Global Pet Wearable Market Expected To Observer Major Growth By 2026
Selbyville, Delaware, United States, October 7 2020 (Wiredrelease) Global Market Insights, Inc –:Pet wearable market is segmented in terms of technology, product, application, end-use, and regional landscape.
Factors like ongoing technological advancements, and rising awareness regarding animal health are expected to drive the pet wearable market in the coming years. Pet wearables are mainly seen as big business, with an increasing number of companies developing new and innovative wearable gadgets for animals.
Trackers also play a key role by monitoring the health, changes in behavior of pets, as well as also keep tabs on the pets’ location.
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Based on technology, the market is categorized into sensors, RFID devices, Bluetooth, GPS, and others. Among these, the sensors technology segment will witness a CAGR of 23.4% as it collects and analyzes health & fitness related data such as sleep pattern, heart rate, and blood pressure in pets.
The sensors work in combination with the GPS tracker and RFID devices, since these are temperature-based sensors which monitor several health-related biometric data during the activities. Sensors collect information of the vital signs of the pet. They also analyze the data that has been collected, thereby alerting the signs of trouble if any. The activities of the pet therefore can be monitored by using smart phone.
With respect to product, the market is classified into smart collar, smart vest, smart camera, and smart harness. Smart vest segment is likely to grow at a CAGR of over 23.5% due to integration of numerous technologies and sensors with pet wearables that can sense and monitor pets’ behavior.
Citing an instance, a Thailand based advertising agency has generated a smart vest turning dogs into guardians of alleyways and streets in Bangkok. These smart vests are further equipped with hidden cameras, and sensors, transmitting live streaming videos when the dog barks or so.
Based on application, the market is bifurcated into behavior monitoring & control, fitness monitoring, identification & tracking, and medical diagnosis & treatment. The identification & tracking application segment held a market share of over 40% for identifying and tracking pets’ location using smartphones.
The identification & tracking not only helps in people returning a lost pet but can also lead the owner straight to the wandering pet. By way of an app one could monitor their pet’s activities of where they have gone or where they are hiding. Moreover, a smart collar and smart phone both are useful to keep track of pets.
With respect to end-use, the market is divided into commercial and household. The commercial end-use segment is likely to witness a CAGR of over 25.2% due to increasing need to monitor pets’ activity, and health conditions among people.
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From a regional frame of reference, Europe pet wearable market accounted for a share of more than 25% due to growing number of pet wearable startups in the region.
TABLE OF CONTENTS:
Chapter 3 Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 – 2026
3.2.1. Number of pets, by region, 2019
188.8.131.52 North America
184.108.40.206 Asia Pacific
220.127.116.11 Latin America
3.3 Industry ecosystem analysis
3.3.1. Distribution channel analysis
3.3.2. Vendor matrix
3.4 Technology & innovation landscape
3.4.1. Impact of IoT
3.4.2. Artificial Intelligence (AI)
3.4.3. Facial recognition
3.5 Regulatory landscape
18.104.22.168 U.S. Federal Trade Commission
22.214.171.124 Geolocation Privacy and Surveillance Act (GPS Act)
126.96.36.199 Affordable Care Act (ACA)
188.8.131.52 Veterinary Practice Act
184.108.40.206 National Animal Identification System, (NAIS)
220.127.116.11 EU Regulation 579/2013
18.104.22.168 Regulation (EC) No 1760/2000
22.214.171.124 Council Directive 92/102/EEC (EEC 1992)
126.96.36.199 The Italian Legislation
188.8.131.52 China Food and Drug Administration (CFDA)
184.108.40.206 Australian National Livestock Identification System (NLIS)
220.127.116.11 National Animal Identification System, (NAIS)
18.104.22.168 ISO and the Australian/New Zealand standards
3.6 Price trend analysis, 2016 – 2026
3.6.1. By product
3.6.2. By region
3.7 Industry impact forces
3.7.1. Growth drivers
22.214.171.124 Rising consciousness regarding medical diagnosis of pets in North America and Europe
126.96.36.199 Rise in number of pet tech start-up companies in Europe
188.8.131.52 Need for obligatory RFID tagging for farm animals in Australia
184.108.40.206 Rising disposable income in Asia Pacific countries
220.127.116.11 Urbanization and rise in popularity of pets in Latin America
3.7.2. Industry pitfalls & challenges
18.104.22.168 Power consumption and short battery life of devices
22.214.171.124 Lack of public awareness
3.8 Growth potential analysis
3.9 Porter’s analysis
3.9.1. Supplier power
3.9.2. Buyer power
3.9.3. Threat of new entrants
3.9.4. Threat of substitutes
3.9.5. Internal rivalry
3.10 Competitive landscape, 2019
3.10.1 Strategic dashboard
3.11 PESTEL analysis
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