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.
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.