(I-BusinessNews.Com, July 17, 2021 ) Smart Water Bottle Market size is forecast to reach $30.6 million by 2026, after growing at a CAGR of 17.3% during 2021-2026. The growing health consciousness among youth and adults and the rising acknowledgement about hydration tech is enhancing the smart bottle market. Also, the increasing demand for fitness trackers, gym accessory and so on has enticed the development of smart water bottle with wireless technology that is boosting the smart water bottle industry. Furthermore, the growing awareness for ample water consumption among people of different age groups is anticipated to propel the smart water bottle market growth during the forecast period.
Smart Water Bottle Market Segment Analysis – By Type of Component
Hydration tracking apps segment holds the largest share in the smart water bottle market in 2020 at 62.3%. Majority of the interactive bottle manufacturers are providing their users with accurate information about their daily water intake and allowing them to set personalized hydration goals. As hydration technology has become the central for the youth and adults, the apps are becoming personal systems to help users achieve daily targets.
Furthermore, the in-built hardware technology is also playing a key role in enhancing the use of smart water bottle. This technology mainly comprises of smart caps or smart lids containing sensors, liquid thermometer, LEDs, sensor bands and so on that enables the smart water bottle to record the amount of water consumed by the user and also indicates the quantity of water remaining in the bottle. However, the increasing need for healthy lifestyle and rising awareness towards the consumption of more water will lead to the increasing adoption of smart water bottles.
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Smart Water Bottle Market Segment Analysis – By Distribution Channel
The majority of the sales occurs through online distribution channel, as smart water bottles currently don’t have high availability in retail stores and other offline stores. Furthermore, the online distribution channel is forecasted to grow at a CAGR of 8.9% through 2026. The online distribution channel is commonly being preferred by customers. Thus, the increasing sales by e-commerce platforms and the easy payments provided by online sales channel will boost the market for smart water bottle as fitness trackers and gym accessories. Another interesting development is the partnership of smart water bottle manufacturers with electronics stores rather than consumer stores. These products are being advertised and sold alongside smart devices rather than water bottles showcasing the marketing is focused more on the smart technology.
Smart Water Bottle Market Segment Analysis – By Geography
North America dominated the smart water bottle market with a share of more than 35%, followed by APAC and Europe. The growing need for advanced fitness tracking systems and the increasing purchasing power of customers are propelling the growth of the smart water bottle market in this region. Moreover, the increasing consumer interest towards health clubs and the usage of technology embedded gym accessories and fitness trackers are also leading to the major factors that is fueling the market growth in North America. According to IHRSA, in 2018, the health club market size of the U.S. alone was valued at $32.3 billion. Increasing obesity rates among the population and changing lifestyle of the consumers are also triggering the smart water bottle market share in this region. Additionally, the rising usage of smart wearable technology is another key factor for the growth of smart water bottle market in North America.
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Smart Water Bottle Market Drivers
Increasing Health Awareness
The rapid changing lifestyle of the consumers is leading to the increasing awareness towards health. The increasing consciousness towards health by both youth and the adult is leading to the rising need for smart water bottle market. The use of smart bottle as a gym accessory is also regarded as the major driver that is influencing the requirement of smart bottle in gym and sports club. Additionally, according to International Health, Racquet, and Sports club Association (IHRSA), the global health industry generated a revenue of $94 billion in 2018. As, the consumers are continuing to place high value on health and are widely investing in clubs and services for maintaining fitness will further boost the smart water bottle market
Introduction of Emerging Technology
The increasing number of fitness enthusiasts is leading to the increased adoption of emerging technology such as the use of wearable device, fitness trackers, smart bands, hydrating tracking applications and so on. The introduction AI along with internet of things is also playing a key role in providing mobile apps that provides information to the smart water bottle users regarding their hydration level. The smart water bottle can connect to any mobile device through Bluetooth or internet and is easily accessible from any location. Furthermore, the use of sensor technology is also highly gaining traction and will further drive the smart water bottle market.
Smart Water Bottle Market Challenges
High cost & Battery Life
The high cost of smart water bottle is the major challenge that is affecting the growth of the market. As, smart water bottle are in-built with sensor technology and also includes major technical functions such as information about the hydration level to the user and are connected with mobile apps which leads to the increase in cost. Moreover, the average battery life of smart water bottle is 6 months and significantly gets shortened due to alerts or time taken while connecting it to any mobile app that further leads to inaccuracy. Thus, the shortening of battery life is also regarded as the key factor that dampens the growth of the smart water bottle market.
Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the smart water bottle market. In 2019, the market of smart water bottle has been consolidated by the top ten players – Adheretech Inc., Thermos L.L.C., Hidrate Inc., Caktus, Inc., Ecomo, Groking Lab Limited, Hydracoach, Inc., Moikit, Open-2, LLC, and Lifefuels, Inc.
Acquisitions/Technology Launches
In March 2021 Bottel, an Australian brand has created a smart water bottle featuring a glowing flash light to remind you when to drink. Botell – dubbed as the ‘next generation’ of water bottles – can keep track of how much more water you need to drink throughout the day to stay hydrated.
In September 2019, Lifefuels, a beverage technology company announced the launch of smart nutrition bottle. This new smart nutrition bottle includes three part systems such as a sleek, smart water bottle and flavorful and nutritious multi-serve FuelPods. Smart nutrition bottle also includes an app for tracking both hydration and nutrition in the user. Thus, the launch of this new product will gather more traction from the users which will propel the smart water bottle market.
Key Takeaways
North America dominates the smart water bottle market owing to increasing rise in adoption of smart wearable technology and rising awareness for healthier water consumption habits among youth and adults.
The introduction of artificial intelligence and the Internet of Things (IoT) is also playing a key role in the development of mobile applications that offers information to smart water bottle users regarding their hydration level and intervals of water intake.
Growing number of fitness enthusiasts along with the use of emerging technology for connecting smart wearable devices, and smartphones to the gym accessories in order to track their performance and fitness activity will become the major factor that will fuel the growth of the smart water bottle market
The major drawback is the battery life of the smart water bottle that hinders the growth of the smart water bottle market.
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