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The expansion of the pet wearables market is propelled and supported by constant advances in internet of things (IoT) market and GPS technologies. The growing adoption of pet wearables for collecting data analytics related to the health of pets is fueled by the rising awareness about the fitness and nutrition of their pets among owners. The advent of cloud-based analytics has bolstered the application of pet wearables in medical diagnostics. The rising demand for user-friendly and reliable maps in smartphones for location tracking is also boosting the pet wearables market. Advances in real-time tracking pets, especially among canine owners, is opening large, lucrative avenues in the pet wearables market.
Underpinned by these adoption trends and technology advances, the pet wearables market is projected to expand at a CAGR of 7.6% from 2018 to 2028.
The rapid pace of digitization and automation, coupled with the rise in connected technologies, has led to the rapid emergence of e-commerce platforms in the pet wearable market. However, modern retailing has also started to gain pace in the pet wearables market. The widespread awareness of the availability of e-commerce platforms at convenient price points is fueling the adoption of these distribution channels by manufacturers in the pet wearables market.
The rising health concern of the growing incidence of obesity in cats and dogs is a key factor bolstering the demand for pet wearables. Over the past few years, the pet wearables market has been gaining substantial growth momentum from the promising prospects in the health monitoring of domesticated animals. The emergence of new business models may pave way for new, exciting avenues in the pet wearables market.
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The study takes a closer look at the current outlook and promising prospects of various product types in the pet wearables market, notably including pet cameras, activity monitors, GPS trackers, pre-emotion sensors, and pet-to-human translators. It evaluates the prospects of various distribution channels in the pet wearable market, notably including modern trade, franchised stores, e-commerce and specialty stores.
The pet wearables market consists of a wide array of products and technologies that are used for a range of applications, notably for medical diagnostics and treatment, behavior monitoring and control, safety and security, and identification and tracking. Advancements being made in various technology components, especially in RFID, is paving way for innovations in the pet wearables market. A growing number of manufacturers of pet wearables are focusing to meet the buyers’ demand by developing better location trackers and monitoring technologies that are more precise in function.
Additional Questions Answered
The report on the pet wearables market sheds light on key facets of its outlook and its several regional evolution trajectories. Some of the pertinent questions being answered in the report are:
- What is the magnitude of the consumer spending in the pet wearables market and what are the factors that will be at the fore of such trends?
- How far gravitating toward e-commerce channels affect the sales of pet wearables?
- What trends will spur the demand for pet wearables for medical diagnosis?
- What technology advancements will gain traction in the pet wearables market for application for health monitoring?
- Will the rapid rise in demand for pet wearables Asia Pacific offer the shares of the North America market during the assessment period?
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