According to a new research report from the IoT analyst Berg Insight, the number of active consumer asset tracking devices in Europe and North America reached 12,5-million at the end of 2022. Growing at a CAGR of 18,4% the number of units in active use is estimated to reach 29,2-million units by the end of 2027.
The market value is during the same period forecasted to grow from €1,6-billion in 2022 to €3,8-billion in 2027.
Consumer asset tracking solutions utilising 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 divided 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 includes any type of asset, such as bags and luggage, keys, wallets, clothes, electronics, tools and sports equipment.
“The demand for consumer asset tracking solutions is growing across all segments,” says Martin Backman, principal analyst at Berg Insight.
The market is still in an early phase and many solution providers are still searching for the right business model and pricing model. Very few companies have emerged as clear market leaders in specific asset tracking market segments in Europe or North America. Most companies are still mainly serving the domestic market or nearby countries.
“Technological advancements in battery capacity, processor power and network technology will continuously enable better solutions at lower price points,” says Backman. This will make the solutions even more attractive to consumers and create a higher demand.