Rising Consumer Consciousness Regarding Health & Fitness to Boost Global Smart Bottle Market
With a widening application base, the global market for smart bottle has been witnessing a remarkable increase in its size and is anticipated to remain doing so in the near future. The escalating level of awareness regarding health and fitness among consumers is the key factor behind the exceptional growth of this market.
As per Transparency Market Research (TMR), the worldwide smart bottle market stood at US$88.6 mn in 2016. The opportunity in this market is expected to increase significantly at a CAGR of 14.30% over the period from 2016 to 2024, reaching to a value of US$258.8 mn by the end of 2024.
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TMR analysts answer some of the important questions about the global market for smart bottles in the blog post:
What are the prime factors that are having positive impact on the global smart bottle market?
The remarkable rise in the pool of tech-savvy consumers and their increasing compliance to pay a higher amount for premium products are fueling the demand for smart bottle across the world. The adoption of smart fitness devices, such as activity trackers and heart rate monitors has significantly surge in the recent past.
With several abilities, such as keeping the consumers updated with the amount of water consumed over a particular period of time and providing information about the required water level in the body, smart water bottles are capturing the attention of health conscious, tech savvy consumers across the world. This, as a result, is reflecting greatly on the global market for smart bottles.
Which of the geographical segments is expected to lead the global smart bottle market?
Thanks to the robust technology embedded production capabilities, North America has surfaced as the leading regional market for smart bottles, among all the geographical segments, including Europe, Asia Pacific, Latin America, and the Middle East and Africa. The North America market for smart bottles is anticipated to remain dominant over the next few years.
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Asia Pacific, among other regional markets, is projected to offer the most promising opportunities for growth to the market participants in the years to come, thanks to the exponential rise in the e-commerce industry in this region.
What is the main factor on which the competition in the global smart bottle is based?
The global market for smart bottles is extremely fragmented and dynamic in nature. The rising demand for innovative products and state-of-art connectivity features is the main factor that influences competitive rivalry among the leading players in this market, such as Spritz, Thermos L.L.C., Adheretech Inc., Hidrate Inc., and Myhydrate.
Lucrative opportunities in regional markets, on the grounds of less stringent regulations, have encouraged local vendors to invest heavily in the production of smart bottles, which is also intensifying the competition between them. The competitive scenario is likely to remain same over the forthcoming years in this market.