Between 2021 and 2031, the global smart water bottle market is estimated to increase at a CAGR of 11%. The smart water bottle industry is expected to rise rapidly as people become more concerned about their health and appearance.
Customers are increasingly prepared to pay more for smart fitness equipment, therefore market demand will continue to rise. In light of this, Future Market Insights (FMI) predicts that sales of smart water bottles would increase by 10% year over year in 2021.
According to the survey, the smart water bottle market accounts for roughly 3% to 5% of the reusable water bottle market.
2021-2031 Smart Water Bottle Market Outlook in Comparison to Sales Registered in 2016-2020
Smart water bottles have grown in popularity over the years since they can link wirelessly to other smart electronic devices, such as a smartwatch or a smartphone, and therefore readily communicate data about water consumption and warn the user by sound or display. The smart water bottle market is expected to grow at an 11 percent CAGR between 2021 and 2031, according to FMI.
Increased disposable income and improved customer experience are pushing health-conscious customers to accept smart water bottles. Furthermore, the smart bottle market is being driven internationally by advancements in sensor technology, advanced product offerings from suppliers, and increased GDP per capita.
What is the Impact of the COVID-19 Crisis on the Smart Bottle Market?
The onset of COVID-19 forced the postponement of events around the world, and individual movement in commercial sectors was temporarily forbidden, as mandated by regional governments. Furthermore, due to the ban on imports and export between countries, there was a lack of material for production across industries, causing operations in the manufacturing sector to be hampered.
Smart Water Bottle Market Competitive Landscape
Companies in the worldwide smart water bottle market are attempting to diversify their product portfolio by offering customers new designs, lightweight smart water bottles, and high-efficiency smart water bottles. They’re also putting money into product development R&D. Consider the following example:
- In 2021, Aptar Food + Beverage will collaborate with REBO to produce a Smart Reusable Water Bottle that will employ technology to keep people hydrated while also collecting discarded plastic bottles that would otherwise wind up in the environment.
In 2021, Bothell- released a new generation of water bottles with a flashing flashlight that reminds users to drink and keeps track of how much more water they need throughout the day.