The increasing disposable income amongst the global population, as well as the increasing number of domesticated pets around the world are two of the most salient driving forces, shaping the landscape of the global pet wearable market. Another major driver accelerating the development of the global pet wearable market is the rising demand from consumers to track behavior as well as activity of their pets in order to protect them from serious health problems and illnesses. While the COVID-19 pandemic adversely impacted the global pet wearable market owing to the shutting down of physical retail spaces and distribution networks, the emergence of online retail companies and the growing number of start-up players, participating in the industry are fuelling the sales within the global pet wearable market.
Some other notable and significant drivers and boosters for the growth in the global pet wearable market include the rising awareness pertaining to the physical as well as mental fitness amongst pets, the increase in the adoption of rescue animals by millennial population around the world, particularly in Asia Pacific, and the increased demand for remote tracking as well as monitoring of pets in regions such as Europe as well as North America. However, high power consumption as well as short battery life of the existing range of devices may restrict the growth in the global pet wearable market. Additionally, the lack of public awareness pertaining to the availability of these devices may also hamper the growth within the global pet wearable market. On the other hand, the increasing trend of urbanization as well as the increasing popularity of pets in Latin and North America regions is bound to create multiple revenue streams in the global pet wearable market in near future.
The landscape of the global pet wearable market houses various significant regional as well as international participants. Some of the leading manufacturers, developers, and players functional within the global pet wearable market include DeLaval, Inc., Ridogulous Labs, Fitbark, High Tech Pet Products, Whistle Labs, Inc., Nedap, Motorola Mobility LLC, Dropcam, Pet Vu, i4c Innovations, PetPace, Garmin Ltd., Invisible Fence, Loc8tor, IceRobotics, and Otto Petcare, among others.
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