In the era of automation, advancements in wearable technology are no big deal as pet wearables go GPS-driven. New age technological advancements, coupled with proliferation of the Internet of Things (IoT), have translated into rise in adoption of various smart pet tech products including pet activity monitors and GPS trackers. A new Fact.MR research study projects activity monitors to expand at a meteoric pace through 2028, however, this statistic lacks in offsetting the supremacy of GPS trackers as the most used pet wearable. The study foretells that the pet wearables market is likely to exhibit a strong 7.6% value CAGR throughout the period of assessment, 2018-2028.
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With exploding digitization, traditional sales channels are being swept aside by e-commerce currents and this trend has not left any industry untouched, including the pet wearable space. As e-commerce platform raises the heat apropos of modern retailing, the traditional brick-and-mortar pet wearable retailers are going on the defensive front. The report envisages that the sales of various types of pet wearables are likely to surge via e-commerce. That said, pet wearable retailers are slowly gravitating towards the preeminent internet platform.
Medical diagnosis and treatment have gained alarming importance, underpinned by a significant rise in pet health issues. For instance, rising concern regarding obesity among cats and dogs has compelled pet owners to adopt continual pet health monitoring. According to APOP (Association for Pet Obesity Prevention), the rate of obesity among pets has increase in the past few years. In the United States alone, 54 percent of dogs and 59 percent of cats were overweight in 2017.
Obesity being one of the major factors reducing life expectancy by around 3 years, it has become essential to use pet wearables such as activity monitors to facilitate preventive health maintenance. Although medical diagnosis and treatment account for a major share in the pet wearable market, sales of wearables in pet identification and tracking are likely to witness a significant rise, making it a second most attractive sales funnel for manufacturers of pet wearables.
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Segmentation
The study also shares details on factors impacting pricing strategies of manufacturers within the global pet wearables market. Segmentation of the global pet wearables market provided in the report is briefly delineated in the following taxonomy table:
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“The pet wearable sector is likely to permeate the Indian market wherein stakeholders can leverage the immense potential in the country on the back of increasing pet parents across India’s metropolitan cities. Moreover, growing number of expos have furthered the significance of pet care, specifically targeting pet lovers. For example, the India International Pet Trade fair and Petex India, have largely contributed to the pet care cause. Overall, the optimism portrayed by the country is likely to pave new growth pathways in the years to follow” – Research analyst at Fact.MR
Will United States continue with its status quo as a market leader in the pet wearable space or will APEJ turn the tables against this pet wearable behemoth? Find out more in the captivating research study on pet wearables market by Fact.MR.
Read More Trending and Similar Reports from Fact.MR – https://www.globenewswire.com/en/news-release/2019/04/01/1790843/0/en/Preference-for-Built-In-Residential-Electric-Grill-Remains-Strong-Accounting-for-Over-6-in-10-Units-Sold-Fact-MR.html
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