Evolution of Sensor Technology Likely to Lead to Immense Opportunities in Global Smart Water Bottle Market
Smart water bottles, which provide updates to consume water depending on the personal needs of the user, are a key advance in water bottle technology and are becoming widely popular. One of the key reasons for dehydration being highlighted by several studies is the busy lives of modern consumers, which lead to forgetfulness regarding the body’s hydration requirements. The beneficial features of smart water bottles have, therefore, attracted an increasing number of tech-savvy customers. In 2014, the global smart water bottle market stood at US$2.5 mn. The market is anticipated to rise to US$10.7 mn by 2020, growing at a CAGR of 27.5% from 2014 to 2020.
Increasing Disposable Income to Translate into Growth Opportunities for Smart Water Bottle Market
The ever-growing demand for smart fitness devices amongst the expanding tech-savvy consumer base augurs well for the global smart water bottle market. This is because most smart water bottles are synced with smartphones with Bluetooth or other mobile communication technologies. The rise in per capita spending has led to increasing disposable incomes, in turn leading to a greater uptake of smart water bottles.
Another factor positively influencing the demand for smart water bottles is the increasing health awareness. Smart water bottles have proved to be a great option for health-conscious people who lag behind their daily water requirements. Moreover, the continuous development in sensor technology has enabled manufacturers to offer advanced products in the market, thereby augmenting the consumers’ interest in smart water bottles. These trends are likely to drive the market in the coming years.
Manufacturers Need to Work on Weak Battery Life of Smart Water Bottles
One of the key restraints on the growth of the global smart water bottle market is the limited battery life and high power requirements of smart water bottles. The technology used in smart water bottles is still at its nascent stage and necessitates device protection, which forms another factor hindering the growth of the market. The global smart water bottle market also presents a high barrier to new entrants, as the setup and manufacturing of smart water bottles require huge capital investment and comprehensive technical expertise. This, in turn, spikes the cost of smart water bottles, challenging the growth of the global smart water bottles market.
However, the consistent and rapid evolution of smart sensors will pave the way for the rapid growth of smart healthcare and fitness devices, which is likely to help the industry overcome the cost and technical difficulties. Moreover, the increasing number of collaborations between smart water bottle vendors and healthcare and fitness clothing vendors is likely to boost the growth opportunities in the global smart water bottle market.
North America Leads owing to High Adoption of Hi-tech Devices
Based on geography, the global smart water bottle market is categorized into North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. The North America market held a dominant market share in 2014 and is forecast to expand at the fastest pace in terms of value. The impressive growth of the regional market can be attributed to the easy acceptance of hi-tech devices, coupled with the high purchasing power of North American consumers.
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By technology, hardware smart water bottles are the leading segment of the smart water bottle market by revenue, and held a 57.7% share in the overall market in 2015. The segment is anticipated to retain its leadership through the forecast period, with a 63.6% market share expected by the end of 2020. On the flip side, application smart water bottles will register the highest CAGR of 32.2% between 2015 and 2020.