According to a new research report, rising per capita income is one factor that is driving strong growth in the pet wearable market.
Consumers who wish to improve the quality of life for their dogs by providing them with technology comparable to what they are using themselves are driving a spike in sales of similar products. This covers anything from webcams, activity monitors, GPS trackers, pet emotion sensors, to translators between pets and their human companions.
According to a report that was recently released by Fact.MR, the global market for pet wearables is expected to reach more than $3.4 billion by the year 2022. This equates to a compound annual growth rate of 4.3 percent between 2017 and 2022.In addition to rising levels of discretionary income, which are driving up the number of pet owners all over the world, new recommendations from animal welfare organizations are helping to promote awareness of the most effective ways to care for pets.
It is anticipated that there will be an increase in demand for pet wearables from pet owners as well as owners of farm animals. On the other hand, the expansion is being hampered by the slow acceptance of such gadgets in developing nations along with the malfunctioning of a variety of pet wearable items.It is anticipated that the market in North America will continue to hold a leading position during the duration of the evaluation period. This is primarily the result of owners’ having a great amount of discretionary spending and a willingness to provide their dogs with the finest possible care.
According to the statistics, the dog is the most common pet in the United States; more than 50 million households currently own one. On the other hand, the majority of dogs in the United States do not get sufficient exercise; more than forty percent of them are overweight, and twenty-five percent are obese. Technology has made it possible for those who own pets to obtain a more accurate picture of the animal’s health as a whole.In particular, the market for GPS trackers is anticipated to continue to present significant opportunities for financial gain in the years to come. Approximately one third of the total market for pet wearables is presently occupied by products of this kind. One of the advantages of employing smart collars is increased security. At the moment, one in every three people will, at some point in their lives, misplace their pet. If you use one of these tools, you can make sure that your pet is not infected with one of these diseases.