The global smart tracker market by application (consumer products, pets, and luggage), technology (Bluetooth, cellular technology, and GPS), and geography (APAC, Europe, MEA, North America, and South America) is expected to grow by $467.53 million, at a CAGR of over 9% during 2020-2024.
The rising number of dual-income households and the improving per capita income of consumers, especially in emerging economies are increasing the living standards. Besides, rising awareness about smart devices among consumers is encouraging market vendors to increase their portfolios by introducing new products and expand their reach across geographies. Many such factors are expected to increase revenue in the market during the forecast period.
The market is expected to be driven by factors such as the rapid decline in the ASP of smart trackers and the emergence of rugged smart trackers.
Smart Tracker Market: Opportunities
The availability of the internet and the high adoption of smartphones in emerging economies are increasing the acceptance of new gadgets and technologies among consumers. Also, rapid urbanization in developing countries is creating significant demand for electronic devices and gadgets such as Bluetooth trackers for keys, mobile phones, wallets, and pet trackers. Moreover, the increasing spend on pets in developed regions such as the US and Canada is creating significant demand for smart pet trackers. Many such factors are expected to offer several growth opportunities for market vendors during the forecast period.
Smart Tracker Market: Segmentation by Application
Based on the segmentation by application, the market generated maximum revenue in the consumer products segment in 2019. The segment is driven by the increasing application of smart trackers in consumer products such as key bundles, wallets, umbrellas, noteholders, cardholders, cameras, small electronic gadgets, and other small household items. In addition, rising awareness about smart trackers among consumers will have a positive impact on the growth of the segment during the forecast period.
Smart Tracker Market: Segmentation by Geography
North America held the largest market share in 2019 and the market growth in the region is expected to be slower compared to the growth of the market in Europe. The growth of the market in North America can be attributed to the strong presence of leading retail brands that offer smart trackers. In addition, the high adoption of technologically advanced products by consumers is contributing to the growth of the smart tracker market in North America.
