The global smart bottles market is at a very nascent stage and is seen to be highly fragmented and largely dynamic. The global market is influenced by technologically advanced features of connectivity and innovative products. Leading players in the global market for smart bottles such as Thermos LLC, Spiritz, Adheretech Inc., and Myhydrate each accounted for less than 5% of the all-round revenue generated by the market across the globe in 2016.
Domestic and regional players have projected to witness vast opportunities of growth in regional areas on account of less strict regulations and rules associated to features and quality included in products compulsory for sale. Manufacturing of cheaper products with new features are expected to give an edge to regional players as compared to the global ones who pay more sums for the research and development of products.
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Global players could take advantage from associations, mergers with other leading companies in the domains of fitness and health and technology. In a recent development, a strategic association between Fitbit Inc. and Thermos LLC. The new hydration connected bottle of Thermos LLC, introduced in October 2015, works with Fitbit to keep a track of water intake to sustain the overall health and energy of the consumer.
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The global market for smart bottles stood at an overall valuation of US$88.8 mn in the year 2016. This valuation is expected to grow and reach a figure worth US258.8 mn by the end of 2024. This growth of the global market for smart bottles in terms of value is expected to be achieved with the help of strong CAGR of 14.3% over the course of the given forecast period of 2016 to 2024.
With respect to the prominent application areas of smart bottles such as water bottles, alcoholic beverage bottle, and pharmaceutical bottles, the segment of water bottles is currently leading contributor of revenue in the market across the globe. The segment accounted for more than 56% of the global market in 2016 and is projected to experience a significant rise in its overall share by the fall of the given forecast period in 2024. However, other segments are projected to experience losses in their respective share in the market.
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With respect geography, the global market for smart bottles is expected to be led by Europe and North America. Of these, the North America market is expected to show an impressive CAGR of 16.4% over the course of the given forecast period of 2016 to 2024.