Smart Clothing Market Size By Product (T-shirts, Pants, Shoes, Undergarments, Jackets, Socks), By Application (Sports & Fitness, Healthcare, Military & Defense, Industrial, Entertainment), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024
Published Date: Aug 2017 | Report ID: GMI2016 | Authors: Preeti Wadhwani, Saloni Gankar
Smart Clothing Market size surpassed USD 150 million and is poised to register over 48% growth between 2017 and 2024. Growing use of smart clothing across various industrial verticals such as sports & fitness, healthcare, military & defense, etc. is driving the market globally.
Gradual rise in the number of sports injuries coupled with increased spending in military & defense sector across various countries to protect soldiers from potential injuries present significant growth opportunities for the market revenue.
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The rising demand for monitoring body activities through sensors along with growing awareness among individuals regarding fitness is expected to surge the smart clothing industry demand. In addition, the inclination of athletes towards the use of these products to prevent injuries and optimize their performance will have a positive impact on the business.
|Base Year:||2016||Historical Data for:||2013 to 2016|
|Market Size in 2016:||179 Million (USD)||Forecast Period:||2017 to 2024|
|Forecast Period 2017 to 2024 CAGR:||50%||No. of Pages:||180|
|2024 Value Projection:||4 Billion (USD)||Tables, Charts & Figures:||207|
|Geographies covered (13):||U.S., Canada, UK, Germany, France, Italy, France, China, Japan, South Korea, Australia, Brazil, Mexico|
|Segments covered:||Product, Application and Region|
|Pitfalls & Challenges:|
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High cost associated with the products followed by lack of awareness is expected to hinder the market growth over the forecast timespan. Moreover, the factors which might limit the industry demand include technical challenges such as device power & sensor inaccuracy and data privacy issues.
Market by Product
The smart t-shirts segment will grow significantly with over 50% CAGR till 2024 as these t-shirts provide biometric data such as heart rate, breathing rate & volume, and muscle activity. The collected data is analyzed to optimize performance & workout plans by coaches, providing in-depth assessments to individual athletes.
Smart jackets are also witnessing high demand due to its ability to control the mobile devices of the wearer and connect to several services such as music and camera directly from the jacket. Other features include charging facility for the mobile devices along with receiving & rejecting calls by swiping or tapping the jacket without even touching the device.
Market by Application
Military & defense applications of the market are predicted to expand at 55% during the forecast period. In order to gain visibility into the health of a soldier as well as crucial battlefield insights, various government institutions are investing heavily to develop technologically advanced military uniforms. The development of advanced solutions for the military & defense personnel will give them a tactical & technological advantage.
Data identifying potential battlefield injuries such as impact of bullets, explosions are extracted through the numerous sensors placed on the uniform across various body locations. These advanced uniforms collect vital signs and the data is used to identify the fitness of the soldiers, detect wounds & injuries and analyze the results of military engagements.
Market by Region
The U.S. smart clothing market is estimated to witness huge adoption and will dominate significant revenue share. Increasing investments by various sports associations to eliminate the possibility of any preventable injuries to highly paid professional athletes is expected to fuel the industry growth.
The Asia Pacific market size will grow substantially in the next few years. This can be attributed to growing adoption of various wearable devices coupled with the increasing demand for advanced features in the products. In addition, rising security concerns and increasing military and defense budgets across countries such as India and China are predicted to witness huge demand for these products.
Competitive Market Share
Key players in the market include Athos, Catapult Sports Pty Ltd, Heddoko Inc., Hexoskin, Lumo Bodytech Inc., Ralph Lauren, OMSignal, Sensoria Inc., etc.
The industry is forecast to witness intensive competition owing to increasing rate of new entrants. The industry players are collaborating with various sports associations and government institutions to gain eminence. In addition, various technology companies are focusing on diversifying their services by building partnerships with clothing firms.
The smart clothing industry provides opportunities for fabric & sensor manufacturers, application developers and other players operating across the value chain to generate revenue and fulfill customer requirements. The companies are focusing on providing solutions to industry verticals such as sports & fitness, healthcare, military & defense and entertainment. The inclination of defense personnel towards the use of these products are expected to gain traction over the years.
The smart clothing market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in units and revenue in USD from 2013 to 2024, for the following segments:
- Sports & Fitness
- Military & Defense
The above information has been provided for the following regions and countries:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa (MEA)
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