The highly dynamic and largely fragmented vendor landscape of the nascent global market for smart bottles is highly influenced by innovative products and technologically advanced connectivity features, observes Transparency Market Research (TMR) in a recent report. Leading vendors in the global market, such as Adheretech Inc., Thermos L.L.C., Hidrate Inc., Spritz, and Myhydrate each accounted for less than 5% in the overall revenue generated by the global market in 2016.
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Regional and domestic vendors have vast growth opportunities in regional pockets on account of less stringent rules and regulations pertaining to quality and features included in products mandatory for sale. Production of cheaper products with innovative features also give regional players an upper hand in comparison to international players who pay larger sums for product R&D. International players could benefit from collaborations with other leading companies in the health and fitness and technology domains. Recent instance of a strategic collaboration is the collaboration between Thermos L.L.C and Fitbit. Themos L.L.C’s new hydration connected bottle, launched in October 2015, works with Fitbit to track the water intake goals to maintain energy and overall health.
Transparency Market Research estimates that the revenue generated from sales of smart bottles across the globe was over US$88.6 mn in 2016. This is projected to increase at a CAGR of 14.3% during forecast period from 2016 to 2024, rising to a valuation of US$258.8 mn by 2024.
North America to Remain Dominant Regional Market throug Forecast Period
In terms of the key areas of application of smart bottles, including uses as water bottles, pharmaceutical bottles, and alcoholic beverage bottles, the segment of water bottles is presently the leading contributor of revenue to the global market. The segment accounted for over 56% of the global market in 2016 and is expected to witness a rise in its share by the end of the forecast period. Other segments are expected to witness losses in their share in the global market.
In terms of geography, the market for smart bottles presently earns a massive share in its revenues from sales across developed economies in regions such as North America and Europe. These regions are expected to continue to dominate the global smart bottle market over the report’s forecast period as well, with the North America market expected to exhibit a promising 16.4% CAGR over the report’s forecast period.
Rising Demand from Tech-savvy Consumers to Drive Market
Some of the key factors driving the global market for smart bottles are the rising healthcare and fitness-related awareness among the global population, the increased population of tech-savvy consumers, and the increased willingness to pay higher sums for premium and technologically advanced products. In developed as well as developing economies, the intake of smart fitness devices such as heart rate monitors and activity trackers that can be connected wireless to smartphone, allowing the wearer/user to keep a track of their activities and advising them about appropriate actions to keep in good health, has significantly increased over the recent past.
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With capabilities such as updating the consumers about the amount of water consumed over a specified period of time, comparisons between the required water level in body to avoid dehydrating and the amount of water consumed, smart water bottles are easily captivating the attention of tech-savvy and health-conscious consumers across the globe.
Cost and Customization Issues to Hinder Growth
Factors such as the high cost of smart bottles and lack of commercialization could hinder the overall development of the global smart bottle market to a certain extent. The cost factor is especially expected to affect market’s growth across developing economies wherein a large portion of the population has low purchasing power. In addition, the lack of standardization in technology and its components have created a differentiating factor for consumer, which at the same time makes it’s difficult to compare the product offering by the manufacturers.
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