Market Trends of Smart Tracker Industry
Bluetooth to Witness Major Growth
- Bluetooth technology has witnessed significant adoption in smart trackers over the past few years, largely attributed to the compactness of Bluetooth trackers, pinpoint accuracy in low range, and low cost of Bluetooth low energy.
- In addition, bluetooth trackers offer several benefits, enhancing security by alerting users when valuables are moved or taken out of range, including finding lost items quickly, providing peace of mind, and being user-friendly, thus positively influencing the segment's growth over the forecast period.
- Moreover, higher accuracy associated with bluetooth technology is driving wider use of Bluetooth Item Finding trackers, which have significantly contributed to the growth of the bluetooth trackers segment in the past few years. In addition, the introduction of the Samsung Galaxy SmartTag and Apple AirTags in the past few years has further bolstered widespread acceptance of personal item-finding innovations.
- As smartphones universally integrate cellular, bluetooth, GPS, and UWB technologies, they provide a robust platform for tracking and monitoring solutions. The widespread ownership of smartphones enhances the adoption of smart tracking devices, leveraging the built-in technologies for seamless connectivity and location services.
- According to the data published by GSMA in March 2023, smartphone adoption is expected to go from 76% to 94% in Asia-Pacific between 2022 and 2030. Such factors are expected to drive the market.
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Asia-Pacific is Expected to Witness Significant Growth
- The Asia-Pacific region is experiencing a significant upswing in demand for smart trackers, marking a transformative shift in various industries. Smart trackers, encompassing devices like GPS trackers, fitness trackers, and asset trackers, are gaining widespread popularity due to technological advancements, increased connectivity, and a growing awareness of their benefits across diverse sectors.
- Asia-Pacific is witnessing a rapid expansion of the Internet of Things (IoT) ecosystem. With the proliferation of connected devices and improved network infrastructure, smart trackers have become integral components of IoT solutions. Industries ranging from logistics and transportation to healthcare and personal fitness are leveraging these trackers to gather real-time data, enhance operational efficiency, and improve overall productivity.
- As the demand grows, many regional companies launch new products to increase their market share. For instance, in August 2023, Samsung announced the launch of its Samsung Galaxy SmartTag 2, which will support USB technology. The feature will be paired with Galaxy SmartTag 2's Bluetooth 5.3 connectivity support. With this launch, the company marks a major upgrade over its predecessor, which lacked UWB support.
- Similarly, in February 2023, MapmyIndia, an Indian digital mapping and geospatial company, released Mappls Gadgets for cars and bikes. The gadgets are designed to make driving more enjoyable and safer. The new products include vehicle GPS trackers, a dash camera, an in-dash navigation system, and smart helmet kits. While the dash camera and in-dash navigation system are designed for cars, motorcycle owners can also use the GPS tracker and smart helmet kits.
- Moreover, by technology, the cellular segment is expected to grow significantly during the forecast period. Asia-Pacific's logistics and transportation sector primarily depends on cellular smart trackers. With the capability to provide continuous location data, these trackers enable real-time tracking of shipments and assets throughout their journey. This enhances supply chain visibility and facilitates efficient route planning, reducing delays and optimizing overall logistics operations.
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