Sep 13, 2019

Pet wearable market expected to grow exponentially by 2024

The pet wearable market is expected to grow from $703 million in 2019 to $1,718 million by 2024 at a CAGR of 19.6%. The growth of the pet wearable market can be attributed to the surging demand for IoT in pet tracking devices, increasing concerns toward pet health and well-being, and rising pet population and pet humanization. However, high power consumption and limited battery life of pet wearable devices are restraining the market growth.

Smart harness to register the highest CAGR in the overall market during the forecast period
A smart harness is fastened around a pet’s body and is equipped with numerous technologies and sensors to sense and monitor the pet’s posture, body language, and the sounds it makes.The smart harness also includes physiological sensors that monitor the pet’s heart rate and body temperature.

The sensors not only track a dog’s physical well-being but can offer information on a dog’s emotional state, such as whether it is excited or stressed.The technology could be particularly useful for guiding dogs and monitoring their health.

For example, a Japanese company created a harness-like device called Inupathy. It monitors the heart rate of pets; the device uses a sensor to analyses a dog’s heartbeat variation and contains multicolored LEDs that represent the emotional state of these pets. Think red for excited, blue for relaxed, white for focused, and multiple colors for happiness. This allows owners to understand their pets better and maintain a strong bonding with them.

Sensors to hold the largest size of pet market throughout the forecast period
Sensors collect information about the pet’s vital signs and analyze the collected data to alerts pet owners with first signs of any trouble.There are various types of sensors such as temperature sensors, heart rate sensors, image sensors, accelerometers, and water sensors available in the market for different applications of pet wearables such for advanced functionalities such as tracking the pet’s exact movement, activities, pet behavior, as well as monitor health-related bio-metric data during these activities.

Moreover, the growing trend toward smaller, smarter, and cheaper sensors with improved compatibility is driving the demand for sensors in pet wearables.

Pet wearable market in APAC expected to grow at highest CAGR during the forecast period
The pet wearable market in APAC is anticipated to grow at a substantial growth owing to the urbanization and rise in the popularity of pets.Many vendors are extending their businesses to emerging countries of APAC such as China, Japan, and India.

The rise in per capita income and disposable incomes in developed and developing countries is leading to a significant change in spending habits pertaining to pet fitness and wellbeing.With the rising disposable incomes and an exponential increase in pet health consciousness among pet owners, there is a growing demand for fitness technology products such as pet smart collars, smart cameras, and fitness trackers in these developing economies.

Countries with increasing disposable incomes will continue to be the major contributors to the pet wearable market, thereby resulting in high growth opportunities.

Breakdown of profile of primary participants:
• By Company Type: Tier 1 – 27%, Tier 2 – 41%, and Tier 3 – 32%
• By Designation: C-Level Executives – 26%, Directors – 40%, and Others – 34%
• By Region: North America – 47%, Europe – 28%, APAC – 19%, and RoW – 6%

Whistle Labs (US), PetPace (US), Garmin (US), FitBark (US), Tractive (Austria), Link AKC (US), Motorola (US), Num’Axes /EYENIMAL (France), KYON (Greece), Scollar (US), GoPro (US), and Felcana (UK) are a few key players in the pet wearable market.

Research coverage:
• The study covers the pet wearable market. It aims to estimate the size and growth potential of this market, across different segments, such as product, component, and geography. The study also includes an in-depth competitive analysis of key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

The report will help leaders/new entrants in this market with information on the closest approximations of revenue numbers for the overall pet wearable market and the market based on segments covered in this report.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.

The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.

Read the full report: https://www.reportlinker.com/p05815136/?utm_source=PRN