Global Smart Clothing Market to Grow at a Staggering CAGR of 19.2% Through 2032 | Medical Industry to Offer Lucrative Revenue Opportunity, Says Extrapolate
Fashion - TREND MAG originally published at Fashion - TREND MAG
DUBAI, UAE, April 4, 2023 /PRNewswire/ — As per a recent research report published by Extrapolate, the global Smart Clothing Market size was valued at around USD 1.9 billion in 2022 and is anticipated to reach USD 9.2 billion by 2032 at a CAGR of 19.2% between 2023 and 2032.
Over the past few years, the smart clothing market has witnessed unprecedented growth, primarily driven by the increasing adoption of wearable technology and rising awareness about fitness and healthy lifestyles.
Some of the prominent smart clothing products are smart t-shirts, watches, bras, and shoes, which are used in various applications, including sports and fitness, healthcare, the military, and fashion. As per Extrapolate study, the market’s future outlook looks bright on account of ongoing advancements in sensor technology, wireless connectivity, and the internet of things (IoT).
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The report comprehensively explains the market size, projected growth, and competitive landscape, including key players and product offerings. It also covers the latest trends and innovations in the industry, enabling buyers to stay up-to-date on the latest developments. With regional analysis included, the report provides insights into the market dynamics in specific regions. In short, the report can help buyers navigate the dynamic and rapidly evolving smart clothing market, empowering them to make informed decisions about their growth strategies.
Key Takeaways in Smart Clothing Market
- More clothing is being made from digital fabrics, such as smart textiles embedded with sensors that can connect to smartphones.
- Most companies are exploring new ways to add additional functions to textiles, including the use of metallic, optical fibers, and conductive polymers to allow sensory capabilities, electrical conductivity, and data tracking
- Researchers from the University of Bath in the UK, Max Planck Institute of Polymer Research in Germany, and the University of Coimbra in Portugal collaborated in 2021 to create nylon fibers capable of generating electricity through body movements.
- In 2021, Apple won 2 smart fabric patents, which is likely to be used in smart clothing and wearables
- Currently, AI is mainly limited to virtual fitness coaching systems. For example, Sensoria is a startup that provides an AI-powered in-app coach to help users of their smart t-shirts enhance their running performance by analyzing performance metrics derived from garment-generated data.
Revenue Opportunity in Smart Clothing Market
Smart clothing market is still evolving and is at an early stage. However, it offers a lucrative opportunity to generate substantial revenue, particularly within the health and fitness sector. As more individuals are increasingly spending on buying smart devices for monitoring their health and fitness, companies producing smart clothing can tap into this market by offering garments that track vital biometrics such as heart rate, activity levels, and respiration rates.
Moreover, the medical industry presents another substantial revenue opportunity, as smart clothing can be utilized for remote patient monitoring. This could lead to more personalized care and potentially reduce healthcare expenses. As technology continues to progress, smart clothing is anticipated to become more integrated into daily life, paving the way for additional opportunities for revenue growth.
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Market Segmentation by Textile Product:
- Active Smart
- Passive Smart
- Ultra Smart
Based on fabric type, the active smart segment has generated the highest revenue in the smart clothing market. Active smart fabrics have integrated sensors, actuators, or other electronic components, which allow the clothing to react and adapt to external stimuli, such as temperature, pressure, or moisture changes. These fabrics are used in various applications, including fitness, health monitoring, sports performance, and safety. The segment is expected to continue growing as technology advances and the adoption of smart clothing becomes more widespread across different industries and consumer segments.
Market Segmentation by Distribution Channel:
Based on the distribution channel, the online segment is projected to keep dominating the global smart clothing market in future years. This trend is driven by several factors, including the increasing popularity of e-commerce platforms, the convenience of online shopping, and the availability of a wide range of products online. In addition, most of the leading providers of smart clothing are finding it difficult to cater to consumers through offline channels as the demand for these products is very limited as compared to traditional textiles. In line with this, they prefer expanding their online presence to tap into this growing market and capture consumers across.
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As per Extrapolate’s study, North America has a well-developed and advanced technology infrastructure, which is essential for the development of the smart clothing market. This region houses some of the most prominent and innovative technology companies, such as Apple and Google, and their presence helps to drive innovation forward. Furthermore, consumers in the region are tech-centric, and the high level of digital literacy makes them more likely to be attracted to smart clothing.
The European market is rapidly growing, primarily driven by factors such as the increasing adoption of wearable technology, fitness tracking, and health monitoring devices, and the availability of innovative products. As per our findings, the regional market is highly competitive as many players focus on developing new and innovative products that can meet the evolving needs of consumers.
Top Start-ups in Smart Clothing Market
- Sensoria: Specializes in smart clothing for athletes, including sensor-embedded socks, sports bras, and t-shirts to track fitness and vital signs.
- Athos: Creates smart workout clothing with embedded sensors that record muscle activation, heart rate, and other metrics to optimize workouts.
- Hexoskin: Specializes in smart biometric clothing to track heart rate, breathing, and other vital signs for fitness, healthcare, and research.
- Lumo Bodytech: Develops smart clothing and technology to analyze and correct posture, including smart running sensors, a wearable coach, and posture-correcting smart shirts.
Top Players in the Global Smart Clothing Market
- AiQ Smart Clothing
- APEX MILLS
- Celanese Corporation
- Kolon Industries, Inc.
- Loomia Technologies Inc
- Sefar AG
- TexRay Industrial Co., Ltd.
- Toray Industries, Inc.
- ZSK Stickmaschinen GmbH
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Table of Content:
Chapter 1 Executive Summary
Chapter 2 Research Methodology
Chapter 3 Market Outlook
Chapter 4 COVID-19 Impact on Smart Clothing Market
Chapter 5 Global Smart Clothing Market Overview, By Product, 2018 – 2032 (USD Million)
Chapter 6 Global Smart Clothing Market Overview, By Fabric Type, 2018 – 2032 (USD Million)
Chapter 7 Global Smart Clothing Market Overview, By Application, 2018 – 2032 (USD Million)
Chapter 8 Global Smart Clothing Market Overview, By Distribution Channel, 2018 – 2032 (USD Million)
Chapter 9 Global Smart Clothing Market Overview, By Geography, 2018 – 2032 (USD Million)
Chapter 10 North America Smart Clothing Market Overview, By Countries, 2018 – 2032 (USD Million)
Chapter 15 Competitive Landscape
Chapter 16 Key Vendor Analysis
Chapter 17 Sourcing Strategy and Downstream Buyers
Chapter 18 Marketing Strategy Analysis, Distributors/Traders
Extrapolate is a Global Market Research, Advisory, and Consulting firm that works closely with Industry experts from various industries to bring the latest and most accurate research reports.
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Fashion - TREND MAG originally published at Fashion - TREND MAG