According to a new report, published by KBV research, The Global Pet Wearable Market size is expected to reach $4.9 billion by 2028, rising at a market growth of 13.9% CAGR during the forecast period.
The Identification & Tracking segment acquired maximum revenue share the Global Pet Wearable Market by Application in 2021 thereby, achieving a market value of $2.2 billion by 2028. The segment's growth is being driven by essential characteristics, such as accessibility to location history as well as weight and dimensions. These gadgets provide a safe and convenient means to pet owners in order to monitor their pets' activities.
The GPS segment is showcasing a CAGR of 14.3% during (2022 - 2028). In 2021, the GPS segment recorded a significant revenue share of the pet wearable market. GPS-based pet wearable gadgets are becoming more popular as people want to keep track of their pets' activities while also assuring their safety. Demand is expected to be fueled by an increase in real-time positioning, smartphone adoption, and mapping portal growth around the world.
The North America market is generating highest revenue share the Global Pet Wearable Market by Region in 2021 and would continue to be a dominant market till 2028; thereby, achieving a market value of $1.7 billion by 2028. The Europe market is poised to grow at a CAGR of 13.5% during (2022 - 2028). Additionally, The Asia Pacific market would showcase a CAGR of 14.7% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/pet-wearable-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Allflex Group (MSD Animal Health), Garmin Ltd., Avid Identification Systems Inc., Datamars SA, FitBark, Inc., Radio Systems Corporation, Trovan, Ltd., PetPace LLC, Mars, Inc., and Tractive.
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