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The smart tracker market is estimated to grow at a CAGR of 8.68% between 2022 and 2027. The size of the market is forecast to increase by USD 461.63 million. The growth of the market depends on several factors, including the low prices that will drive the adoption of smart trackers, the rising pet population, and the growing markets in emerging countries.
This report extensively covers market segmentation by application (consumer products, pets, and luggage), technology (bluetooth, cellular technology, and GPS), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Technavio categorizes the global smart tracker market as a part of the global consumer electronics market, within the global household durables market. The parent, global consumer electronics market, covers products and companies engaged in the manufacturing/marketing of consumer robotics, home audio and video products, televisions, digital cameras, and related products. The market excludes mobile phones, PCs, and peripherals which have been classified under the Technology hardware, storage, and peripherals market. The market also excludes video games, gaming consoles, and gaming peripherals that have been classified under the Interactive home entertainment market. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
Low prices will drive the adoption of smart trackers notably driving the smart tracker market growth, although factors such as poor battery backup and limited functionality may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Smart Tracker Market Driver
The low prices will drive the adoption of smart trackers, thereby driving the global smart tracker market growth. Smart trackers are tiny gadgets that are attached to or placed inside important items like clothing or shoes or valuables. The simplicity of the design and the small size of these devices reduce the manufacturing cost of the product significantly. This allows device manufacturers to price their offerings at a reasonable rate.
The relatively inexpensive nature of smart trackers and the ease with which they can find small but valuable items that often get misplaced make this a much-needed gadget with significant potential. The easy functionality of the device will ensure rapid adoption once the product is marketed properly. However, this does not apply to some of the pet trackers that work on cellular network technology, as these are much more expensive than the normal smart trackers that work on Bluetooth technology. Such factors will increase the market growth during the forecast period.
Key Smart Tracker Market Trend
Rugged smart trackers will fuel the global smart tracker market growth. The smart tracker is a device that can be carried around by the owner most of the time. This creates the need for a durable device that can withstand wear and tear that can take place during daily use. As these devices are designed to be used with almost everything, they must be built to be a lot tougher and stronger than typical consumer-grade electronics.
Manufacturers are now focusing on making their offerings more durable and rugged. For instance, Tile's latest offering, the Pro Series, has improved waterproofing features and is certified with an IP68 rating. This improves the durability of the device significantly if it falls into the water. Technavio believes that such durability features will match customer requirements, driving the adoption of smart trackers worldwide, which, in turn, will foster the growth of the market during the forecast period.
Key Smart Tracker Market Challenge
Poor battery backup and limited functionality are major challenges to the global smart tracker market growth. The biggest issue with smart trackers is the poor battery life of the devices and the limited functionality that they offer. The features offered by a device influence the buying decision for almost any product in the market. Most tracking devices still offer just Bluetooth connectivity to track products, making the device not so attractive for many end-users.
Even though it is handy to have a Bluetooth button, manufacturers are marketing the device's ability to control presentation slides as a major feature; this only goes on to show its limited functionality. This is because this feature of smart trackers is nowhere close to the power of the best wireless presenters available in the market. This feature also consumes a significant amount of battery charge, further depleting the already poor battery life. This is a major challenge for manufacturers of smart trackers, which they must overcome to add more value to the product as it already suffers from a scarcity of features. Such challenges might hinder the growth of the market during the forecast period.
Key Smart Tracker Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Smart Tracker Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
aderoinc.com - The company offers smart trackers such as Adero 360. Also, through this segment, the company offers trackers for health, relationship integrity, and family balance.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the consumer products segment will be significant during the forecast period. The development of Bluetooth, cellular technology, and GPS-connected lost item finders has proved to be highly beneficial to people, making their search for items, such as accessories and valuables, significantly easier. Consumer items such as key rings, wallets, umbrellas, noteholders, cardholders, cameras, small electronic gadgets, and other small household items get easily misplaced. This product is ideal for locating such items even if they are tucked under a pile of clothes or are lying in a drawer somewhere. Smart trackers could be very useful for disorderly people, helping them save considerable time in locating items that cannot be found. Moreover, as the number of accessories per individual increases, these devices will become even more useful.
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The consumer products segment shows a gradual increase in the market share of USD 310.54 million in 2017 and continue to grow by 2021. These trackers can also be used to track children by setting up a perimeter, thereby keeping parents or caretakers aware of the child's movements. The tracker is usually embedded inside the child's clothing. With the smart tracker lacking market awareness currently, people still have not discovered its true potential. Such factors will increase the market growth during the forecast period.
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North America is projected to contribute 36% of market growth by 2023. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The demand for smart trackers in North America largely stems from the US. The US, being an early adopter of new inventions and technologies, is currently the prime market for these devices. Manufacturers have also made their devices available in retail stores across the US. Leading retail brands such as Apple Store, Amazon, AT&T, Best Buy, Sprint, T-Mobile, Target, and Verizon offer these devices as manufacturers look to target customer segments by increasing visibility and awareness.
This report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. COVID-19 led to an upsurge in the demand for North America. However, the initiation of large-scale vaccination drives in 2021 led to a decline in the number of COVID-19 cases. This has resulted in the resumption of supply chain activities and operations of offline distribution channels, which has increased the demand for smart trackers in the region. Such factors are expected to drive the growth of the regional smart tracker market during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by application, technology, and region.
Smart Tracker Market Scope |
|
Report Coverage |
Details |
Page number |
159 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.68% |
Market growth 2023-2027 |
USD 461.63 million |
Market structure |
Fragmented |
YoY growth (%) |
8.22 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 36% |
Key countries |
US, Japan, China, Germany, and UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Adero Inc., Beijing Zizai Technology Co. Ltd., Chipolo doo, Elios Inc., Findster Technologies SA, Innova Technology LLC, Kaltio Technologies Oy, Lugloc Inc., Mars Inc., PB Inc., Pitpatpet Ltd., Qorvo Inc., Samsung Electronics Co. Ltd., Smart Tracking Technologies LLC, Tago LLC, Tile Inc., Traxbean Technology Ltd. Co., Wistiki SAS, and XY The Persistent Co. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Technology
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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