Smart And Interactive Textiles Market trends research and projections for 2018 - 2024
The rapidly changing consumer trends toward comfort and luxury, their rising disposable incomes, and the subsequently high purchase parity are key factors that are slated to augment the expansion of smart and interactive textiles industry over the coming years. As per reliable estimates, global smart and interactive textiles market is anticipated to cross a valuation of USD 6.5 billion by 2024, with a CAGR projection of 14% over 2016-2024.
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Attesting to the fact that Europe encompasses the advanced automobile pioneers such as Germany, the demand for smart fabrics for high-tech vehicles is particularly high in the region. Rising concerns regarding passenger safety and shifting consumer demand with regards to comfortable seating and vehicle customization will propel Europe smart and interactive textiles industry over the coming years. Europe held more than 35% of the overall industry share in 2015.
However, it is forecast that the region will lose its share to North America and APAC and will account for merely 20% of smart and interactive textiles market by 2024, owing to the fact that these continents project a wider application scope for smart fabrics.
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Speaking of which, smart textiles find massive applications in the retail & consumer, household, healthcare, industrial, transportation, space research, and military sectors. These fabrics provide aesthetics and safety at the same time, owing to which they are used in automobiles, railway coaches, ships, and aircrafts. Back in 2015, smart and interactive textiles market registered a revenue of more than USD 750 million from the transportations sector. The rising need to enhance the mechanical features of transportation vehicles and the huge demand for light weight functional components to increase the fuel efficiency will double the revenue of smart and interactive textiles industry from the transportation sector, slated to cross a valuation of USD 1.5 billion by 2024.
This segment is anticipated to garner widespread popularity across the APAC belt, due to the rising development of the industrial and automotive sectors. APAC smart and interactive textiles market, augmented by the immense contribution from China, India, and South Korea, is forecast to register a CAGR of 20% over 2016-2024.
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Another segment that is likely to record massive gains across this region is the sports sector. The rising number of sporting events has led to a commendable surge in the number of sport personalities. This has, in turn, has ushered a plethora of opportunities for smart and interactive textiles industry players, as sportspersons require smart fabrics and wearable electronics that helps them record their vital signs, heart rate, blood pressure, concussion, and other activities.
Of late, sport apparel is being embedded with sensors to monitor the metabolism rate. Global sports apparel market held a valuation of more than USD 100 billion in 2015 and will continue to grow with prominently over the years ahead, especially with rising demand for wearable electronics. Speaking along similar lines, smart and interactive textiles industry from wearable electronics will gain heavy returns by 2024, owing to their rising popularity among the tech-savvy crowd.
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Their easy connectivity with smart phones and tracking devices will increase their demand in the sports and military sectors, thereby augmenting the overall growth of smart and interactive textiles market.
Major players across smart and interactive textiles industry include Globe Holding Company, DuPont, Outlast Technologies, Interactive Wear, Toray Industries, EXO2, and Milliken & Company.
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