A new report suggests that the pet wearables market may reach $2.36 billion by 2022. The report, produced by Grand View Research, suggests increases in pet ownership and pet spending will drive sales of pet wearables over the next eight years.
According to Marketers Media, increasing awareness towards pet health and fitness is expected to offer significant opportunities for the development of advanced wearable products. The industry is characterized by extensive R&D investment in order to obtain competitive advantage, which is also expected to result in frequent acquisitions and strategic alliances.
Smartphones, combined with new applications and products, are allowing owners to remotely monitor, water, feed and release treats for their pets. Some technologies unlock home doors and relock them remotely, thus allowing pet sitters and dog walkers access to pets when the owners are away. The nature of the industry, where many owners have multiple pets, is expected to accentuate growth across the globe. It is estimated that by 2017, pet owners will spend more on wearable devices than on food and by 2020, that spending on pets will rise by an additional 50%.
However, high power consumption and procurement costs in developing countries may hinder growth over the forecast period. High cost per line for both fixed and wireless technologies would make it difficult to provide services at an affordable price across major emerging regions. Lack of infrastructure and high cost of network installation and maintenance in developing countries are expected to further result in ineffective framework.