Increased Consumer Spending on Pet Care Activities to Augment Global Pet Wearable Market

Published Date : Dec 26, 2016

ALBANY, NY, Dec 26, 2016: A research study, titled “Global Pet Wearable Market 2016-2020” offers a detailed reports of the market, emphasizing on the growth drivers, opportunities, and limitations. In addition, a comprehensive overview of the global pet wearable market has been given in the study, presenting insights into the product segmentation, primary applications, key geographical segments, and the competitive landscape.

According to the research study, the global pet wearable market is expected to register a progressive 16.0% CAGR between 2016 and 2020. The rising consumer expenditure on pet care activities and the rising crowdfunding sources are anticipated to fuel the growth of the global pet wearable market in the forecast period.

On the basis of application, the global pet wearable market has been classified into remote monitoring and tracking. Among these, the tracking segment is projected to lead the global pet wearable market and account for a key share by the end of 2020. Several pet tracking devices that are equipped with smartphone applications help the consumers in finding out what their pet has been doing throughout the day. The demand for advanced tracking devices is expected to rise in the next few years, thanks to the numerous benefits it offers, such as track their activities at frequent intervals and ability to locate them on-demand.

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In terms of technology, the global pet wearable market has been divided into GPS and RFID. In 2015, the RFID segment led the global market with a massive share and is likely to witness a minor decline in the next few years. The growing popularity of RFID tags for pet tracking is one of the main factors expected to encourage the growth of this segment in the next few years. The GPS segment holds substantial growth potential and is likely to grow at a healthy rate in the near future.

As per the research study, the global pet wearable market is highly competitive in nature, owing to the presence of several small-sized players operating in it. Key players in the global market are making efforts to enhance their market penetration and analyze the underlying opportunities prevailing in this global pet wearable market. In addition, the growing focus on innovations and technological advancements are anticipated to contribute widely towards the overall growth of the market.

Some of the leading players operating in the pet wearable market across the globe are PawTrax, Petcube, KYON, PetPace, Tractive, Pettorway, Petrek Australia, Loc8tor, PawsCam, i4C Innovations, Binatone Global, Pitpatpet, Trackimo, Garmin, Whistle Labs, Pod Trackers, FitBark, Wondermento, and Cybortra. To provide a strong understanding of the competitive landscape, the research study offers a detailed overview of the company profiles, contact information, product portfolio, financial overview, business policies, SWOT reports, and recent developments.

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