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Smart Water Bottle Market is Expected to Represent US$ 10.7 Million by 2020
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This growth is attributed to enhanced customer experience and technology advancement in fitness related products. The global smart water bottle market was valued at US$2.5 Mn in 2014, and is expected to reach US$ 10.7 Mn by 2020. Key factors driving the global smart water bottle market are growing demand for smart fitness devices and increasing health awareness amongst fitness oriented consumers.
FMI Lead Analyst sheds light on the factors driving the demand for smart water bottles, “Growth of the smart water bottle market across the globe is majorly driven by advancement in sensor technology, growing tech-savvy consumer base, and increase in consumer spending on smart devices.”
The global smart water bottle market is segmented on the basis of product technology and region.
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By product technology, the global smart water bottle market is segmented into inbuilt, external hardware, and hydration tracking apps. Among these, the external hardware segment accounted for 57.7% share of the overall smart water bottle market in 2014. It is expected to increase by 590 basis point share through 2020, reflecting a growth rate of 6.8% during the forecast period.
Hydration tracking apps segment was the smallest in the global smart water bottle market, accounting for US$ 0.1 Mn value in 2014; this segment is expected to reach US $ 0.3 Mn by 2020. However this segment is anticipated to witness the fastest growth due to growth in smartphone industry and consumer awareness on the availability of hydration tracking apps. FMI estimates this segment to expand at a CAGR of 32.2% over the forecast period.
Growing health awareness and increasing per capita income across the globe has increased the acceptance for smart water bottle among health conscious consumers. North America is the most lucrative region for smart water bottle market, followed by Europe. This is attributed to growing interest towards technology advancement and demand for high-tech products. On the other hand, the Asia-Pacific smart water bottle market is expected to exhibit a significant growth rate during the forecast period, owing to growing awareness towards health and wellness among people.
Key participants in the global smart water bottle market continue to introduce innovative technology in the smart water bottle, thereby expanding their respective product lines. Key players in the global smart water bottle market include BluFit, HydraCoach, Inc., and Caktus Inc.
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