LONDON--(BUSINESS WIRE)--The smart tracker market is expected to grow by USD 467.53 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth according to the latest market research report by Technavio. Request a free sample report
Smart trackers are tiny gadgets that are attached to or placed inside important items or valuables. The simplicity of the design and compact size of these devices reduces 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 it can be used to find small but valuable items that often get misplaced makes this a much-needed gadget. Further adoption of this technology can be expected with the decline in the ASP of these devices during the forecast period. The factors responsible for this rapid decline are increased competition among vendors and economies of scale obtained by vendors due to the increasing demand.
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As per Technavio, the emergence of rugged smart tracker will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Smart Tracker Market: Emergence of Rugged Smart Tracker
Smart trackers are constantly carried around by owners. This creates the need for a durable device that can withstand the wear and tear that can result from daily use. In addition, these devices are required to be comparatively stronger than the typical consumer-grade electronics. Thus, manufacturers are now focusing on making their offerings more durable and rugged. For instance, Tile's latest offering, the Pro Series, has improved waterproofing and is certified with an IP68 rating. This improves the durability of the device in water significantly. Addition of such features can be expected to contribute to the adoption of smart trackers worldwide.
“Factors such as the rising pet population, integration of additional features, and the integration of luggage with trackers will have a significant impact on the growth of the smart tracker market value during the forecast period,” says a senior analyst at Technavio.
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Smart Tracker Market: Segmentation Analysis
This market research report segments the smart tracker market by technology (Bluetooth, cellular technology, and GPS) and geographic landscape (APAC, Europe, MEA, North America, and South America).
The North American region led the smart tracker market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to the increasing demand for pet trackers.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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