Smart Water Bottle Market To Hit Value .7 Million By 2025Posted by Mrudula Anil Karmarkar on March 25th, 2021 The global smart water bottle market size is projected to reach USD 48.7 Million by 2025, expanding at a CAGR of 25.7%, according to a new report by Grand View Research, Inc. The increasing awareness for adequate water intake among people of various age groups is anticipated to fuel the market growth. Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives. The insurance industry is expected to confront the pressure associated with cost-efficiency. Usage of AI can help in reducing operating costs, and at the same time, can increase customer satisfaction during the renewal process, claims, and other services. VR/AR can assist in e-learning, for which the demand will surge owing to the closure of many schools and universities. Further, VR/AR can also prove to be a valuable solution in providing remote assistance as it can support in avoiding unnecessary travel. The report will account for Covid19 as a key market contributor. Recent technological advancements have resulted in the implementation of technologies such as Internet of Things (IoT) and Artificial Intelligence (AI) in water bottles. These technologies provide information to users regarding their hydration level and intervals of water intake. Many companies have developed several mobile applications that provide personalized daily hydration goals to users. The hydration tracking apps segment is expected to witness lucrative growth over the forecast period owing to the large-scale adoption of smartphones, fitness trackers, and various smart devices. Many smart water bottles include smart caps and sensor bands that are compatible with any regular bottles, thereby increasing the demand for the hardware segment. The intelligent water bottles are expected to reduce the plastic waste generated across the globe, as these bottles are reusable and made of Bisphenol A (BPA) - free polymer material such as Tritan. The use of Tritan in manufacturing interactive bottles is anticipated to boost the demand for the bottles owing to their light weight and durable properties. Further key findings from the report suggest:
Since the industry is still in the evolving stage, majority of its sales occur through online distribution channel. Moreover, the product has not yet reached all the retail stores and shopping markets, thereby limiting the scope of offline sales. However, increasing technology trends is anticipated to bolster the offline sales over a period of time. The increasing health consciousness among individuals across the globe is significantly impelling the growth of the smart water bottle market. Government initiatives such as ‘Swachh Bharat Abhiyan’ by the government of India to reduce the plastic waste generation and promote the use of reusable materials are on a rise. Advancements in the fields of chemicals and materials have resulted in the development of Bisphenol A (BPA)-free polymer ‘Tritan’, that is used for manufacturing the bottles. Technological advancements in the fields of Internet of Things (IoT) and machine learning have resulted in the development of mobile apps that provide information to users about their daily hydration levels and required water intake. These applications play a vital role in keeping the athletes and gymnasts informed about their hydration levels throughout the day. The increasing disposable income and improved standard of living are estimated to drive the industry growth over the forecast period. Fitness-enthusiasts are increasingly opting for products that enhance their experience of exercising, subsequently increasing the demand for interactive vessels. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/1813/ibb Prominent players dominating the industry include Caktus, Inc., Ecomo, Groking Lab Limited, Hidrate Inc., HydraCoach, Inc., Moikit, Open-2, LLC, Out of Galaxy, Inc., Thermos L.L.C., and Trago, Inc., among others. These companies design, develop, and manufacture smart water bottles and are focusing on adopting innovative promotional strategies to attract consumers from different age groups. Industry players are laying significant emphasis on research and development activities to come up with better features. For instance, apart from the hydration tracking sensor band, Ecomo, a hydration solution provider, has come up with an additional feature of a three-in-one filter that is installed in the flask. All these new features in the interactive water bottles are anticipated to fuel the industry growth over the forecast period. Grand View Research has segmented the global smart water bottle market on the basis of types, components, distribution channels: Smart Water Bottle Type Outlook (Revenue, USD Thousand; 2016 - 2025)
Smart Water Bottle Component Outlook (Revenue, USD Thousand; 2016 - 2025)
Smart Water Bottle Distribution Channel Outlook (Revenue, USD Thousand; 2016 - 2025)
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. For More Information:www.grandviewresearch.com Like it? Share it! More by this author |