Smart bottles, the technologically advanced bottles that encompass wireless communication capabilities for connecting with computing devices such as smartphones or wearables and an artificial memory that helps provide alerts through display or sound system, are one of the most popular products in the world’s technology-obsessed circles. With applications presently spanning across the drinking water, pharmaceutical, and alcoholic beverages sectors, smart bottles are increasingly gaining traction and are observing vast developments in terms of innovation and technology advances.
Transparency Market Research estimates that the global smart bottle market, which was pegged at US$88.6 mn in 2016, will reach US$258.8 mn by 2024, registering a CAGR of 14.3% between 2016 and 2024.
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Water Bottles to Remain Most Promising Application for Smart Bottles
On the basis of application, the global smart bottle market has been segmented in the report into water bottle, pharmaceutical bottle, alcoholic beverage bottle and other bottle. Of these, the segment of water bottles is presently the leading revenue contributing application segment in the global smart bottle market, accounting for a massive 56.4% of the overall market in 2016. The segment is expected to continue to tread along an excellent growth path over the report’s forecast period, gaining a notable rise in its share global market by the end of the forecast period.
The segment of pharmaceutical bottles, presently holding the second position in the global smart bottle market in terms of revenue contribution, is expected to exhibit a promising 13.0% CAGR over the forecast period and retain its position. The segment is, however, expected to lose its share in the global market by the end of the forecast period. Other application segments are also expected to lose share in the global market by the end of the forecast period, with the segment of water bottles capturing the market.
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North America Market to Remain Top-gaining Regional Market for Smart Bottles
North America is the prominent region and holds the dominant share in the global smart bottle market, due to strong technology embedded manufacturing capabilities in the region. The region is also expected to lead the global market in terms of overall revenue contribution and rate of growth over the report’s forecast period. The market in APAC region is expected to emerge as one of the most promising avenues for the smart bottles market. The region is expected to attract investments from smart bottle manufacturers particularly targeting the growth opportunities arising from the thriving e-commerce industry. The APAC smart bottle market is expected to constitute the third-largest share in the global market by 2024 with a drop of 240 bps over the forecast period.
The Europe market for smart bottle is expected to expand at a CAGR of 13.8% with sales particularly concentrated in Germany and U.K. regions. Spain and Italy markets are expected to witness healthy growth rate due to presence of considerable number of smart bottle packaging manufacturers. Latin America market for smart bottle constituted 7.1% of the global market in 2015 and is expected to register growth at a moderate pace over the report’s forecast period. The Middle East and Africa (MEA) smart bottle market is also expected to exhibit a sluggish CAGR of 8.4% over the forecast period.
Some of the leading players operating in the global smart bottle market are Hidrate Inc., Myhydrate, Kuvee, Inc., Thermos LLC, Adheretech Inc. Sippo, Trago, Inc, Spritz, Hydrasmart, and Ecomo Inc.
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