The smart textiles market is expected to grow at a CAGR of 28.89% over the forecast period to reach a total market size of US$24.327 billion by 2025, increasing from US$5.306 billion in 2019. Smart textiles are the fabrics that allow digital components like batteries and electronics to embed 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 to the increasing demand for heartbeat monitoring and growing health concerns is also propelling the 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 where a small moment can change the course of the game. In fact, sports teams now have much loyal fan base; therefore, agencies and teams are now realizing the need for proper performance tracking management to gain a competitive edge against the competitors. All such efforts towards the adoption of data-driven technologies and operations are expected to drive the growth of the market during the forecast period. In addition, wearable devices 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 had expanded from simple biometric monitoring to the inclusion of perceptual and psychological aspects of team sports in order to enhance performance. Even big leagues assimilated wearable devices in their games and practice sessions and with the increasing initiative by the big market players are expected to drive the growth of the market for smart textiles during the forecast period.
Military and defense are holding a significant share in the market.
Smart textile is a prominent technology when it comes to providing efficient wearables aiming to improve soldier performance by sensing and energy harvesting. Also, as government 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 smart textiles market. According to the World Bank, military expenditure at 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 in the market.
By geography, the smart textiles market has been segmented as North America, South America, Europe, the Middle East and Africa, and Asia Pacific (APAC) regions. The North American sports smart textile market is holding a magnificent share of the global market in 2019 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 of smart textiles. Simultaneously, increasing investment in the sports industry especially in developing counties like China and India is expected to widen up 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 is further propelling the market growth opportunities in the coming years. Furthermore, due to the growing popularity of gadgets with advance 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 advance 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 sensors 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.
Prominent key market players in the smart textiles market include Ohmatex, DuPont, Interactive Wear, Textronics, Inc., and Schoeller Switzerland among others. The number of players in the smart textiles market is large and growing with the opportunity to generate significant revenues as a result of growing demand. Key players in the market are seen to adopt differentiated strategies and are either looking to expand their market portfolio with investments in the development of the new product line, or some companies are opting for mergers, acquisitions, and strategic partnerships in order to expand their market presence and/or expand their product line. Moreover, different firms offer differentiated yet similar products to meet the different requirements of end-users.
Frequently Asked Questions (FAQs)
Q1. What will be the smart textiles market size by 2025?
A1. The smart textiles market is expected to reach a total market size of US$24.327 billion in 2025.
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 28.89% over the forecast period.
Q3. What is the size of the global smart textiles market?
A3. Smart Textiles Market was valued at US$5.306 billion in 2019.
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.
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