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Sep 18, 2020 11:35 UTC

Global Smart Clothing Market Forecast to 2027 - COVID-19 Impact and Analysis - ResearchAndMarkets.com

DUBLIN--(Business Wire)--The "Smart Clothing Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type, Orientation Type, Connectivity, End-User" report has been added to ResearchAndMarkets.com's offering.

According to this report the market was valued US$ 1,143.09 million in 2019 and is expected to reach US$ 6,418.08 million by 2027; it is estimated to grow at a CAGR of 24.4% during 2020-2027. The report highlights key factors driving the market growth, and prominent players and their developments in the market.

Smart clothes are designed and manufactured with the integration of smart technologies to offer different functionalities to them. The growing use of smart clothing and increasing investments in the same across the healthcare, military, sports, and defense industries can influence market growth over the coming years. Rising number of sport injuries, coupled with increased investments in the military and defense industries, would boost demand these products. High preference for body activity monitoring via sensors can further stimulate the market growth. Growing consumer awareness about fitness is likely to fuel market growth. Further, shifting athletes' preference toward smart clothing to prevent possible injuries and boost their performance may spur market growth during the forecast period.

Fast turnaround time, low operating cost, and easily accessible service points increase the adoption of smart textiles. Further, demand for smart clothing is expanding at an impressive pace due to the mounting demand for mining and oil &gas exploration activities. The smart clothing market, by type, is segmented into passive, active, and ultra-smart. Smart clothing enables better communication with other devices, analyze and sense the stimuli, and protect the wearer from environmental hazards.

The impact of COVID-19 varies in different countries across the world due to the varying number of confirmed cases in these countries; countries with greater number of active cases and deaths have subsequently imposed stringent as well as longer lockdown periods or social isolation. In countries such as Italy and Spain, there has been a dip in the demand for smart clothing or other services owing to notable number of COVID-19 cases. The spread of pandemic is expected to have a short-term impact on the smart clothing market. However, the smart clothing market is likely to exhibit positive growth in post-pandemic period.

Reasons to Buy:

  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global smart clothing market
  • Highlights key business priorities in order to assist companies to realign their business strategies
  • The key findings and recommendations highlight crucial progressive industry trends in the global smart clothing market, thereby allowing players across the value chain to develop effective long-term strategies
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
  • Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution

Market Dynamics

Drivers

  • Rising trend of smart wearable fabrics in healthcare and sports & fitness industries
  • Upper body garment solution is expected to drive the market's growth in the future

Restraints

  • High production cost leading to limited consumer acceptance and regulatory gap

Opportunities

  • Growing adoption of smart clothing in fashion industry

Future Trends

  • Integration of gesture recognition in smart clothing

Companies Mentioned

  • AiQ Smart Clothing Inc.
  • Carre Technologies Inc(Hexoskin)
  • CUTECIRCUIT
  • Myontec Ltd
  • Sensoria Inc.
  • Under Armour, Inc.
  • WEARABLE X
  • Jabil Inc.
  • Siren Care, Inc.
  • Google LLC

For more information about this report visit https://www.researchandmarkets.com/r/8kligg

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
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