Pet Wearable Market to grow by USD 2.17 billion from 2022 to 2027 | Market is driven by growing pet industry - Technavio
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
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).
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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.
The pet food market size is estimated to grow at a CAGR of 5.71% between 2022 and 2027. The market size is forecast to increase by USD 35.75 billion.
The Global Animal Health Diagnostics Market size 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.
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Product
Market Segmentation by Application
Drivers, Challenges, & Trends
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