Dublin, May 18, 2023 (GLOBE NEWSWIRE) -- The recent research analysis by Fact.MR on the global market for smart clothing provides a thorough overview of the industry’s product, end-user, and region categories. It also offers comprehensive details on important players and the crucial tactics they are turning to for gaining an upper hand over their competitors.
Fact.MR – A Market Research and Competitive Intelligence Provider: A recently published report by Fact.MR reveals that the global smart clothing market is projected to grow at a modest CAGR of 25% during the forecast period 2022-2032, expected to reach US$ 23.28 Billion in value by the end of the said forecast period.
Historical estimates point out that the market enjoyed robust growth, clocking a CAGR of 10% from 2017-2021, at the end of which it was valued at over US$ 2 Bn. 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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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. Additionally, rising emphasis on sporting activities has prompted an increase in smart apparel sales, with a view to streamline sports performance and monitor fitness levels.
Key Takeaways from the Market Study
- Fact.MR projects the market to surpass US$ 7.63 Bn by the end of 2026.
- Attached electronics projected to touch a valuation of US$ 2.5 Bn by 2022
- Healthcare smart clothing is expected to secure nearly 30% of the total share of the global market
- Sales of smart shirts to soar at a CAGR of 14% from 2022 to 2032, by product type
- North America, by the end of 2022, to yield revenue worth US$ 1.8 Bn, expanding at 10% CAGR by 2032
- Asia to emerge as the fastest growing market, registering a CAGR of 14% through 2032
- Europe to register an expansion rate of 12% in value CAGR terms, from 2022 to 2032
As consumers become health conscious, they are seeking out various approaches to remain fit, indulging in outdoor exercises and sports, which is spurring demand for smart clothing, besides their requirement in the healthcare sector, comments the Fact.MR analyst.
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Competitive Landscape
A rising number of partnerships in the global smart clothing industry is expected to introduce more fashionable, comfortable, and functional products, broadening outreach of prominent players. Some notable developments are as follows:
- Sensoria Inc., for instance, has been partnering with MYZONE to deliver comfortable and accurate heart rate monitoring garments since the past 5 years, with some of the first products being the Sensoria T-Shirt and MYZONE Powered Sports Bra respectively
- In December 2017, TexRey Industrial Co. Ltd. launched the new multi-bio monitoring smart apparel in the Yi-Deng Nursing Center. With this product launch, the center is able to enhance surveillance and monitoring of hospitalized patients by collecting their personal bio-data, making long-term care permissible
Major Key Players Operating In The Smart Clothing Industry
- Sensoria Inc.
- OMsignal Inc.
- CuteCircuit Ltd.
- Carre Technologies Inc.
- MAD Apparel Inc.
- Wearable X
- Medtronic Plc.
- Tex-Ray Industrial Co. Ltd.
- Sensatex Inc.
- Noble Biomaterials Inc.
Key Segments Profiled in the Smart Clothing Market Industry Survey
- By Product Type :
- Smart Socks
- Smart Insoles
- Smart Pants
- Smart Jackets
- Smart Shirts
- Smart Dresses
- Smart Suits
- Smart Scarves
- Smart Bras
- Smart Shoes
- By Application :
- Embedded Electronics Smart Clothing
- Attached Electronics Smart Clothing
- By Technology :
- Ultra-Smart Clothing
- Passive Smart Clothing
- Active Smart Clothing
- By Industry Vertical :
- Healthcare
- Industrial
- Military
- Athletic
- By Region :
- North America
- Latin America
- Europe
- APEJ
- Japan
- Middle East & Africa
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More Insights Available
In its latest report, Fact.MR offers an unbiased analysis of the smart clothing market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2022-2032.
In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product type (socks, insoles, pants, jackets, shirts, dresses, suits, scarfs, bras, and shoes), application (embedded electronics and attached electronics), technology (ultra, active and passive), and industry vertical (healthcare, industrial, military, and athletic smart clothing), across seven major regions of the world.
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