Market Research Future published a research report on Pet Wearable Market Research Report – Global Forecast till 2027” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2027.
Market Synopsis
The analysts at Market Research Future Reports have revealed that the global pet wearable market is estimated to value worth USD 1,611.0 million from USD 895.4 million, prospering at a CAGR of 10.6% during the assessment period. The growing need and demand to regulate the movement of pets by their masters is the most significant demand influencing the global pet wearable market 2020. Besides, there has been an increase in the application of IoT and smartphones to keep the details of pets. From the past few decades, there has been a growing awareness regarding the healthy lifestyle for the pets by using a wearable device. The sector is evolving owing to the fast adoption of technology. In addition, the rising expenditure on pets and the rising demand for tracking equipment are some of the important elements driving the global Pet Wearable Market. Moreover, the growing affinity towards animals plays a pivotal role in augmenting the market. However, the lack of medical and healthcare attention for animals in certain regions can result in impediment of the global market.
The spread of COVID-19 has led to a halt of daily operations. Due to the outbreak of the pandemic, the global pet wearable market is likely to face a drawback. A precise evaluation of the COVID-19 aftermath has been prepared. We will provide COVID-19 impact analysis with report.
Market Segmentation
The global pet wearable market can be divided on the basis of application, product, technology, and region.
On the basis of application, the global pet wearable market can be divided into medical diagnosis and treatment, fitness monitoring, identification and tracking, behaviour monitoring and control.
On the basis of product, the global pet wearable market can be divided into smart vest, smart collar, smart harness, and others.
On the basis of technology, the global pet wearable market can be divided into GPS, RFID, Bluetooth, and others
On the basis of region, the global pet wearable market can be divided into North America, Europe, Asia-Pacific, and the Rest of the World.
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Regional Analysis
The pet wearable market is anticipated to expand at a substantial rate during the review period from 2019 to 2024. The evaluation has been carried out for North America, Europe, Asia-Pacific, and the Rest of the World (RoW). Among all analyzed regions, North America is anticipated to dominate the global market. The region is witnessing a rise in adoption of pets. Besides, there has been a rise in the disposable income of people residing in the region. Therefore, the market is projected to grow swiftly. Among all countries of the region, the US and Canada are estimated to make the most crucial participation. In addition, increased expenditure on pets and high penetration of fitness and regulating activity devices is estimated to influence the regional market growth. However, the APAC region and the MEA is estimated to face a drawback due to the lack of medical and healthcare attention for animals. Besides. The lack of awareness of pet wearable equipment is likely to impede the market in the region.
Also, the outbreak of COVID-19 has brought a significant impact on the global pet wearable market. Various regions have been facing the repercussion of the spread of the pandemic. It may take some time to recover from the impact of COVID-19.
Key Players
The market competitors of the global pet wearable market are Indiegogo Inc. (US), FitBark Inc. (US), Tractive GmbH (Austria), PawTrax Limited (UK), Loc8tor Ltd (UK), Dairymaster USA Inc. (US), Afimilk Ltd (Israel), Whistle Labs Inc. (US), IceRobotics, Ltd (UK), PetPace LLC (US), and a few more.
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