Los Angeles, United States, September 30, 2019 - QY Research has added latest report in its repository, titled, “Global Smart Clothing Market Report, History and Forecast 2014-2025”, which provides pin-point analysis of the competitive dynamics and a forward-looking perspective on various factors that drive market growth. The report includes its past performance analysis and latest market estimation for a present year based on their trends and developments. Furthermore, predictions for the forecast period are also covered in the global smart clothing market report.
The report also states that the global smart clothing market is expected to reach US$3108 mn by 2025 from US$61 mn in 2018, registering a CAGR 74% over the forecast period.
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High Demand from Professional Athletes to Gain Adoption in Smart Clothing Market
The global smart clothing market is expected to gain high growth opportunities due to the growing adoption of smart products such as smart shirts, smart jackets, and smart socks by professional athletes. Smart clothing also helps athletes to protect them from potential injuries and improve their performance level in sports activities. A gradual increase in the number of sport injuries coupled with rising expenditure by the military and defense sectors across various countries to protect soldiers from injuries is expected to provide significant growth opportunities in the market.
In addition, increasing awareness about fitness amongst the youth is expected to boost the adoption of smart clothing. Today, better fitness can be achieved with advanced self-monitoring of clothing. The rising disposable income of the consumers is expected to support the possibility of purchasing smart clothing for achieving better fitness levels amongst athletes. Moreover, smart clothing technology companies and manufacturers are shaking hands to develop new products, which is creating a positive impact on the growth of the global smart clothing market.
On the other hand, high cost of products, lack of promotion of products, and poor awareness among potential population are creating a negative impact on the market growth.
North America Likely to Dominate the Smart Clothing Market
North America is expected to hold the largest market share in global smart clothing market due to adoption of advanced technologies and high investments in sport events, especially in the countries like U.S. The report also predicts that Asia Pacific is also likely to boost the sales for the smart clothing market because of rising adoption of wearable devices coupled with a growing demand feature-rich products. Increasing per capita income will also help to drive the market growth in this regional market during the forecast period.
Physical Fitness Segment to Augments Demand for Smart Clothing
The global smart clothing market is segmented into product type and application. The product type segment includes third-generation product, first-generation product, second-generation product, and others. The application segment includes construction, fashion entertainment, military, physical fitness, transportation, medical, and others. The physical fitness and fashion entertainment segments are estimated to lead the smart clothing market as the participation of both manufacturers promises a strong growth in the forecast period.
Century Enka, Resil Chemicals, Aditya Birla, Pluss, Sterilite Optical Technologies, Mahle, Reliance Industries, and SRF are the major players that are operating in the global smart clothing market.
The report covers the present scenario and the future growth prospects of the smart clothing market along with the global revenue and sales. The report also includes SWOT analysis, Porter’s Five Force model, business strategies, and company profiling of major players and their business models. The report also identifies value chain analysis to further understand the cost differentiation to provide a competitive advantage to the potential entrants and existing players.
● Growing smart technology in the clothing industry propels the market growth
● Fashion cosmos plays a key role in the smart clothing market
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