Smart Clothing Market Forecast will Surpass US$ 5,000 Mn by 2022
A recent study by Fact.MR projects the global smart clothing market to exhibit a moderate CAGR during the forecast period 2017 to 2022. Global smart clothing market is expected to reach approximately US$ 5,000 Mn in revenues by 2022-end.
With the hike in contract prices of athletes, sports associations are making huge investments on smart products, such as smart clothing products, to eliminate the slightest possibility of injury. Over the recent past, professional athletes are adopting smart clothing products, with an aim to prevent potential injuries, and optimize their level of performance. In addition, increasing instances of hospital staff injuries have fuelled the requirement for remote patient monitoring. Competition with fitness trackers is emerging as a new trend in the global smart clothing market. Smart clothing offers more benefits than wrist bands. For example, comparatively more accurate measurements are rendered by smart clothing, when it comes to measurement of foot landing, muscle activity, and stride length & rate. Both fashion and fitness smart clothing manufacturers are collaborating with innovative technological companies, in a bid to make smart clothing fashionable, functional, and more comfortable, as well as provide higher performance. The aforementioned factors will drive growth of the market in the upcoming years.
Adoption of smart clothing is gaining popularity in corporate uniform, which is worn in fields such as public safety, hospitality, medicine, education, and transportation. Smart corporate uniforms enable communication between specialists and their respective teams, which in turn fuels productivity. However, high costs of products associated with smart clothing, and lack of awareness about use of smart clothing among individuals are factors impacting growth of the market. These high prices can be mainly attributed to various sensors integrated into smart clothing for monitoring physical activities, and soaring costs of conductive fabric that is used for manufacturing.
9 Key Takeaways from Fact.MR’s Report on Global Smart Clothing Market
- Passive smart textile technology will continue to be sought-after in the market, followed by the ultra-smart textile technology.
- Smart clothing will find the largest application in attached electronics segment, with sales expected to exceed US$ 2,500 Mn in revenues by 2022-end.
- By industry vertical, sales of smart clothing in healthcare sector will hold more than one-fourth market revenue share, and healthcare segment will remain dominant in the global smart clothing market.
- Shirts will remain preferred product in the market, owing to the highly efficient data provision regarding perspiration rate, muscle engagement, and heart rate. Revenues from sales of shirts will account for the largest share of the market, during 2017 to 2022.
- Shoes will continue to be the second largest product segment in the global smart clothing market.
- Bras, and suits are estimated to register the fastest expansion at similar CAGRs through 2022, based on product type.
- Advent of small startups, coupled with improvising in knowledge sharing will fuel growth of the smart clothing market in Asia-Pacific excluding Japan (APEJ). The market in APEJ is projected to exhibit the fastest expansion through 2022.
- North America will continue to be the most lucrative market for smart clothing, with revenues expected to reach nearly US$ 1,800 Mn by 2022-end.
- Key players in the global smart clothing market include Noble Biomaterials, Inc., Sensatex, Tex-Ray Industrial Co. Ltd., Medtronic plc, Wearable X, MAD Apparel Inc., Carre Technologies Inc., CuteCircuit Ltd., OMsignal Inc., and Sensoria Inc.
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