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.
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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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Crucial insights in the Pet Wearables Market research:
- Underlying macro- and microeconomic factors impacting the growth of the Pet Wearables Market Basic overview of the Pet Wearables Market including market definition, classification, and applications.
- Scrutinization of each Pet Wearables Market player based on mergers & acquisitions, R&D projects, and product launches.
- Adoption trend of Pet Wearables Market across various industries.
- Important regions and countries offering lucrative opportunities to Pet Wearables Market stakeholders.
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