Global Smart Textiles Market was valued at $674.8 Million in 2015 and is estimated to grow at a CAGR of over 33% from 2017 to 2024.
The global smart textiles market is growing rapidly on account of key drivers such as increasing demand for wearables, technological advancements, high adoption of mobile and smart gadgets, increasing disposable income across various emerging countries. The market is anticipated to reach a value of USD 8.98 billion by 2024. The high growth is anticipated due to smart innovations in the textile industry and electronics sector. The integration of sophisticated gadgets, sensors, chips in various type of textile fabrics is generating huge interest from various stakeholders.
The demand for smart textiles is growing rapidly from the military and defense sectors, retail sector, healthcare and other end users. The growth of nanotechnology has played a vital role in the manufacture of smart fabrics. The smart textiles market is segmented based on function, type, end-user and region. Based on function, the market is categorized as sensing, thermo-electricity, energy harvesting, and luminescence & aesthetics. Based on end user industry, the market is categorized into automotive, fashion, military, sports & fitness, and healthcare.
Based on region, the market is split into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. In 2015, North America accounted for the majority of the market share. The high disposable income of the U.S. and Canadian population, high military spending, the presence of world-class technology companies contribute to the dominant position held by the North America in the market.
The global military expenditure on smart textiles and wearables is growing year on year. In 2014 the overall military expenditures collectively by all nations reached nearly USD 1.8 trillion. The U.S. stands out as the biggest military spender with USD 610 billion in 2014. The demand from the U.S. armed forces for smart textiles is expected to decline slowly over the next few years, due to withdrawal of the U.S troops from Afghanistan and Iraq.
However, the global market is expected to witness continuous growth due to increased spending by countries such as Russia, China, Saudi Arabia, India, and several European nations. The geopolitical tensions between Russia and the NATO Allies is a key driver for high military expenditure, and these developments are expected to strongly favor the market growth over the forecast period.
Manufacturers are increasingly investing in R&D for developing smart solutions that offers increased capabilities. The manufacturers are extensively integrating the wearable technology to promote the adoption of smart textiles in emerging areas of retail, and healthcare. For instance, the use of fitness trackers, sensors, is gaining wide popularity among the consumers.
“Optimal Price Point (OPP) for Smart Textile”
Estimated average product cost – $ xx globally. However, the average cost differ in each segment due to the different product specifications. Furthermore, with the growth in wearable technology, growing solution implementation and increasing SMEs, OPP and range of acceptable Prices (RAP) are going to change. We at Ameri Research continuously track these prices with our proprietary pricing model.
“Notable industry participants include Sensoria, Outlast Technologies LLC, Interactive Wear AG, Schoeller Technologies AG and Textronics, Inc.”
Key players include Sensoria, Schoeller Technologies AG,Textronics, Inc.Clothing Plus Ltd.,Interactive Wear AG,Outlast Technologies LLCand E. I. DU Pont DE Nemours and Company. The market participants rely on developing technology driven innovative solutions in order to reduce cost, increase productivity and attract new customers.
Manufacturers are also expected to focus on venture funding and mergers & acquisitions over the coming years owing to technology advancement and complex ecosystem. Major industry participants emphasize on seeking correlations across multiple disparate data sources and predicting customer behavior in order to achieve competitive advantage.
Smart Textiles Market, by Product (Revenue, USD Billion)
- Very Smart
Smart Textiles Market, by Application (Revenue, USD Billion)
- Energy Harvesting
- Luminescence & Aesthetics
Smart Textiles Market, by End-Use (Revenue, USD Billion)
- Fashion & Entertainment
- Defense & Military
- Sports & Fitness
Smart Textiles Market, by Region (Revenue, USD Billion)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- Saudi Arabia