Pet Wearable Market to grow at 20% CAGR from 2017 to 2024

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Pet Wearable Market to grow at 20 CAGR from 2017
to 2024 Global Market Insights Inc.
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Key Insights from Pet Wearable Market

• The Pet Wearable Market trends are analyzed from
  recent past with an eye on coming years in this
  report that also offers projections for Pet
  Wearable industry targeted at helping in business
  decisions.
• Pet Wearable Market size is set to exceed USD 8
  billion by 2024 according to a new research
  report by Global Market Insights, Inc. The global
  shipments are forecast to grow at over 25 CAGR
  from 2017 to 2024.
• The increasing disposable income and growing
  adoption of pets in several households is
  expected to drive the pet wearable market over
  the forecast timeframe. According to American Pet
  Products Association (APPA), over 65 of American
  households own a pet. The owners are increasing
  their spending on smart products that can be
  controlled remotely and monitor their pets
  health and fitness. Moreover, safety is primary
  for the owners while buying product such as
  collars, harness and vest for their pets. This is
  encouraging players to manufacture products that
  are safer for both owners and pets driving the
  high adoption rate. It is estimated that by 2024,
  owners will increase their spending on pets by
  55 in countries such as the U.S., Canada, UK,
  Germany and Australia.

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Continued...

• Increasing awareness towards pet fitness health
  is expected to offer significant prospects for
  the development of innovative products for the
  pet wearable market. As owners look to pamper
  their pets, they will invest more in high-quality
  activity monitoring products. Demand for GPS
  based products has witnessed considerable rise
  over the years due to the increase in penetration
  of mapping applications smartphones coupled
  with the growing need for tracking and real-time
  positioning of pets across the globe. In
  addition, service providers have developed
  strategic agreements with application developers,
  smartphone manufacturers, and stores to increase
  the usage of GPS in innovative applications which
  is anticipated to escalate pet wearable market
  size.
• Smart cameras accounted for more than 25 of the
  overall pet wearable market share in 2016. The
  cameras monitor the pets outdoor activity and
  are help owners to keep track of their pets when
  they are away. Owners buying the smart cameras
  are valuing the interactivity of the products
  which are enabled by its laser toy and two-way
  audio features.

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Continued...

• Medical diagnostic tagging accounted for more
  than 30 of the pet wearable market share in
  2016. Medical treatments which use electrics and
  electronics is steadily being adopted to monitor
  cooling, heating, and drug delivery in animals.
  The animals which are most likely to employ
  wearable devices in high volume are controlled by
  humans include dairy cows, horses, cats and dogs
  which is anticipated to increase the global
  volume sales.
• Asia Pacific pet wearable market is anticipated
  to witness considerable growth owing to cheap
  labor and presence of manufacturing plants in
  countries such as China, and Taiwan. There are
  currently about 300 manufacturers in the pet
  wearable market in the world, with a high
  percentage of them based in China, making very
  basic devices at the lowest price. Increased
  adoption and sales of GPS-based products in the
  region will encourage the industry demand.
• The players operating in the pet wearable market
  include Dairymaster, DeLaval, Inc., Whistle Labs
  Inc., Nedap N.V., Scollar, Pet Vu Inc., and
  Fitbark, etc. The industry is extremely
  competitive which will lead to consolidation in
  the next seven years.

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U.S. Pet Wearable Market Size, By Product, 2016
2024 (Mn)

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360 Analysis

• By Technology
• The RFID technology dominated the pet wearable
  market in 2016. The rising trend of adopting RFID
  tags for pet and livestock tracking is a key
  factor which is driving the RFID demand. These
  devices are designed for low and ultra-high
  frequencies. The vital applications for RFID are
  in animal tracking, and recording constant
  readings of daily activities.
• By Application
• Identification tracking applications accounted
  for more than 40 of the overall pet wearable
  market share in 2016. The demand for wearables in
  this application has mainly been coming from pets
  and dairy animals. RFID devices are aiding in
  safeguarding and managing pets and livestock,
  while certifying reliable RFID tracking
  performance and animal identification.
  Developments in smart devices featuring instant
  tracking through mapping applications is also
  projected to play a key role in the rising
  industry penetration.
• Competitive Market Share
• The industry players include Tagg, Dropcam
  (Nest), Whistle Labs Inc., i4c Innovations,
  FitBark, Garmin, High Tech Pet Products,
  Invisible Fence, Ridogulous Labs, Motorola,
  Dairymaster, DeLaval, Inc., Otto Petcare,
  PetPace, Silent Herdsman Limited, Nedap, Loc8tor,
  Pet Vu Inc., and IceRobotics, etc.

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