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SAN FRANCISCO, CA--(Marketwired - Feb 16, 2016) - The global pet wearable market is expected to reach USD 2.36 billion by 2022, according to a new report by Grand View Research, Inc. Growing pet ownership coupled with increasing per capita expenditure on pets is expected to drive product demand over the forecast period. Over the next seven years, linkage of pet wearable with IoT & other mobile devices along with increasing dominance of certain vendors would challenge industry penetration of new entrants.
Increasing awareness towards pet health & fitness is expected to offer significant opportunities for the development of advanced wearable products. The industry is characterized by extensive R&D investment in order to obtain competitive advantage which is also expected to result in frequent acquisitions and strategic alliances.
Browse full research report with TOC on "Pet Wearable Market Analysis by Product (Systems, Tags), and Segment Forecasts To 2022" at: http://www.grandviewresearch.com/industry-analysis/pet-wearable-market
Smartphones, combined with new applications and products, are allowing owners to remotely monitor, water, feed and release treats for their pets. Some technologies unlock home doors and relock them remotely, thus allowing pet sitters and dog walkers access to pets when the owners are away. The nature of the industry, where many owners have multiple pets is expected to accentuate growth across the globe. It is estimated that by 2017, pet owners will spend more on wearable devices than on food and by 2020, rising the spending on pets by an additional 50%.
However, high power consumption and procurement costs in developing countries may hinder growth over the forecast period. High cost per line for both fixed and wireless technologies would make it difficult to provide services at an affordable price across major emerging regions. Lack of infrastructure and high cost of network installation and maintenance in developing countries are expected to further result in ineffective framework.
Further key findings from the report suggest:
Grand View Research has segmented the pet wearable market on the basis of technology, application and region:
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.