NEW YORK, Sept. 24, 2023 /PRNewswire/ — The “Pet Wearable Market by product (Smart collar, Smart camera, and Smart harness and vest), application (Identification and tracking, Monitoring and control, Medical diagnosis and treatment, and Facilitation/safety and security), and geography (North America, Europe, APAC, Middle East and Africa, and South America) – Forecast and Analysis 2023-2027″ report has been added to technavio offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the pet wearable market between 2022 and 2027 is USD 2.17 billion. The growing pet industry is notably driving growth in the pet wearable market.The pet industry has continued to grow at a favorable rate, including accessories and services over the past years. Pet wearables represent a niche within this expanding market, attracting both established players and startups seeking opportunities for growth. The lifestyle of people has changed immensely with a growing number of dual-income households. However, people are willing to spend additional money on multiple products that are considered a luxury such as Gucci dog collars. They are becoming more and more interested in purchasing premium products in order to provide their pets with the best as pet owners treat their pets like members of the family. Such products cater to the needs of modern pet owners, driving market growth during the forecast period.Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here
Market Challenge
The presence of unorganized players and the availability of counterfeit products is a significant challenge faced by the pet wearable market. With the increased availability of counterfeit and low-quality products, the growth of the global for pets wearable devices is being hindered. The availability of counterfeit products, including pet wearables and other accessories, is high in emerging nations like China and India. Well-established global competitors face high competition from these players. However, in developing countries, many consumers do not prefer to invest in expensive pet care products, including pet furniture. With their cheap and low-quality offerings, most counterfeit players target these consumers. The low operating costs and investments required in this market are significant benefits for these players. Hence, the high competition from counterfeit players is a significant price challenge for well-established manufacturers which in turn hinders the market growth during the forecast period.
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The pet wearable market is segmented by Product (Smart collar, Smart camera, and Smart harness and vest), Application (Identification and tracking, Monitoring and control, Medical diagnosis and treatment, and Facilitation/safety and security), and Geography (North America, Europe, APAC, Middle East and Africa, and South America).
- Thesmart collar segment is estimated to witness significant growth during the forecast period. Smart collars are technologically advanced and innovative products that deliver different advantages to pet owners, improving the overall well-being and safety of their beloved furry companions. GPS tracking is an important aspect, which enables pet owners to find their pets in real-time and is usually included with the GPS tracking collar. Smart collars often deliver personalized settings, which entitle pet owners to change the functions of an instrument according to their pets’ specific needs and preferences. Due to such advantages, the demand for smart collars is increasing, which in turn is driving the growth of the global market in focus during the forecast period.
- North Americais estimated to account for43%of the global market during the forecast period.
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Key Companies in the pet wearable market:
Avid Identification Systems Inc., Barking Labs Corp., Datamars SA, Dogtra Co., Felcana, FitBark Inc., Garmin Ltd., GoPro Inc., Loc8tor Ltd., Mars Inc., Merck and Co. Inc., NUM AXES, Pet Valu Canada Inc., PetPace, Protect Animals With Satellites LLC, SCOLLAR Inc., Smart Tracking Technologies LLC, Tractive GmbH, Vandrico Solutions Inc., and Wagz Inc.
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The Global Animal Health Diagnostics Marketsize is estimated to grow by USD 1,956.81 million between 2022 and 2027 accelerating at a CAGR of 9.63% during the forecast period.
Pet Wearable Market Scope | |
Report Coverage | Details |
Base year | 2022 |
Historic period | 2017-2021 |
Forecast period | 2023-2027 |
Growth momentum & CAGR | Accelerate at a CAGR of 13.66% |
Market growth 2023-2027 | USD 2.17 billion |
Market structure | Fragmented |
YoY growth 2022-2023 (%) | 13.0 |
Regional analysis | North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution | North America at 43% |
Key countries | US, China, Germany, UK, and France |
Competitive landscape | Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled | Avid Identification Systems Inc., Barking Labs Corp., Datamars SA, Dogtra Co., Felcana, FitBark Inc., Garmin Ltd., GoPro Inc., Loc8tor Ltd., Mars Inc., Merck and Co. Inc., NUM AXES, Pet Valu Canada Inc., PetPace, Protect Animals With Satellites LLC, SCOLLAR Inc., Smart Tracking Technologies LLC, Tractive GmbH, Vandrico Solutions Inc., and Wagz Inc. |
Market dynamics | Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Product
Market Segmentation by Application
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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UK: +44 203 893 3200
Email:media@technavio.com
Website:www.technavio.com
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