Apple dominates the still-small market for smart tags — those little devices used to locate missing items like keys and luggage, according to a new report. Apple stock fell on Tuesday.
Parks Associates reported Monday that 69% of smart tag buyers in late 2024 bought an Apple AirTag. That compares with 45% of buyers in early 2022.
Meanwhile, category pioneer Tile, owned by Life360, has seen its share of the market drop to 11% from 17% over the same period. It's now in third place behind Samsung with its Galaxy SmartTags.
"Predictably, iPhone users prefer to use Apple's AirTags," Parks said in a news release. "Android users prefer to use Samsung Galaxy tags."
However, the market is still small, with only 12% of U.S. broadband households owning a smart tag in late 2024. Still, that's up from 7% in late 2022.
"These small, inexpensive devices help consumers find lost or frequently misplaced items such as keys, wallets, luggage, and remote controls, as well as loved ones, like children and vulnerable older adults," Jennifer Kent, vice president of research at Parks Associates, said in statement. "They deliver valuable peace of mind and convenience."
Other smart tag brands include Chipolo and Orbit.
On the stock market today, Apple stock dropped 2.9% to close at 220.84, continuing its recent slide.
Apple stock is on the IBD Tech Leaders list.
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