The global smart clothing market through 2032, registering an impressive valuation of US$ 23.28 Billion. By 2026, the market is projected to reach US$ 7.63 Billion, amid extensive uptake by professional sportspersons and the healthcare industry, the latter of which is expected to be an important beneficiary, accounting for 30% revenue.
As per Fact.MR – market research and competitive intelligence provider, during the historic period of 2017 to 2021, the market expanded at an impressive 10% CAGR and registered nearly US$ 2 Billion by 2021. The need to avoid sports injuries and improve the performance of athletes could cause a surge in the growth of the global market. Furthermore, an increase in the contract cost of athletes is also anticipated to improve the demand in the global market for smart clothing.
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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 2022 to 2032, by product type
- North America, by the end of 2022, to yield revenue worth US$ 1.8 Bn, expanding at 10% CAGR by 2032
- Asia to emerge as the fastest growing market, registering a CAGR of 14% through 2032
- Europe to register an expansion rate of 12% in value CAGR terms, from 2022 to 2032
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.
Competitive landscape:
Key players in the smart clothing market are Xenoma, Digitsole, B10NIX and Vitali Wear
- Xenoma, a Tokyo-based smart clothing start-up, is focusing on specializing in system integration using smart apparel. The company is integrating stretchable electronics technology Printed Circuit Fabric (PCF) that consists of sensor calibration and magnetometer-free motion. This captures algorithms and combines it with Xenoma’s e-skin smart apparel.
- B10NIX, an Italy-based start-up, is focusing on strengthening communication between users and machines with a focus on wearable devices and the Internet of Things (IoT).
Market Competition:
Key players in the smart clothing market are Sensoria Inc., OMsignal Inc., CuteCircuit Ltd., Carre Technologies Inc., MAD Apparel Inc., Wearable X, Medtronic Plc., Tex-Ray Industrial Co. Ltd., Sensatex Inc. and Noble Biomaterials Inc.
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
Key Segments Profiled in the Smart Clothing Market Industry Survey:
- By Product Type :
- Smart Socks
- Smart Insoles
- Smart Pants
- Smart Jackets
- Smart Shirts
- Smart Dresses
- Smart Suits
- Smart Scarves
- Smart Bras
- Smart Shoes
- By Application :
- Embedded Electronics Smart Clothing
- Attached Electronics Smart Clothing
- By Technology :
- Ultra-Smart Clothing
- Passive Smart Clothing
- Active Smart Clothing
- By Industry Vertical :
- Healthcare
- Industrial
- Military
- Athletic
- By Region :
- North America
- Latin America
- Europe
- APEJ
- Japan
- Middle East & Africa
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How will be insights and market estimations provided in the Fact.MR report on the Demand of Smart Clothing make a difference?
- The study takes a closer look at the major economic turmoil, with a focus on the recent COVID-19 pandemic disruptions
- The assessment of key growth dynamics highlights the attractiveness of new automation technologies and offers readers insight on the prospect of these during the forecast period
- The study tries to offer a balance perspective of the opportunities in mature and the most lackluster markets
- Provides scrutiny of the industry trends that have shaped recent government policies
- Provides an account of major breakthroughs in all segments that might change the course of the market considerably
- Provides an incisive analysis of socio-political milieu in which the key markets operate, and how will that influence the lucrativeness of the overall Smart Clothing Market
- Analyzes how collaborations and partnerships among players from different industries shape the key growth dynamics in the near future
- Evaluates the role of various stages of funding on new growth avenues in key regional markets
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