Smart Tracker Market Size, Share & Segmentation, By Type (Smart Watches, Smart Bands, Smart Clothing, Others), By Distribution channel (Online, Offline), By Application (Heart Rate Tracking, Sleep Monitoring, Glucose Monitoring, Sports, Running Tracking, Cycling Tracking, Others), By Region, and Global Forecast for 2023-2030

Smart Tracker Market Report Scope & Overview:

The Smart Tracker Market size was valued at USD 44.5 billion in 2022 and is expected to grow to USD 161.68 billion by 2030 and grow at a CAGR of 17.5 % over the forecast period of 2023-2030.

The demand for trackers that can connect to smartphones to track numerous daily life items is growing as a result of the widespread use of smart devices. Due to several developing vendors' attempts to market the product and lower its price, customer awareness of these trackers has greatly expanded in recent years. These devices are vulnerable to lessen the time and effort required to locate the missing objects, as well as the stress that comes with losing something.

In 2022, the smartwatch category dominated the market and accounted for 48.7% of total revenue. The expansion of the market is being driven by ongoing product advancements that improve features and functions, which are also expected to increase acceptance over the coming years. The smart tracker market is anticipated to grow at the quickest rate between 2023 and 2030.

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In 2022, the running segment's revenue share was 22.8%, which was the highest. The availability of the majority of these applications in the majority of trackers on the market is the result of fierce competition, expanding usage, and consumer preferences. The monitors also keep track of the meals and liquids that are consumed. These trackers use Bluetooth to notify users of notifications while exercising, such as jogging or lifting weights.

KEY DRIVERS: 

• Growing use of smart trackers

The expansion of the global smart tracker market will be fueled by the increased use of smart trackers as a result of their low prices. Smart trackers are tiny devices that are attached to or inserted into valuables, clothing, shoes, and other vital items. These gadgets' compact size and straightforward construction considerably lower the cost of production.

• Increasing instances of theft

RESTRAIN:

• Issues with connectivity

• Lack of standards

• Illegal use of tracking devices

OPPORTUNITY:

• Increasing focus on women’s safety

Globally, growing women's safety worries have increased sales of smart trackers. The biggest concern is the safety of women, as there is an increase in crimes against women worldwide. Statistics back this up because there are so many crimes committed against women. In light of this, several women's safety applications are created and released in nations with high crime rates. As a result, the Indian government and top software firms have created a number of apps that put safety for women first. These apps' main features included a smart tracker.

• Tracking gadgets are becoming more widely used by pet owners

CHALLENGES:

• Lack of battery backup

Major barriers to the growth of the global smart tracker market are a lack of battery backup and restricted functionality. The gadgets' short battery life and the restricted functionality they provide are smart trackers' main drawbacks. Almost any product on the market is bought based on the characteristics it offers. The majority of tracking gadgets currently just provide Bluetooth connectivity track products, which makes the gadget less appealing to many end users.

• Increasing rates of lost things

• Technological developments in tracking technology

IMPACT OF RUSSIAN UKRAINE WAR

The Russia-Ukraine Crisis Tracker uses a monthly poll to monitor changes in American voters' perceptions of the conflict in Ukraine and the country's involvement in it. We also track opinions of Russia through daily surveys conducted in 11 significant nations. The most recent findings are based on a 1,980 registered U.S. voters survey that was performed from August 31 to September 3, 2023, with an unweighted margin of error of +/-2 percentage points. The worldwide polls had unweighted margins of error of up to +/-3 percentage points and were conducted daily in August with at least 902 adults in each nation. Support for sanctions that cause inflation is at a record low: A low of 38% of US voters, down from a high of 56% in April 2022, said they support implementing sanctions on Russia even if doing so creates inflation. Democrats are 13 percentage points more likely than Republicans to support such sanctions (44% versus 31%), though as the war has carried on, support has waned on all sides of the political spectrum partisan division on the perception of American duty to assist Ukraine: While 53% of Democrats disagree, a majority of GOP supporters (58%) feel that preserving and defending Ukraine is not America's responsibility. The percentage of American voters who believe it is the country's duty to defend and preserve Ukraine has dropped to a record-low 38%.

IMPACT OF ONGOING RECESSION

The state of the world economy is unsure. Recessions are often caused by the cycle of money injection and liquidity withdrawal, and this time is not expected to be any different. The economy is showing early warning signals of deceleration all around the world, but especially in the developed economies. Even if it has decreased from its height, the high inflation that has plagued the United States, Western Europe, and Japan continues to be much over central banks' comfort levels. The US inflation rate peaked at 9.1% and is currently at 65%, although The US Fed has stated time and time again that rate increases will continue until inflation falls to 2%.  The increase in COVID-19 cases has a beneficial effect on the sales of fitness monitoring equipment. COVID-19 went up promoting sales of fitness monitoring equipment by raising public awareness of health issues. Revenue for businesses like Apple and Garmin increased by 20% in 2020 compared to the prior fiscal year. Even though COVID-19 has had an impact on a number of enterprises and there is still uncertainty regarding the economy and client demand, manufacturers are creating cutting-edge goods and services to assist customers in these trying times. In order to examine how wearable data can diagnose, track, and have infectious diseases like COVID-19, Fitbit, for example, is investing in research and development efforts in partnership.

