DUBLIN, March 27, 2020 /PRNewswire/ -- The "Smart Fabrics Market - Growth, Trends, and Forecast (2020-2025)" report has been added to ResearchAndMarkets.com's offering.
The smart fabrics market was valued at USD 2.16 billion in 2019 and is expected to reach USD 5.93 billion by 2025, at a CAGR of 19.89% over the forecast period 2020-2025. The trend of using miniaturised electronics in the fabrics will drive the market.
Smart fabrics and interactive textiles activities include personal health management through integration, validation, and use of smart clothing and other networked mobile devices. The activities also include projects targeting the integration of sensors/ actuators, energy sources, processing and communication within the clothes to enable personal applications, such as safety, protection, and emergency, and healthcare. For instance, the collaboration of Google and jeans maker Levi Strauss & Co. for smart fabrics in apparel witnessed the launch of Project Jacquard, to incorporate touch-sensitive yarns into clothing.
The high cost related with the manufacturing of smart fabric, which eventually increases the cost of the final end-user product, is one of the major factors expected to restrain the growth of the market over the forecast period.
However, the growing demand for smart wearables and the increasing adoption of these smart wearable devices across various end-user industries are the major factors driving the growth of the smart fabric market.
Application in Sports & Fitness to Drive the Market Growth
- The application of smart fabrics in the sports and fitness industry has an overlap with the healthcare industry, as both the industries measure similar features, though the sports and fitness industry is not required to go through regulatory issues since the products are not categorized as medical products. Wearable technology has always been concerned with computer academia and industry.
- This is leading to their quick development and higher penetration in the market, by applications of smart fabrics in t-shirts, bodies, shoes, jackets, sports bras, and other sportswear.
- For example, international technological giants, such as Google and Apple, have drastically increased their investments on wearable technology, extending into the fashion design field.
- For instance, Nike and Google together launched a new gym shoe that can track real-time footprints of a user from Google Earth. Wearing this pair of shoes can check movement routes at any time, and gather massive motion data which can be used for analysis.
North America to Account for a Significant Market Share
- North America is expected to hold a prominent share in the smart fabrics market, with the United States accounting for the major share in the region. Connected wearable products have been gaining significant traction in the region and have been around in various forms, such as fitness bands, smart watches, and smart glasses, among various others.
- According to the Consumer Technology Association, in 2018, around 46.1 million wearable devices were forecasted to be shipped in the United States. Thus, increasing adoption of wearable electronics devices is expected to open new avenues for the smart fabrics market in the region as they offer significant enhancements to human comfort, health and well-being.
- International technology giants, such as Google and Microsoft have increased their investments into wearable technology, extending into the fashion design field. For instance, Microsoft has been working on a smart scarf that will notify users on various things by vibrating and heating up. The scarf can ideally be used to soothe those with disorders, such as autism that have trouble maintaining control of their feelings.
The major players include AIQ Smart Clothing, Inc., Interactive Wear AG, Ohmatex, Nike, Schoeller Textil AG, Sensoria, Inc., and Textronics, Inc., among others. The market is fragmented because there is high competition among major players. The companies are trying to come up with innovative ideas for better smart fabric products, to stand out in the market which is creating competition among major players. Therefore, the market concentration will be low.
Key Topics Covered
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Growth in Wearable Electronics Industry
4.3.2 Miniaturization of Electronics
4.4 Market Restraints
4.4.1 Lack of Regulations and Exhaustive Standards
4.5 Industry Value Chain Analysis
4.6 Industry Attractiveness - Porter's Five Force Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers/Consumers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitute Products
4.6.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Type
5.1.1 Passive Smart Fabrics
5.1.2 Active Fabrics
5.1.3 Ultra-smart Fabrics
5.2 By Application
5.2.1 Fashion and Entertainment
5.2.2 Sports and Fitness
5.2.5 Protection and Military
5.3.1 North America
5.3.4 Rest of the World
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 AIQ Smart Clothing Inc.
6.1.2 Adidas AG
6.1.3 NIKE Inc.
6.1.4 ThermoSoft International Corporation
6.1.5 Kolon Industries Inc.
6.1.6 Interactive Wear AG
6.1.8 Schoeller Textil AG
6.1.9 Sensoria Inc.
6.1.10 OTEX Specialty Narrow Fabrics Inc.
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/5i4b3v
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