Dublin, Iraland -- (SBWIRE) -- 08/23/2017 -- Higher spending in pet care products and noteworthy changes in modern lifestyle is expected to influence the sales of pet wearables in the near future. Moreover, rising per capita income is leading to more number of pet adoption. This, in turn, is making a positive impact on the global pet wearables market. Owners particularly in developed countries are raising their budgets on pet care to prevent their pets from viral disease or various health related discomforts. In addition, latest animal care guidelines released by animal care NGOs and institutes are helping owners to get more aware regarding best practices of pet care and management. Demand for pet wearables is also gaining traction owing growing awareness about such devices household pet owners as well as owners of farm animals. Pet wearables can play an important role in keeping track of animal's health and wellbeing. On the other hand, slow adoption of pet wearables in emerging countries coupled with malfunctioning of various pet wearable products is impeding the value global of the market. As per Fact.MR's latest report, the global market for pet wearables will exceed US$ 3,400 Mn in valuation over 2022.

Key Excerpts From the Report Include:

Based on products, demand for GPS trackers for pets is projected to remain relatively higher as compared to other pet wearable products. Global sales of GPS trackers for pets currently commands for close to 33% market share in terms of revenue. Owners are fitting GPS trackers in collars of their pets to track their position 24X7. Towards the end of 2022, more than US$ 1,100 Mn GPS trackers are estimated to be sold worldwide.

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Among regions, North America is expected to remain the most lucrative market for pet wearables during the forecast period. This is largely due to high demand for pet wearables such as GPS trackers for pets and pet cameras in the region. Between 2017 and 2022, the market in the region is expected to surge at a steady CAGR of 4.3%.

On the basis of distribution channel, the E Commerce segment is expected to retain its top position over 2022. The segment currently represents nearly one-third share of the global market in terms of revenue. By the end of forecast, this segment is expected to reach a valuation is excess of US$ 1,200 Mn.

By application, the medical diagnosis & treatment segment is projected to highly attractive in 2017 and beyond. In terms of revenue, the segment currently commands for around 33% revenue share of the global market. In addition, the segment is anticipated to surpass a market valuation of US$ 1,180 Mn by 2022-end, reflecting an above average CAGR.

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Competition Tracking

Some of the leading companies operating the global market for pet wearables include Loc8tor Ltd, Tractive GmbH, Whistle Labs LLC, Gibi Technologies Inc, Motorola, Ridogulous Labs Inc., FitBark, Inc., PetPace LLC, Garmin International, Inc., GoPro, Inc., and IceRobotics. Majority of these players are concentrating on developing advanced products in order to lure more buyers.