MARKET SEGMENTATION

By Type

• Smart Watches

• Smart Bands

• Smart Clothing

• Others

By Distribution channel

•  Online

•  Offline

By Application

• Heart Rate Tracking

• Sleep Monitoring

• Glucose Monitoring

• Sports

• Running Tracking

• Cycling Tracking

• Others

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REGIONAL ANALYSIS

North America had the biggest revenue share in 2022 (42.3%) because to the increased popularity and usage of monitors. Additionally, the region's industry will be driven by an increase in health problems linked to sedentary lifestyles, the introduction of novel goods by major market participants, and the proliferation of smartphones and the internet in North America. ValuePenguin reported in 2022 that 45% of Americans currently regularly wear smartwatches, including Fitbits (16%) and Apple Watches (20%). The devices are preferred by Gen Zers (70%), millennials (57%), and women (51%).

In contrast, the Asia Pacific region is predicted to experience the largest growth rate between 2023 and 2030 due to the high rate of tracker adoption among the working-class population as a result of consistent economic growth, technical advancements, and population growth. The trackers have been warmly embraced by the market in China as a result of a surge in awareness among the population. The rise in the population of young people, changes in the level of life, and an increase in the number of enthusiasts are the main factors propelling the growth of the trackers market in Japan.

REGIONAL COVERAGE:

North America

• US

• Canada

• Mexico

Europe

• Eastern Europe

  • Poland

  • Romania

  • Hungary

  • Turkey

  • Rest of Eastern Europe

• Western Europe

  • Germany

  • France

  • UK

  • Italy

  • Spain

  • Netherlands

  • Switzerland

  • Austria

  • Rest of Western Europe

Asia Pacific

• China

• India

• Japan

• South Korea

• Vietnam

• Singapore

• Australia

• Rest of Asia Pacific

Middle East & Africa

• Middle East

  • UAE

  • Egypt

  • Saudi Arabia

  • Qatar

  • Rest of Middle East

• Africa

  • Nigeria

  • South Africa

  • Rest of Africa

Latin America

• Brazil

• Argentina

• Colombia

• Rest of Latin America

KEY PLAYERS

Some of key players of Smart Tracker Market are 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, and other players are listed in a final report.

Apple, Inc-Company Financial Analysis

RECENT DEVELOPMENT

• The Forerunner 265 series and Forerunner 965 smartwatches with vivid AMOLED displays were unveiled by Garmin Singapore in March 2023. The watch has cutting-edge features that enable athletes to push themselves further by organizing, planning, and monitoring their exercise regimen.
• Garmin International, Inc. introduced a new Black Panther fitness tracker wrist watch in September 2022 to observe children's regular activities. The watch design incorporates watch faces with Avengers characters to inspire people kids should be active.
• Apple Watch Ultra was released in September 2022 and features a distinctive design that provides a comfortable fit suitable for any adventure. Workouts, backtrack, and other functions can be added to the watch fitness tracker, among other things.
• The Razer X Fossil Gen 6 Smartwatch, which retails for USD 329, was co-developed by Fossil and Razer and released in January 2022. The wristwatch has fitness monitoring capabilities like sleep tracking and sensors for health and wellness number of users.
• Huawei announced the arrival of the HUAWEI Band6, a fitness tracker band, in Singapore in April 2021. The Heart rate monitoring, Sp02, sleep monitoring, and many other functionalities are supported by the band.

   

  Smart Tracker Market Report Scope:

  Report Attributes	Details
  Market Size in 2022	US$ 44.5 billion
  Market Size by 2030	US$ 161.68 billion
  CAGR	CAGR of 17.5 %     From 2023 to 2030
  Base Year	2022
  Forecast Period	2023-2030
  Historical Data	2019-2021
  Report Scope & Coverage	Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
  Key Segments	By Type (Smart Watches, Smart Bands, Smart Clothing, Others), By Distribution channel (Online, Offline), By Application (Heart Rate Tracking, Sleep Monitoring, Glucose Monitoring, Sports, Running Tracking, Cycling Tracking, Others)
  Regional Analysis/Coverage	North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America)
  Company Profiles	Apple, Inc., Fitbit, Inc., Garmin Ltd., Ambiotex GmbH, Samsung Electronics Co. Ltd., Fossil Group, Inc., Huawei Technologies Co. Ltd., Tile Inc., Samsung Electronics Co. Ltd, Chipolo DOO, Innova Technology LLC (Protag), Kaltiol Technologies
  Key Drivers	•Growing use of smart trackers                                                   •Increasing instances of theft
  Market Restrain	• Issues with connectivity • Lack of standards • Illegal use of tracking devices