Smart Water Bottle Market Competitive Analysis With Growth Forecast Till 2033
The anticipated size of the global smart water bottle market in 2022 was close to US$ 31,229.9 million. By 2033, a valuation of US$ 34,384.1 million has been projected. Sports enthusiasts are choosing items that improve their workouts more frequently, which is driving up the market for interactive vessels. It is thus likely to have produced US$ 96,755 million by 2033, expanding at a CAGR of 10.9% from 2023 to 2033.
The majority of smart water bottles come with the software necessary to link to a smartphone app. A person’s basic water consumption may frequently be monitored using a smartphone app. Being able to monitor daily progress and calculate how much more has to be taken in order to fulfil their daily water intake target is one method to stay encouraged to keep drinking.
An increase in per capita IT spending and a rise in health concerns have both had a substantial impact on people’s attitudes about smart water bottles
As more individuals become aware of the need of being hydrated, the market for intelligent water bottles will grow. Based on consumer preferences, a number of the top smart bottle producers are creating different models of high-tech water bottles.
It provides a more accurate picture of daily water usage. For younger generations that engage in physical activities like running, going to the gym, and participating in sports, this capability may be very important.
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For instance, the Apple-compatible Thermos linked hydration bottle with smart top comes with a smartphone app that includes an activity tracker and hydration goal settings. You may track many things with this device in addition to tracking general fitness because it is compatible with Fitbit accounts. The Smart Lid can monitor and track beverage intake in addition to giving instantaneous temperature measurements of the bottle’s contents. Additionally, incorporated is Bluetooth connectivity with a 75-foot range.
Key Takeaways from The Smart Water Bottle Market Study
Based on type, smart water bottles manufactured using polymers will be in high demand
In terms of price range, sales in the US$40-US$60 segment is expected to grow at a rapid pace.
In terms of sales channel, consumers will continue preferring indirect channels such as hypermarkets/ supermarkets, multi-brand stores, and others.
The U.S. will continue pushing sales of smart water bottles in North America.
China will emerge as a hub of smart bottle production within East Asia.
Impact Of COVID-19 On The Market
The current pandemic has posed significant obstacles to both the supply and demand sides. Regional governments’ temporary restrictions on movement have had a significant influence on supply chains. Apart from this, growth in the market has been hampered by the change in spending habit among consumers from discretionary to essential products.
This also has prompted a transition from store-based to online commerce. However, the market is currently recovering, which is an indicator that points to new prospects despite the slowing economy.
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Who is Winning?
Leading manufacturers of smart water bottle are focusing on aggressive promotional strategies, advertisements, and new product launches to drive sales of smart water bottle globally.
Some of the companies operating in the smart water bottle market are Caktus, Inc., Ecomo, Groking Lab, Ltd., Hidrate, Inc., Open-2, Moikit, Thermos LLC., Trago, Inc., Hydra Coach, Inc., Lifefuels, Inc., among others.