Strong Economic Developments will Provide an Impetus to Growth of the US$ 5.0 Billion Smart Clothing Market
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Another factor that could enhance the rise of the global smart clothing market is the increase in investment of sports associations in smart clothing. The global smart clothing market is forecast to benefit from increasing competition with fitness tracker manufacturers.
The global smart clothing market is envisioned to gain traction in various industries such as transportation, education, medicine, hospitality, and public safety. Smart clothing is used in corporate uniforms for different purposes.
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Moreover, its wider range of benefits compared to fitness trackers could further push the demand in the global smart clothing market. Rising number of incidences of hospital staff injuries and need for remote patient monitoring are also expected to increase the demand in the global smart clothing market.
Collaboration of smart clothing manufacturers with innovative technology companies could propel the growth of the global market in the foreseeable future.
In the corporate world, smart clothing could help increase productivity as it enables better communication between specialists and their teams. Today, smart clothing is offered in a more fashionable, comfortable, and functional way to consumers. This could promise lucrative growth to the global smart clothing market as sales increase in the near future.
Fact.MR envisages the global smart clothing market to achieve a valuation of US$5.0 bn by the end of 2022. By application, the global smart clothing market is divided into two segments, viz. embedded and attached electronics.
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Among these segments, attached electronics could rank higher in the global smart clothing market as it obtains a valuation of US$2.5 bn by the end of the forecast period 2017-2022.
On the basis of technology, the global smart clothing market is bifurcated into ultra, active, and passive smart textiles. According to Fact.MR analysts, passive smart textiles could take command over the global smart clothing market. Ultra-smart textiles, on the other hand, are foreseen to tread upon the heels of passive smart textiles in the coming years.
By industry vertical, the global smart clothing market is segmented into healthcare, industrial, military, and athletic smart clothing. Expected to secure more than a fourth of the total share of the global smart clothing market, healthcare smart clothing could show dominance during the course of the forecast period.
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As per type of product, the global smart clothing market is classified into several segments, i.e. socks, insoles, pants, jackets, shirts, dresses, suits, scarfs, bras, and shoes. Among these, shirts are predicted to gain a larger amount of sales in the global smart clothing market. Users can boost their efficiency with the help of the data acquired by smart shirts, which includes perspiration rate, heart rate, and muscle engagement.
The shirts segment could be trailed by shoes in terms of market lucrativeness. Posting similar CAGRs during the said forecast period, suits and bras are foretold to show faster sales in the global smart clothing market.
Regionally, North America is prophesied to take the driver’s seat of the global smart clothing market. By the end of 2022, the developed region could collect revenue worth a US$1.8 bn in the global smart clothing market.
However, APEJ is prognosticated to exhibit quicker growth in the global smart clothing market. The APEJ smart clothing market could bank on the advent of startups and improvisation in knowledge sharing to obtain growth in the near future.
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