According to a new research report from the IoT analyst firm Berg Insight, the number active consumer asset tracking devices in Europe and North America reached 11.2 million at the end of 2021.
Growing at a CAGR of 20.4 percent the active installed base is estimated to reach 28.3 million units in 2026. The market value is forecasted to grow from from € 1.4 billion in 2021 to € 3.7 billion in 2026. Consumer asset tracking solutions utilizing wireless wide area networks such as cellular, satellite, LoRa or Sigfox can be divided into four main categories based on asset type – family and child tracking, pet tracking, vehicle tracking and general asset tracking. The vehicle category can be further segmented into cars; motorcycles and mopeds; bicycles; caravans and motor caravans; leisure boats; and other consumer vehicles including ATVs and snowmobiles. The general asset tracking segment include any type of asset, such as bags and luggage, keys, wallets, clothes, electronics, tools and sports equipment.
Leading providers of family and child tracking services include Smith Micro Software, Life360, Xplora Technologies, Smartcom Mobility Solutions and Verizon. The pet tracking market is dominated by Tractive, Fi, Whistle Labs and Halo. The market for aftermarket car telematics solutions sold to consumers is led by Verizon, Mojio, Harman and Modus in North America and Ryd, Springworks International and Net4Things in Europe.
The main vendors of GPS tracking and vehicle recovery solutions for motorcycles and mopeds in Europe include Datatool (Scorpion Automotive), Monimoto and BikeTrac. A few companies provide tracking solutions developed specifically for leisure boats including Sensario, Sentinel Marine Solutions, Vetel and Siren Marine. The market for GPS trackers for e-bicycles is growing rapidly. The market is today led by European companies such as IoT Venture, PowUnity, ConnectLab, Haveltec and BikeFinder. Trackimo, Invoxia, LandAirSea are well-known providers of general-purpose tracking devices.
Martin Backman, Senior Analyst at Berg Insight, says:
“The consumer asset tracking solution market is still in an early phase with tremendous growth potential.”
In Europe and North America, there are more than 350 million dogs and cats, 500 million passenger cars, 135 million other consumer vehicles and 70 million children aged 4–10 years old, which is the typical age group applicable for kids GPS watches. Overall, the penetration rate of GPS tracking products is currently less than one percent. Advancements in battery capacity, processor power and network technologies enable continuously improved tracking solutions.
“Low-Power Wide-Area (LPWA) network technologies are especially valuable in market segment where low battery consumption is key, such as pet tracking, bicycle tracking and general asset tracking”, concludes Mr. Backman.
This UrIoTNews article is syndicated fromIoTBusinessNews