A recently published report by Fact.MR reveals that the global smart clothing market is projected to grow at a modest CAGR of 25% during the forecast period (2021-2031), expected to reach US$ 23.28 Bn in value by the end of the said forecast period.
Historical estimates point out that the market enjoyed robust growth, clocking a CAGR of 10% from 2016-2020, at the end of which it was valued at over US$ 2 Bn. The global smart clothing market is envisioned to gain traction in various industries such as transportation, education, medicine, hospitality, and public safety. Smart clothing is used in corporate uniforms for different purposes.
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In the corporate world, smart clothing could help increase productivity as it enables better communication between specialists and their teams. Today, smart clothing is offered in a more fashionable, comfortable, and functional way to consumers. Additionally, rising emphasis on sporting activities has prompted an increase in smart apparel sales, with a view to streamline sports performance and monitor fitness levels.
Key Takeaways from the Market Study
- Fact.MR projects the market to surpass US$ 7.63 Bn by the end of 2026.
- Attached electronics projected to touch a valuation of US$ 2.5 Bn by 2022
- Healthcare smart clothing is expected to secure nearly 30% of the total share of the global market
- Sales of smart shirts to soar at a CAGR of 14% from 2021 to 2031, by product type
- North America, by the end of 2022, to yield revenue worth US$ 1.8 Bn, expanding at 10% CAGR by 2031
- Asia to emerge as the fastest growing market, registering a CAGR of 14% through 2031
- Europe to register an expansion rate of 12% in value CAGR terms, from 2021 to 2031
“As consumers become health conscious, they are seeking out various approaches to remain fit, indulging in outdoor exercises and sports, which is spurring demand for smart clothing, besides their requirement in the healthcare sector,” comments the Fact.MR analyst.
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Competitive Landscape
A rising number of partnerships in the global smart clothing industry is expected to introduce more fashionable, comfortable, and functional products, broadening outreach of prominent players. Some notable developments are as follows:
- Sensoria Inc., for instance, has been partnering with MYZONE to deliver comfortable and accurate heart rate monitoring garments since the past 5 years, with some of the first products being the Sensoria T-Shirt and MYZONE Powered Sports Bra respectively
- In December 2017, TexRey Industrial Co. Ltd. launched the new multi-bio monitoring smart apparel in the Yi-Deng Nursing Center. With this product launch, the center is able to enhance surveillance and monitoring of hospitalized patients by collecting their personal bio-data, making long-term care permissible
More Insights Available
In its latest report, Fact.MR offers an unbiased analysis of the smart clothing market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031.
In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product type (socks, insoles, pants, jackets, shirts, dresses, suits, scarfs, bras, and shoes), application (embedded electronics and attached electronics), technology (ultra, active and passive), and industry vertical (healthcare, industrial, military, and athletic smart clothing), across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa).
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The report covers following Smart clothing Market insights and assessment that are helpful for all participants involved in the Smart clothing market:
- Data on recently introduced regulations and their impact on key industries and on demand Smart clothing Market
- Latest industry Analysis on Smart clothing Market, with key analysis of market drivers, trends, and influencing factors
- Key trends Analysis of Smart clothing Market and changing consumer preferences in major industries.
- Changing Smart clothing demand and consumption of diverse products
- Major trends underlining funding by key investors in numerous countries
- New investment opportunities in diverse technology and product or service types
- Comprehensive data and Competitive analysis of Smart clothing major players
- Smart clothing Market sales in US will grow at a steady pace, driven by growing consumer confidence and economic recovery
- Smart clothing demand forecast in Europe remains stable, as many countries such as UK, France, and Germany focus on boosting growth
Key Questions in Smart clothing Market Research Report:
- What are the current scenarios and key trends in Smart clothing Market Industry?
- What key strategies are companies adopting to grow their consumer base?
- What are the key categories and future potential of Smart clothing Market?
- What are the key Smart clothing Market drivers and what are their projected impacts in the short, medium and long term?
- What is the size of the Smart clothing Market and what are the opportunities for the key players?
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