widespread adoption of pet wearables. Moreover, the poor internet connectivity in several developing countries is hindering the growth of the market. Nevertheless, a large number of new players are venturing into the market since it is in its initial growth phase and holds tremendous potential in the coming years.

Browse Full Report with TOC:

The global market for pet wearables is highly consolidated, with the top two players - DeLaval Inc. and GEA Group AG - commanding a whopping combined share 89% of the overall market revenue in 2015. As the market is still at its nascent stage, several players are keen on capitalizing untapped technology and product segments and regions. Product innovation and rigorous research and development efforts are some of the commonly adopted strategies by the leading players to stay ahead in the market.

Contact Details

Company Name: MRRSE
Issued By: Vishant
Phone: +1-518-730-0559
Address: State Tower 90, State Street Suite 700 Albany, NY - 12207 United States
City: Albany
State: New York
Zip: 12207
Country: United States
Website: Visit the website

Keywords : Pet Wearable Market, Pet Wearable Market Analysis, Pet Wearable Market Growth, Pet Wearable Market Trends, Pet Wearable Industry Analysis,

by Vishant (few years ago!)

Latest Press Releases

The Mad Hatter Now Offer a Full Line of Hearth Products and Full Line of Grills

Diabetes Insulin Delivery Pens Market Research Report 2018

Dr Kapadia Provides Tips to Patients Interested in Hair Transplant Procedures

love vashikaran specialist

Solar Blanket Sales Market Report 2018

Spring Bottled Water Market Insights, Forecast to 2025

Biochemical Incubator Sales Market Report 2018

Quinine Sulphate Sales Market Report 2018

Automotive Chassisc System Market Insights, Forecast to 2025

2,6-Dicarboxypyridine market size in key regions like North America, Europe, Asia Pacific an..

Remove this press release ?

Due to extra work required to remove the press-releases we have started charging $1.99 for press release removal.

Your press release will be removed in 24 hours, once the payment has been received.

Search Press Release
e.g. Business, Computer, etc.