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The smart clothing market is projected to grow by USD 4.49 billion with a CAGR of 18.83% during the forecast period 2021 to 2026.
The research report provides valuable insights into the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the market segmentation by end-user (healthcare, sports, defense, and others) and geography (North America, APAC, Europe, South America, and the Middle East and Africa). The market report also offers information on several market vendors, including AiQ Smart Clothing Inc., Alphabet Inc., Applycon S.R.O., Carre Technologies Inc., CuteCircuit Ltd., IoT Central LLC, Komodo Technologies Inc, Myontec Oy, Noble Biomaterials Inc., Owlet Baby Care, Polar Electro Oy, Propel LLC, Sensatex Inc., Sensoria Inc., Siren Care Inc., Tex Ray Industrial Co. Ltd., Under Armour Inc., Vulpes Electronics GmbH, Wearable X, and Xenoma Inc. among others.
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Our researcher studied the historical data for years, with 2021 as the base year and 2022 as the estimated year, and produced drivers, trends, and challenges for the market. During the COVID-19 pandemic, the market demand has been impacted greatly. A holistic analysis of drivers will help in predicting exact demands and refining marketing strategies to gain a competitive advantage.
Key Smart Clothing Market Driver
Growing product innovation is one of the key drivers supporting market growth. The advent of innovative and technically advanced smart fitness products attracts and motivates consumers to adopt them for their fitness activities, accelerating the market growth and raising the market value in terms of revenue. For instance, smart footwear, such as step-counting shoes, is very common among consumers engaged in athletic and fitness activities for monitoring and planning their daily workouts. Smart clothes also alert users about the steps and activities that they pursue. Offering such innovative products and catering to the needs of different customer groups can drive the need for these products among consumers.
Key Smart Clothing Market Trend
The increasing number of strategic partnerships and M&A activities is one of the key market trends contributing to market growth. For instance, Sensoria Inc. has been partnering with MYZONE to deliver comfortable and accurate heart rate monitoring garments for the past 5 years, with some of the first products being the Sensoria T-Shirt and MYZONE Powered Sports Bra, respectively. Similarly, in 2019, China-based KBS Fashion Group Limited, a casual menswear firm, signed a non-binding letter of intent to acquire Tribe Wearables, a Greek private smart apparel tech company. These strategic partnerships among manufacturers of smart clothing and players in other industries, such as technology and personal care, will increase innovations and the launch of more featured products in the market during the forecast period.
Key Smart Clothing Market Challenge
Growing concerns over data security and privacy is one of the factors impeding market growth. With advanced features being integrated into clothing items, large volumes of data are stored and accessed through these devices, such as customers' call and message details, health information, and debit/credit card information. Hence, the security standards in these devices are of utmost importance. Privacy issues can have a significant negative effect on the market, as most smart clothing, such as smart shirts and socks are embedded with motion sensors, making them vulnerable to hackers. The data generated by a smartwatch can be easily decoded using a wireless interceptor. Such factors are expected to hinder the growth of the market during the forecast period.
This market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the smart clothing market as a part of the global apparel, accessories, and luxury goods market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the market encompasses successful business strategies deployed by key vendors. The market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.
The report market contains comprehensive market knowledge and an in-depth vendor landscape added to an analysis of the key vendors.
Our In-house experts produce extensive information on the value chain and parent market of the smart clothing market which vendors can leverage to gain a competitive advantage during the forecast period. The Value Chain information provides an end-to-end understanding of product insight and profit and also the optimization and evaluation of business strategies The players across the value chain include selective data and analysis from entire research findings as per the scope of the report.
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40% of the market’s growth will originate from North America during the forecast period. The US is the key market for smart clothing in North America. Market growth in this region will be slower than the growth of the market in APAC.
The high adoption of modern technologies will facilitate the market's growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID-19 Impact and Recovery Analysis
The outbreak of COVID-19 negatively impacted regional market growth. However, the recovery phase started in 2021, owing to the resumption of supply chain activities due to the initiation of vaccination drives all over the region. Thus, the regional market will grow during the forecast period.
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The market share growth in the healthcare segment will be significant during the forecast period. In March 2022, Owlet launched a new sleep wearable called the Owlet Dream Sock Plus, which can be used on children up to age 5 or those who weigh up to 55 lbs. Hence, owing to these advancements, the market in the healthcare segment is projected to witness significant growth during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the market size and actionable market insights on the post-COVID-19 impact on each segment.
Smart Clothing Market Scope |
|
Report Coverage |
Details |
Page number |
119 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 18.83% |
Market growth 2022-2026 |
USD4.49 billion |
Market structure |
Fragmented |
YoY growth (%) |
18.35 |
Regional analysis |
North America, APAC, Europe, South America, and the Middle East and Africa |
Performing market contribution |
North America at 40% |
Key consumer countries |
US, China, India, Germany, and France |
Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
Key companies profiled |
AiQ Smart Clothing Inc., Alphabet Inc., Applycon S.R.O., Carre Technologies Inc., CuteCircuit Ltd., IoT Central LLC, Komodo Technologies Inc, Myontec Oy, Noble Biomaterials Inc., Owlet Baby Care, Polar Electro Oy, Propel LLC, Sensatex Inc., Sensoria Inc., Siren Care Inc., Tex Ray Industrial Co. Ltd., Under Armour Inc., Vulpes Electronics GmbH, Wearable X, and Xenoma Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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