Recent report published by research nester titled “Smart Clothing Market : Global Demand Analysis & Opportunity Outlook 2024”delivers detailed overview of the global smart clothing market in terms of market segmentation by product, by application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global smart clothing market is segmented into product such as smart t-shirts, smart pants, smart jackets, smart undergarments and smart socks. Among these segments, smart t- shirt segment is expected to occupy the top position in the market. The rise of the smart t- shirt segment is backed by multi monitoring and tracking ability such as heart rate, blood pressure, breathing rate and muscle activity. Moreover, increasing adoption of smart t-shirts by sport teams to optimize performance is likely to spur the growth of the smart t- shirt segment.
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Global smart clothing market is expected to flourish at a robust CAGR over the forecast period. Moreover, The Global Smart Clothing Market is projected to garner USD 5.2 Billion by the end of 2024. Wide scale application of the smart clothing in athletic, military and healthcare is expected to garner the growth of the smart clothing market.
The health monitoring segment by application is projected to witness a significant growth during the forecast period. Moreover, the health monitoring segment is expected to account for the largest share of revenue across the globe. Factors such as rising disposable income coupled with increasing spending on healthcare are expected to propel the growth of this segment. Further, rising awareness about smart healthcare products is anticipated to intensify the growth of this segment.
Rising Application in Several Industry Verticals
Increasing adoption of smart clothing for military & defense, industrial and health & fitness purpose are driving the growth of smart clothing. Further, massive investment by government authorities to evolve smart clothes for military is expected to impel the growth of the smart clothing market. Moreover, rising spending by sports team and associations is spurring the demand for smart clothes.
Increasing Expenditure on Healthcare
Rising demand for innovative and technological advanced healthcare products is fostering the growth of smart clothing market. Apart from this, rising awareness about benefits of body monitoring products such as smart clothes is likely to accelerate the demand for smart clothing during the forecast period.
Although, high cost of smart clothing and increasing concern about data theft are some of the factors that are likely to inhibit the growth of the smart clothing market in the near future.
This report also provides the existing competitive scenario of some of the key players of the global smart clothing market which includes company profiling:
Athos, AIQ Smart Clothing, Hexoskin, Heddoko, Sensoria Inc., Ralph Lauren, Catapult Sports Pty Ltd, Lumo Body Tech and InteraXon.
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The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global smart clothing market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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