14 Aug 2018 Pet Wearables Market Continues to Grow
Technology is increasing its presence in our everyday lives, including everything from our phones to our homes. It’s no wonder that the effects we’re seeing technology have on the pet tech industry are growing rapidly. A new Fact.MR research study projects that pet activity monitors are set to expand at a meteoric pace through 2028. Along with pet activity monitors, pet GPS trackers are one of the most used pet wearable products on the market today. The study also shows that the pet wearables market is likely to exhibit a strong 7.6 percent value CAGR throughout the period of assessment, 2018-2028.
The Rise in Popularity of Pet Tech
Pet tech has seen a tremendous rise in popularity as new technological innovations and pet wearables are becoming more readily available to consumers. Some other things have driven the pet tech trend including a concern for pet health. According to APOP (Association for Pet Obesity Prevention), the rate of obesity among pets has increased in the past few years. In the United States alone, 54 percent of dogs and 59 percent of cats were overweight in 2017. Pet wearables such as activity monitors have played a huge role in facilitating preventive health maintenance, making it easier for pet owners to keep their pet’s health in check.
Increased Household Spending on Pet Products
The rise of the pet tech trend has coincided with a major increase in householding spending on pet related products, specifically pet health and monitoring technology. According to the analysis revealed by the American Pet Products Association, in 2017 more than $69 billion was spent on pets in the United States alone of which pet tech products accounted for around 6.7 percent. This aspect is also influenced by a high purchasing power parity of the United States citizens, making the U.S. the largest market for pet wearables.
The pet tech and wearables trend is not going anywhere any time soon. As pet owners continue to realize the convenience, health benefits, and increased safety that pet wearables bring to them and their furry friends, the market will continue to grow. To learn more about GoFind Inc pet tech product and how you can keep your pet safe with wearable technology, visit our website here.