Pune, Sept. 11, 2024 (GLOBE NEWSWIRE) -- The SNS Insider report indicates that, “The Smart Tracker Market size was valued at USD 0.69 billion in 2023 and is expected to grow to USD 2.02 billion by 2032 and grow at a CAGR of 12.71% over the forecast period of 2024-2032.”
The Smart Tracker market is expanding due to the incorporation of IoT technology and compliance with regulatory norms.
The rise in Smart tracker market is due to the growing popularity of IoT technologies enabling seamless device connectivity. GPS, Bluetooth, and Wi-Fi trackers are increasingly being used to monitor personal items, pets, vehicles, and people, offering real-time updates. In the consumer electronics sector, they provide protection for items like key chains and luggage, while in the automotive and logistics industries, they enhance fleet management and safeguard assets. Regulatory actions, such as the FMCSA's removal of non-compliant ELDs, highlight the significance of compliant smart trackers in promoting market growth.
Increasing environmental regulations are driving higher demand for smart trackers.
Increased environmental regulations and a greater emphasis on reducing greenhouse gas emissions are having a significant impact on the smart tracker market. The SEC's proposed regulation in March 2022 requires public companies to reveal their Scope 1, 2, and 3 emissions, influencing both operations and supply chains. This has caused 70% of business executives to increase their compliance initiatives. Monitoring Scope 3 emissions presents difficulties, highlighting the necessity of advanced smart trackers equipped with IoT and sensors to streamline both real-time data collection and compliance with regulations. It is anticipated that this increasing demand will fuel the growth of the market.
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Key Players
- Apple, Inc.
- Fitbit, Inc.
- Garmin Ltd.
- Ambiotex GmbH
- Samsung Electronics Co. Ltd.
- Fossil Group, Inc.
- Huawei Technologies Co. Ltd.
- Tile Inc.
- Chipolo DOO
- Innova Technology LLC (Protag)
- Kaltiol Technologies
Smart Tracker Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 0.69 Billion |
| Market Size by 2032 | USD 2.02 Billion |
| CAGR | CAGR of 12.71% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Type (Bluetooth Trackers, GPS Trackers, RFID Trackers, Wi-Fi Trackers, Wearable Trackers, Others) • By Technology (Cellular, Bluetooth, GPS, UWB) • By Application (Consumer Products, Pets, Luggage, Others) |
| Key Drivers | • The Smart Tracker Market is growing due to the popularity of wearable technology and fitness. • Adherence to Privacy Laws Fueling Growth of Smart Tracker Market. |
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In 2023, Market Leadership is driven by Bluetooth Technology and Bluetooth Trackers
Based on Type, in 2023, Bluetooth trackers were the top players in the Smart Tracker Market, accounting for 32% of revenue due to their dependable and affordable technology. These trackers use low-energy Bluetooth signals and are perfect for finding personal items such as keys and wallets, providing effortless connection with smartphones. Tile and Apple, key players in the industry, have greatly enhanced this sector. Tile has introduced innovative products like the Tile Pro and Tile Slim, which have an extended range and are compatible with smart home systems. Apple's AirTag uses the Find My network to improve tracking capabilities. Ongoing developments in miniaturization, battery longevity, and security enhancements, such as upgraded encryption, are propelling the expansion and popularity of Bluetooth trackers.
Bluetooth technology dominated the smart tracker market in 2023, capturing a 34% market share by providing dependable and energy-saving tracking capabilities. Tile and Apple's advancements, like longer-range options and compatibility with smart systems, boost their popularity and their market dominance is strengthened by continuous improvements in miniaturization and connectivity.
North America is leading the smart tracker market among regional leaders, while Asia Pacific is the second fastest region in the market in 2023.
In 2023, North America held the highest market share of 34% in the smart tracker industry, largely attributed to its strong tech infrastructure and widespread consumer use. The growth has been primarily fueled by the United States' advanced consumer electronics sector and tech-savvy population. Tile and Apple's AirTag have strengthened their market presence by incorporating innovative technologies like ultra-wideband in the Tile Ultra and leveraging the Find My network in AirTag. Fitbit's newest smart trackers, which feature improved health monitoring and longer battery life, also help maintain the region's position of prominence. Government backing and an increase in consumer knowledge continue to strengthen North America's leadership in the adoption of smart trackers.
In 2023, Asia Pacific secured a strong 28% share in the smart tracker market, driven by tech adoption and urban growth. China’s Xiaomi and Huawei, and Japan’s Sony, have led innovation with advanced fitness trackers and smart devices, reflecting rising incomes and health awareness in the region.
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Recent Development
- August 2023: Garmin launched the Venu 3 and Venu 3S GPS smartwatches, featuring AMOLED touchscreens, extended battery life, and new functionalities for wheelchair users, including monitoring pushes and specific exercises.
- May 2023: Apple and Google introduced a new industry standard to prevent unwanted tracking. Apple’s AirTag, part of the Find My network, offers advanced features to ensure users can safely track their belongings and prevent misuse.
Key Takeaways
- Provides essential trends, competitor analysis, and technological advancements to steer strategic choices and pinpoint opportunities for growth.
- Examines primary competitors and their advancements, aiding in the enhancement of competitive tactics.
- Aids in grasping and adjusting to regulatory changes, ensuring adherence and capitalizing on trends for business expansion.
Table of Contents – Major Key Points
1. Introduction
1.1 Market Definition
1.2 Scope (Inclusion and Exclusions)
1.3 Research Assumptions
2. Executive Summary
2.1 Market Overview
2.2 Regional Synopsis
2.3 Competitive Summary
3. Research Methodology
3.1 Top-Down Approach
3.2 Bottom-up Approach
3.3. Data Validation
3.4 Primary Interviews
4. Market Dynamics Impact Analysis
4.1 Market Driving Factors Analysis
4.1.1 Drivers
4.1.2 Restraints
4.1.3 Opportunities
4.1.4 Challenges
4.2 PESTLE Analysis
4.3 Porter’s Five Forces Model
5. Statistical Insights and Trends Reporting
5.1 Key Vendors and Feature Analysis, 2023
5.2 Performance Benchmarks, 2023
5.3 Integration Capabilities, by Software
5.4 Usage Statistics, 2023
6. Competitive Landscape
6.1 List of Major Companies, By Region
6.2 Market Share Analysis, By Region
6.3 Product Benchmarking
6.3.1 Product specifications and features
6.3.2 Pricing
6.4 Strategic Initiatives
6.4.1 Marketing and promotional activities
6.4.2 Distribution and supply chain strategies
6.4.3 Expansion plans and new product launches
6.4.4 Strategic partnerships and collaborations
6.5 Technological Advancements
6.6 Market Positioning and Branding
7. Smart Tracker Market Segmentation, by Type
7.1 Chapter Overview
7.2 Bluetooth Trackers
7.3 GPS Trackers
7.4 RFID Trackers
7.5 Wi-Fi Trackers
7.6 Wearable Trackers
7.7 Others
8. Smart Tracker Market Segmentation, by Technology
8.1 Chapter Overview
8.2 Cellular
8.3 Bluetooth
8.4 GPS
8.5 UWB
9. Smart Tracker Market Segmentation, by Application
9.1 Chapter Overview
9.2 Consumer Products
9.3 Pets
9.4 Luggage
9.5 Others
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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