In a recent published report, Kenneth Research has updated the market report for Pet Wearable Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Pet Wearable Market products.
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Kenneth Research, in its repository of market research reports, have recently added a report on Pet Wearable Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2021 2030. The Pet Wearable Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide.
According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.
Moreover, backed by the increasing demand for high-speed internet amongst the individuals, organizations operating in the field of telecom are increasingly working on deploying 5G network technology, as this technology provides internet access at very high speeds. By 2025, it is estimated that as many as 1.2 billion of total internet connections will account to 5G. Further, one-third of the world is projected to be covered with 5G connectivity by the end of 2030.
The Pet Wearable Market is estimated to record a significant growth throughout the forecast period. The ICT sector constitutes 4.8% of the European economy. Europe’s organization ERDF i.e. European Regional Development Fund has allotted approximately USD 23 billion for investments related to ICT during the funding period 2014-2020. ICT refers to the communication technologies including the internet, wireless networks, social networking, cell phones, video-conferencing, computers, software, and other media applications and services enabling users to access, retrieve, and manipulate information in a digital form.
The worldwide Pet Wearable market is anticipated to reach USD 4,172 million by 2026 according to a new research published by Polaris Market Research. In 2017, the identification and tracking segment dominated the global market, in terms of revenue. In 2017, North America accounted for the majority share in the global pet wearable market.
The increasing adoption of pets, along with growing awareness regarding pet care and safety majorly drives the market growth. Consumers are increasingly becoming aware of safety concerns regarding pets, which support market growth. The increasing penetration of mobile devices, and increasing disposable income encourage consumers to invest in pet wearable.
Other factors driving market growth include increasing need of monitoring pets, growing adoption of IOT, and technological advancements. New emerging markets, emerging consumer demographics, and sale through online channels would provide growth opportunities for pet wearable market in the coming years.Sale of products through online channels has gained significant popularity over the years.
The trend of online shopping is gaining traction in developing economies, thereby encouraging established market players to distribute their products globally. Emerging and new players are also using online platforms for promotion and sale of products. Online distribution channels offer a global platform to market players for expansion of customer base, while reducing operation cost.
North America is expected to dominate the global market during the forecast period. This is due to high living standards and high disposable income. Presence of global players in these countries taps market potential and boosts the market growth. Increasing use of mobile devices and increasing sale of GPS-enabled products further augments market growth. Growing concerns regarding pet safety, and technological advancements further boost the market growth.
The various types of pet wearable products include smart collar, smart camera, smart harness, and others. Smart cameras dominated the global market in 2017 owing to increase need to monitor pets. These cameras monitor the pet activities while also offering features such as audio and toys. Growing awareness regarding smart wearable technology coupled with increasing development of customized mobile applications and software platforms is projected to fuel the demand for smart cameras.
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The well-known companies profiled in the report include DogTelligent, Garmin Ltd., GoPro, Dairymaster, Fitbark, IceRobotics, Loc8tor, PetPace LLC, Whistle Labs LLC, Otto Petcare, DeLaval, i4C Innovations. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
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