(MENAFN - America News Hour) Kenneth Research has recently added a report titled Global Smart Water Bottle market in its storehouse of market research reports. The report provides a detailed insight into the market scenario on the basis of the market size and volume for the forecast period, i.e., 2021-2024. Global Smart Water Bottle market is further anticipated to grow with a CAGR of 15.2% during the forecast period. Factors such as the growing advancements in the development of novel drugs, coupled with the growing health infrastructure in several nations worldwide are anticipated to drive the growth of the market in the coming years. Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth. According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also anticipated to drive the market growth during the forecast period.
Smart Water Bottle Market Overview
Smart water bottle is a bottle which is used to update the consumer on the level of hydration in the body. It collects and tracks different information from the user such as weight, age etc. and tracks the time and amount of water intake by the user. Further, based on the information collected, a smart water bottle tracks the amount of water drunk by the user and automatically reminds the user to drink the water before body gets dehydrated.
Smart water bottle can detect the surrounding environment, such as the temperature and whether it's night or day time. The water bottle connects to the water app that can sync with most major fitness trackers and can track things like daily hydration habits.
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Market Size and Forecast
The global smart water bottle market is expected to grow at a CAGR of 15.2% over the forecast period i.e. 2017-2024. Further, smart water bottle market is anticipated to reach USD 238 Million globally by 2024. The smart water bottle is likely to witness high demand owing to the rising concerns among people regarding fitness, weight loss and health. Moreover, rising per capita income and increasing adoption of advanced technologies is anticipated to foster the growth of smart water bottle market globally.
'Final Report will add the analysis of the impact of COVID-19 on this industry.'
Geographically, North America and Europe are the two largest markets for smart water bottles. North America is the dominant market for smart water bottles and likely to grow at a tremendous pace over the forecast period. Further, increasing concern related to healthcare and inclination in fitness activities in this region is envisioned to bolster the growth of smart water bottle market. U.S. is anticipated to account for the highest market share in this region by the end of 2024.
North America region stood at first position in the total revenue of smart water bottles market in 2016 followed by it, Europe and Asia-Pacific captured second and third position in the same year. Europe secured the second largest market share in smart water bottle market in the same year. Further, easy acceptance of newer and advanced technology in this region is expected to flourish the growth of smart water bottle market. Asia-pacific region is expected to witness a stupendous growth over the forecast period owing to rising disposable income of the population in this region. Further, China, India, and Japan are envisioned to capture the largest market share during the forecast period.
The major key players for smart water bottle market are as follows
Growth Drivers and Challenges
Growing healthcare awareness and increasing per capita income across the globe have increased the demand for smart water bottle among health conscious consumers. Rapid urbanization is leading to more health and fitness conscious consumers which are anticipated to impel the growth of the smart water bottle market. Further, early adoption of new technology and high purchasing power of consumers in developed nations is envisioned to bolster the smart water bottle market.
Moreover, rising disposable income and upgradation in the living standard of people is anticipated to be the dynamic factor behind the growth of smart water bottle market. In addition, this growth is attributed towards enhanced customer experience and technological advancement in fitness related products. This factor is likely to drive the growth of global smart water bottle market.
However, limited battery life of smart water bottles is expected to dampen to growth of global smart water bottle market. Moreover, high cost associated with smart water bottles is expected to hinder the growth of this market.
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Our in-depth analysis segmented the global smart water bottle market in the following segments:
Inbuilt smart water bottle
Hardware smart water bottle
By Distribution Channel
Global smart water bottle market is further classified on the basis of region as follows:
North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
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