The smart textiles market is expected to grow at a CAGR of 20.65% over the forecast period to reach a total market size of US$2,296.031 million by 2027, increasing from US$617.128 million in 2020.
Smart textiles are fabrics that allow digital components like batteries and electronics to be embedded in them to provide added value to the wearer. Factors driving the demand for smart textiles are a large-scale proliferation of nanotechnology, declining manufacturing costs of electronics and fabrics, a growing number of a millennial, surge in disposable income, increasing internet penetration, and wide-scale application of these textiles across healthcare, military, and automotive sectors. The sports and fitness segment, in particular, is expected to be a major market driver during the projected period. In addition, the increasing demand for heartbeat monitoring and growing health concerns are also propelling growth opportunities in the market over the forecast period. As of today, diabetes and obesity are becoming major concerns, and with the rising adoption of wearable technology, the market for smart textiles is anticipated to witness substantial growth in the coming years.
The sports and fitness industry is expected to grow rapidly during the forecast period.
Sports over time have become competitive to the point where a small moment can change the course of the game. In fact, sports teams now have a very loyal fan base. Therefore, agencies and teams are now realizing the need for proper performance-tracking management to gain a competitive edge against their competitors. All such efforts toward the adoption of data-driven technologies and operations are expected to drive the growth of the market during the forecast period. In addition, wearable device technology is one of the leading sports revolutions and is changing the definition of sports and the level of efficiency of the game. The technology has expanded from simple biometric monitoring to the inclusion of perceptual and psychological aspects of team sports in order to enhance performance. Even major leagues have incorporated wearable devices into their games and practice sessions, and the increasing initiative by major market players is expected to drive the growth of the smart textiles market during the forecast period.
Military and defense are holding a significant share of the market.
Smart textiles are a prominent technology when it comes to providing efficient wearables aiming to improve soldier performance by sensing and energy harvesting. Also, as governments around the globe modernize their military platforms and adopt advanced technologies and capabilities, the projected spending on military technologies and advanced uniforms that can become the central power source among other products is also expected to increase, which is driving the growth of the smart textiles market. According to the World Bank, military expenditure in current USD in China and India has increased from US$105.644 and US$38.722 billion in 2009 to US$249.997 and US$66.51 billion in 2018 respectively.
North America is estimated to hold a significant share of the market.
By geography, the smart textiles market has been segmented into the following: North America, South America, Europe, the Middle East, Africa, and the Asia Pacific (APAC) regions. The North American sports smart textile market is holding a magnificent share of the global market in 2020 on account of the presence of key players in the region and the continuous innovations enabling the development of products and solutions that cater to the need for smart textiles.
APAC to witness high CAGR
Simultaneously, increasing investment in the sports industry, especially in developing countries like China and India, is expected to widen the growth opportunities for the smart textile market during the forecast period. Moreover, recently there is increasing involvement of Chinese investors in football, and increasing investment by major clubs in the country with the aim of expanding the business is anticipated to boost the market during the forecast period. For instance, in India, the federal government set aside a US$262 million budget for 2018-20 for the play India program. Also, rising sports events like the Indian Premier League and Indian Super league attract more investment in various sports and fitness technologies further propelling the market growth opportunities in the coming years.
Furthermore, due to the growing popularity of gadgets with advanced functions coupled with the increasing application of smart textiles in wearables, the smart textile market in the European region is growing rapidly. Sports team owners in the region are investing heavily in the latest technologies to benefit from the potential of advanced wearables, driving the growth of the market in the region. For instance, KINEXON Sports & Media entered into an agreement with FC Bayern Basketball in September 2018 for a period of three years to provide real-time solutions for precise performance analysis of games and training via its sensor network. Also, Catapult announced a collaborative agreement with the Fédération Française de Football (FFF) in January 2019 to provide more than 100 monitoring devices for the senior men’s and women’s teams, as well as B teams and age group squads. Such collaboration opens up growth opportunities in the market, which is expected to attract new players in the market in the coming years.
|Market Size Value in 2020||US$617.128 million|
|Market Size Value in 2027||US$2,296.031 million|
|Growth Rate||CAGR of 20.65% from 2020 to 2027|
|Forecast Unit (Value)||USD Million|
|Segments Covered||Type, Function, Industry Verticals, And Geography|
|Regions Covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies Covered||Milliken & Company, Outlast Technologies LLC, DuPont, Interactive Wear, Textronics, Inc., Schoeller Switzerland, Loomia, Sensoria, Inc., Toray Industries|
|Customization Scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the smart textiles market size by 2027?
A1. The smart textiles market is expected to reach a total market size of US$2,296.031 million in 2027.
Q2. What are the growth prospects for the smart textiles market?
A2. The global smart textiles market is expected to grow at a CAGR of 20.65% over the forecast period.
Q3. What is the size of the global smart textiles market?
A3. Smart Textiles Market was valued at US$617.128 million in 2020.
Q4. What factors are anticipated to drive the smart textiles market growth?
A4. Factors driving the demand for smart textiles are a large-scale proliferation of nanotechnology, declining manufacturing costs of electronics and fabrics, a growing number of a millennial, surge in disposable income, increasing internet penetration, and wide-scale application of these textiles across healthcare, military, and automotive sectors.
Q5. Which region holds the largest market share in the smart textiles market?
A5. North America is estimated to hold a significant share in the smart textiles market.
1.1. Market Overview
1.2. COVID-19 Scenario
1.3. Market Definition
1.4. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Force Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. SMART TEXTILES MARKET ANALYSIS, BY TYPE
5.2. Active Smart Textile
5.3. Passive Smart Textile
6. SMART TEXTILES MARKET ANALYSIS, BY FUNCTION
6.4. Energy harvesting
7. SMART TEXTILES MARKET ANALYSIS, BY INDUSTRY VERTICALS
7.2. Fashion and entertainment
7.3. Sports and Fitness
7.6. Military and Defense
8. SMART TEXTILES MARKET ANALYSIS, BY GEOGRAPHY
8.2. North America
8.2.1. United States
8.3. South America
8.5. Middle East and Africa
8.5.1. Saudi Arabia
8.5.2. United Arab Emirates
8.6. Asia Pacific
8.6.3. South Korea
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. COMPANY PROFILES
10.1. Milliken & Company
10.2. Outlast Technologies LLC
10.4. Interactive Wear
10.5. Textronics, Inc.
10.6. Schoeller Switzerland
10.8. Sensoria, Inc.
10.9. Toray Industries
Milliken & Company
Outlast Technologies LLC
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