In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Smart clothing refers to the textiles which are integrated with sensors and digital components in them. This clothing technology monitors the physical conditions of the user and uses big analytics to predict and show the results. Further, new smart clothing technologies sense and monitor the environment condition as well. Smart clothing has various applications in sports and leisure, healthcare and military. Sport teams and management prefers smart clothing as it helps in prevention of injury and revenue loss.
Global smart clothing market is anticipated to witness robust growth over the forecast period. Further, the market is expected to garner USD 5.2 Billion by the end of 2024. Spiked adoption of smart clothes by athletes has been witnessed in recent years. Thus, adoption rate is anticipated to increase as smart clothes offer various benefits such as injury prevention, oxygen and dehydration monitoring. This factor is expected to drive the growth of the smart clothes over the forecast period.
In 2016, North America accounted for the highest market share in the regional platform and is expected to continue its dominance over the forecast period. High adoption rate of smart clothes coupled with high disposable income is expected to be the key factor behind the growth of smart clothes market in the North America region. Further, rising spending on military textile and wearable technology is expected to increase the demand for smart clothes during the forecast period. U.S. is witnessing augmented demand for smart clothes in the North America region.
Europe smart clothing market is expected to grow at a modest rate over the forecast period. Heavy adoption of sensor enabled products in the region is predicted to trigger the growth of smart clothes in the Europe region. Asia Pacific is projected to witness lucrative growth over the forecast period. This can be attributed to the increasing awareness about the application of smart clothes.CLICK TO DOWNLOAD FREE SAMPLE
Our in-depth analysis has segmented global smart clothing market into the following segments:
Global smart clothing market is further classified on the basis of region as follows:
Increasing awareness about the fitness and healthcare is expected to drive the growth of global smart clothes market. Further, rising trend of adoption of body monitoring devices is expected to impel the expansion of global smart clothes during the forecast period. Additionally, incorporation of newly developed and advanced fibers such as nanofibers and hybrid materials is expected to drive the growth of smart clothing market.
Apart from this, smart clothes help in injury prevention, oxygen monitoring, and collision measurement. Athletic teams and their management are adopting smart clothes to reduce the revenue loss by using data to prevent injuries. This high adoption of smart clothes by the athletes is expected to impel the growth of global smart clothing market. Further, smart clothes are being adopted by military on the account of their health monitoring, ballistic protection, wound detection and communication & networking capabilities. These factors are anticipated to spur the demand for smart clothes during the forecast period.
In contrast, high cost of smart clothes is expected to hamper the growth of smart clothing market. Further, rising concern of privacy and increasing incidence of data theft is expected to negatively impact the growth of the market.