Smart clothing market to grow at CAGR of 26.2% from 2019 to 2024
NEW YORK, Nov. 25, 2019 /PRNewswire/ --
Smart clothing market to grow at CAGR of 26.2% from 2019 to 2024.
The smart clothing market is likely to grow from USD 1.6 billion in 2019 to USD 5.3 billion by 2024, at a CAGR of 26.2%. The growth of this market is driven mainly by factors such as rising demand for monitoring bodily activities through sensors and increasing the adoption of smart clothes for various end-user industries. Growing awareness about the need for sports & fitness is expected to create significant growth opportunities for players in the smart clothing market during the forecast period. However, the high cost of products restrains the growth of the market.
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Upper wear product type to hold a significant share of the smart clothing market by 2024.
High demand for upper wear product types in various end-user industries provides opportunities for the growth of the smart clothing market.Smart shirts and bodysuits provide biometric data, such as pulse rate, temperature, muscle stretch, heart rhythm, and physical movement.
This data is transmitted via Bluetooth to an app in real-time. Hence, increasing demand for the upper wear product type used in various end-user industries for multiple purposes is expected to provide ample opportunities for the smart clothing market.
Military & defense to hold a significant share of the smart clothing market by 2024
The smart clothing market for military & defense accounted for the largest share in 2018.Smart clothing has become a key component in the creation of new military uniforms designed to improve the health of the soldier while providing field insight.
Smart clothing provides wound detection and protection against injuries, and facilitate health and stress monitoring. Smart clothing solutions for the military are being funded by governments in various countries.
North America to be the largest shareholder in smart clothing market by 2024
North America is expected to hold the largest share of the smart clothing market during the forecast period.The reason for this market dominance is the increasing demand in the region for smart clothing in industries, such as military & defense; healthcare; sports & fitness; and fashion & entertainment.
Another important factor is the increase in technological innovations and advancements, which has led to the introduction of new products. The use of smart clothing is rising continuously in the US, with the increasing demand for fitness wear and health & wellness monitoring applications.
Breakdown of the profiles of primary participants:
• By Company Type: Tier 1 = 23%, Tier 2 = 35%, and Tier 3 = 42%
• By Designation: C-Level Executives = 33%, Directors = 42%, and Others = 25%
• By Region: North America = 32%, Europe = 17%, APAC = 43%, and RoW = 8%
Key players profiled in this report are as follows:
• AiQ Smart Clothing (Taiwan)
• Athos (US)
• Carre Technologies (Canada)
• Sensoria (US)
• Clothing Plus (Finland)
• Cityzen Sciences (France)
• Vulpes Electronics (Japan)
• DuPont (US)
• Werable X (US)
• Applycon (Czech Republic)
• Toray Industries (Japan)
• Myontec (Finland)
• Myzone (US)
• Siren (US)
• Owlet (US)
Research Coverage
This report offers detailed insights into the smart clothing market, segmented based on textile type, product type, end-user industry, and region.Based on textile type, the market is segmented into active smart, passive smart, and ultra-smart.
Based on product type, the market is segmented into upper wear, lower wear, innerwear, and others.Based on end-user industry, the market is segmented into military & defense, sports & fitness, fashion & entertainment, healthcare, mining, and others.
The study also forecasts the size of the market segmented based on region—North America, Europe, APAC, and RoW.
Reasons to buy the report
The report would help market leaders/new entrants in the smart clothing market in the following ways:
1. This report segments the smart clothing market comprehensively and provides the closest approximation of the overall, as well as segment-based, market size across different textile type, product type, end-user industry, and regions.
2. The report would help stakeholders understand the pulse of the market and provide them with information on key drivers, restraints, challenges, and opportunities for the growth of the market.
3. This report would help stakeholders understand their competitors better and gain more insights to enhance their position in the business. The competitive landscape section includes competitor ecosystem, along with the product launches and developments; collaboration and partnerships strategies implemented by key players in the market.
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