Smart Textile Market Growth Drivers and Opportunities by 2031
The Smart Textile Market size is projected to reach US$ 19.25 billion by 2031 from US$ 3.65 billion in 2023. The market is expected to register a CAGR of 23.1% in 2023–2031. The increasing demand for wearable electronics is likely to remain a key smart textile market trend.
Smart Textile Market Analysis
The textile business has seen a tremendous transformation thanks to advancements in smart textile material, which have allowed companies to expand their reach into high-tech applications and areas outside of their conventional market. Smart textiles are materials that have been embedded with computational power to offer extra features like stimulation, communication, and monitoring. The wearable electronics industry is expanding due to decreasing downsizing trends in modern electronics and rising demand for smart gadgets. The development of RFID, sensor technologies, and nanotechnology in textiles has also spurred market expansion.
Smart Textile Market Overview
Smart textiles are textiles that have been combined with digital elements such as conductive fibers, microcontrollers, and sensors. These textiles possess the capacity to perceive, respond, and adjust to changes in their surroundings or stimuli originating from chemical, mechanical, or thermal causes. Smart textiles, unlike regular materials, include interactive features that can transfer data. They are being used more and more in the healthcare, sports, fashion, and military industries. In healthcare, they can monitor vital signs and notify medical personnel. They are capable of tracking performance parameters in sports. Military uses include enhanced camouflage and body armor with built-in communication devices.
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Smart Textile Market: Strategic Insights
Market Size Value in US$ 1.59 Billion in 2018 Market Size Value by US$ 13.63 Billion by 2027 Growth rate CAGR of 26.1% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
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Smart Textile Market: Strategic Insights
| Market Size Value in | US$ 1.59 Billion in 2018 |
| Market Size Value by | US$ 13.63 Billion by 2027 |
| Growth rate | CAGR of 26.1% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
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Smart Textile Market Drivers and Opportunities
Rising Demand from the Sport and Fitness Industry
Fitness lovers and athletes are constantly searching for methods to increase training results and performance. Smart textiles are a perfect fit for this optimization journey. These textiles, which range from socks that assess gait to shirts that track muscle activity, offer a multitude of data that may be utilized to modify training plans and avoid accidents. Furthermore, the collected data can be synced with smartphones or other devices, enabling instant action in response to real-time feedback. Athletes and casual runners alike can now access this degree of fine-grained data collecting that was previously exclusive to specialized sports labs. Furthermore, the expanding global focus on health and wellness trends is driving demand for smart textiles in sports and fitness, as they provide an easy way to monitor numerous data that can contribute to a better and more active lifestyle.
Growing Technological Advancement
The textile business has changed as a result of the introduction of new technologies like artificial intelligence (Al) and the Internet of Things (IoT). Al, Bluetooth Low Energy (BLE), edge computing, and cloud data are all being combined into new smart clothing that is being produced. This clothing can monitor and transmit the wearer’s data, such as temperature, heart rate, blood pressure, and perspiration. Al has the ability to retrieve and gather operational data in both the past and the present, as well as offer insights that can improve the wearer’s productivity. Al is frequently used in textile manufacturing for a variety of purposes, including color matching, pattern inspection, and defect detection. In addition, the integration of Al has made it possible to produce smart clothes that use electrical and loT sensors to provide a great user experience. Thus, the incorporation of technologies into textiles can create a more comfortable and health-oriented experience, which is expected to create an opportunity for the growth of the smart textile market in the forecasted period.
Smart Textile Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Smart Textile Market analysis are type, function, and industry vertical.
- Based on type, the smart textile market is segmented into active, passive, and ultra-smart. The active segment is anticipated to grow in the forecasted period.
- By function, the market is segmented into sensing, energy harvesting, luminescence & aesthetics, and thermo-electricity. The sensing segment is anticipated to grow in the forecasted period.
- By industry vertical, the market is segmented into healthcare, sports & fitness, fashion, military, and automotive. The sports & fitness segment is anticipated to grow in the forecasted period.
Smart Textile Market Share Analysis by Geography
The geographic scope of the Smart Textile Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
In terms of revenue, North America accounted for the largest smart textile market share. The market in this region is segmented into the US, Canada, and Mexico. The expansion of the regional market is driven by rising government investment in the defense and military industries as well as strong purchasing power. Furthermore, a large portion of the population in the region suffers from obesity, making it one of the main health challenges. As a result, consumers are gravitating toward a healthy lifestyle and purchasing goods that will support their continued physical activity. Accordingly, in order to remain competitive, market players are focusing their efforts on providing cutting-edge items at affordable costs. Furthermore, the rising government spending on R&D initiatives, particularly in the healthcare industry, is further fueling the growth of the smart textile market.
Smart Textile Market Report Scope
Smart Textile Market News and Recent Developments
The smart textile market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:
- Loomia Technologies partnered with Advanced Functional Fabrics of America (AFFOA) to develop highly tactile, heated handwear that could be applicable to both commercial/recreational and military customers. For this collaborative project, Loomia will provide technology to be used in a heated glove insert, while AFFOA will lead customer discovery, deliver system architecture designs, and produce an interface control unit. In addition to the heated glove insert, Loomia will also develop a heated sleeve. Both items will provide thermal comfort to users in harsh climates or other areas where this protection is deemed necessary. (Source: Loomia Technologies, Press Release, 2022)
- The UK Fashion and Textile Association (UKFT) announced a partnership with Smart Textile Alliance. The partnership between STA and UKFT will be mutually beneficial, opening up the potential for new avenues of innovation in technology and fashion. (Source: UKFT, Press Release, 2021)
Smart Textile Market Report Coverage and Deliverables
The “Smart Textile Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type ; Function ; Industry Vertical
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
The global smart textile market was estimated to be US$ 3.65 billion in 2023 and is expected to grow at a CAGR of 23.1% during the forecast period 2023 - 2031.
Rising demand from the sport and fitness industry is the major factors that propel the global smart textile market.
Increasing demand for wearable electronics is anticipated to play a significant role in the global smart textile market in the coming years.
The key players holding majority shares in the global Smart Textile Market are Dupont, Jabil, Sensoria, Interactive Wear AG, Adidas, Hexoskin, Schoeller Textiles AG, Clim8, Nike, Inc, and Thermosoft International.
The global smart textile market is expected to reach US$ 19.25 billion by 2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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