The global smart water bottle market is estimated to value at US$ 2.5 million in 2014 and expected to reach 10.7 million by 2020, reflecting a CAGR of 27.5% during forecast period.
Valley Cottage, NY -- (SBWIRE) -- 06/14/2019 -- Future Market Insights has recently announced the publication of a market research report that covers the global market for smart water bottles in great details. The report, titled "Smart Water Bottle Market: Global Industry Analysis and Opportunity Assessment 2014–2020," states that the market will register a staggering 27.50% CAGR from 2014 to 2024. If the numbers hold true, the market will rise from a valuation of US$ 2.5 mn in 2014 to US$10.7 mn by 2020.
Some of the leading factors expected to drive the market are the rising global population of health-conscious people, the rising spending power of the global population, and the increased demand for smart fitness devices across developed as well as developing economies.
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The report segments the global smart water bottle market on the basis of criteria such as technology and geography. On the basis of technology, the report covers such segments of the market as external hardware, inbuilt sensors/equipment, and hydration tracking apps. Of these, the report states that the segment of external hardware, including products such as sensor bands and smart caps compatible with most standard water bottles, accounted for the dominant share over nearly 58% of the overall revenue valuation of the market in 2014. The segment is also expected to remain the top revenue grosser in the global market over the report's forecast period, increasing by a 590 basis point share and a CAGR of 6.8% from 2015 through 2020.
The segment of bottles with in-built capability of undertaking a variety of tasks associated with the idea of smart water bottles, such as notifying the user of the level of hydration based on the amount of water consumed over a specific period, sharing real-time data with smart operating devices, and maintaining the temperature of water in the bottle, accounted for the second-largest share in the market in 2014. With over 40% of the market, the segment continues to be one of the most lucrative segment in the global smart water bottle market. The segment of applications, or the software solutions made for easy analysis of data collected by smart water bottles, accounted for the least share in the market in 2014 but is expected to exhibit an impressive 32.2% CAGR from 2015 to 2020, the highest of all technology segments.
From a geographical standpoint, the report examines the market for smart water bottle for regions such as Latin America, North America, Asia-Pacific, Europe, and Middle East and Africa. Of these, the market in North America holds the dominant share in the global market and is also likely to retain its top position in the market over the report's forecast period, followed by the market in Europe. The leading position of the North America market is chiefly attributed to the higher acceptance to advanced and innovative technologies along with the high purchasing power of the population.
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The report also presents a thorough analytical account of the vendor landscape of the market, furnishing details such as recent developments and business strategies along with detailed business profiles of some of the leading vendors operating in the overall market. Since the market is in its nascent stage of development, the number of competitors is presently less but the market could get crowded in the next few years as companies start realizing the growth opportunities in the market. Some of the leading vendors operating in the global smart water bottle market are HydraCoach, BluFit, and Caktus Inc.