The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Pet Wearables market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Pet Wearables
The report offers actionable and valuable market insights of Pet Wearables. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Pet Wearables Market across various industries and regions.
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Global pet wearables market is anticipated to grow at a CAGR of 7.5% during the forecast period. Rise in demand for pet wearables can be primarily attributed to the increased spending capability of consumers on pets, owing to medical diagnostics and healthcare of pets. Pet insurance companies have been showing high growth in recent years.
This newly published and insightful report sheds light on Market Insights of Pet Wearables, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Pet Wearables Market.
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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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Plethora of product offerings are available in the pet wearables market such as pet cameras, activity monitors, GPS trackers, pet emotion sensors and pet-to-human translators. These applications of pet wearables are similarly varied, which includes medical diagnosis & treatment, behaviour monitoring & control, safety & security and identification & tracking. The usage of pet wearables in medical diagnosis & treatment is expected to be the main factor affecting the growth of the market. Technologies currently used in pet wearables are GPS, RFID and other miscellaneous sensors such as pedometers.
GPS trackers will show the highest growth rate in technologies involved in pet wearables. The pet wearables market is still in the introductory stage of the industrial development life cycle. Key players have been trying to increase their market penetration through multiple distribution channels. The main distribution channels used for pet wearables are E-commerce, modern trade, franchised stores and specialty stores. The introduction of e-commerce has been the driving component for the pet wearables market.
The usage of human technologies for pets such as pedometers and EEG are the new trends followed in the pet wearables market. One of the pioneers in the usage of human related technology for pet wearables is Xiaomi’s pet fitness and location tracker PetBit. The integration of Cloud technology and analytics in pet wearables is currently under testing and development phases.
As per the views of leading veterinarians, advanced analytics will be helpful for better diagnostics of pets. As per reviewed statistics, more people own a smart phone than toothbrushes. This has shown the dependency of consumers on technology. To reach out to this wide demographic, the social media presence of the products and companies involved in the pet wearables will be vital.
The current market of pet wearables is highly fragmented. Multiple new entrants in the pet wearables market are emerging with their distinguished applications. Garmin International, Whistle Labs LLC, Tractive GmbH, Petzila, Gibi Technologies Inc., Petcube, FitBark Inc, DOGTRA, Loc8tor Ltd, Invoxia, Xiaomi, Pawbo Inc., Pitpatpet Ltd, and PetPace are some of the key players discussed in the pet wearables report.
Poor socialisation and lack of training and discipline in dogs are causing increased anti-social and disruptive behaviour leading to abandonment. Some of the previously used pet training collars are entering the pet wearables market. The used technology is more humane to pets than the previous counterparts.
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Fact.MR, in its new report, offers an unbiased Market Analysis of Pet Wearables, Sales and Demand of Pet Wearables, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.
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