The smart clothing market size is projected to reach US$ 15.21 billion by 2031 from US$ 2.61 billion in 2023. The market is expected to register a CAGR of 24.7% in 2023–2031. The growing need for health and wellness monitoring devices is likely to remain a key smart clothing market trend.
Smart Clothing Market Analysis
The smart clothing market is growing at a rapid pace due to the growing adoption of smart clothing in the sports and fitness industry and the increasing adoption of sensors for monitoring bodily activities. The market is expanding steadily, driven by the rising adoption of wearable devices. Moreover, the rising adoption of the Internet of Things (IoT) is providing lucrative opportunities for market growth.
Smart Clothing Market Overview
Smart clothing incorporates electronics into garments to improve utility and connectivity. These garments may collect biometric data, measure activity levels, regulate temperature, and even provide haptic feedback. The smart clothing market provides revolutionary garments embedded with sensors and technologies that revolutionize everyday wear. These garments improve health and lifestyle management, including fitness tracking and biometric monitoring. They deliver real-time data, allowing users to make informed decisions regarding their health. The use of smart textiles in a fashion not only enhances convenience but also encourages a proactive approach to health, which increases demand among consumers. Thus, driving the market.
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Smart Clothing Market: Strategic Insights
Market Size Value in US$ 1,143.09 Million in 2019 Market Size Value by US$ 6,418.08 Million by 2027 Growth rate CAGR of 24.4% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Smart Clothing Market: Strategic Insights
| Market Size Value in | US$ 1,143.09 Million in 2019 |
| Market Size Value by | US$ 6,418.08 Million by 2027 |
| Growth rate | CAGR of 24.4% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Smart Clothing Market Drivers and Opportunities
Growing Adoption of Smart Clothing in the Sports and Fitness Industry is Driving the Market
Smart clothing has enormous potential in the sports and fitness industry. Athletes and fitness enthusiasts are highly adopting smart clothing owing to its benefits, such as real-time monitoring of physiological data such as oxygen saturation, muscle activity, heart rate, and movement patterns. This data is useful for refining training programs, reducing injury risks, and improving overall performance. Furthermore, smart gear provides feedback on posture, technique, and form, allowing sportsman to make modifications and improve their exercise routines. Integrating smart clothes with wearable devices and mobile apps helps users create a holistic fitness ecosystem that provides individualized information and recommendations to users looking to enhance their health goals.
Rising Adoption of Internet of Things (IoT) – An Opportunity in the Smart Clothing Market
The growth of IoT enables the seamless integration of smart garments with smartphones and smartwatches. This connectivity improves user experiences and enables new functionalities, which is expected to create opportunities in the market. The proliferation of IoT makes smart clothing an increasingly important part of the interconnected ecosystem, providing users with unparalleled convenience and variety in their daily lives. Moreover, the growing demand for smart clothing encourages manufacturers to develop technologically advanced solutions to meet consumer’s demands. For instance, in April 2023, researchers at the University of Waterloo created a groundbreaking 'smart fabric' made of polymer nano-composite fibers embedded with stainless-steel wires. This fabric has a particular response to heat and electricity, with embedded wires contracting and changing shape when heated.
Smart Clothing Market Report Segmentation Analysis
Key segments that contributed to the derivation of the smart clothing market analysis are type, orientation type, connectivity, and end-user.
- Based on type, the smart clothing market is divided into active, passive, and ultra-smart. The active segment held a larger market share in 2023.
- In terms of orientation type, the market is segmented into apparel, footwear, wearable patches, and others. The apparel segment held a larger market share in 2023.
- On the basis of connectivity, the smart clothing market is divided into Wi-Fi, Bluetooth, GPS, and RFID. The GPS segment held a larger market share in 2023.
- In terms of end-user, the market is categorized as healthcare, fashion and lifestyle, sport and fitness, military, and others. The sport and fitness segment held a larger market share in 2023.
Smart Clothing Market Share Analysis by Geography
The geographic scope of the smart clothing 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 clothing market share, due to the favorable government initiative to promote smart clothing technology. For instance, in September 2023, the US government invested US$ 22 million to promote the smart e-pants initiative for advancing smart surveillance clothing technology. The government is planning to create wearable garments that track geolocation, record audio/video, and monitor physiological data for military personnel and intelligence agencies. This increases situational awareness and data collection in hazardous environments.
Smart Clothing Market Report Scope
Smart Clothing Market News and Recent Developments
The smart clothing 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 for smart clothing and strategies:
- In April 2023, H & M Hennes & Mauritz GBC AB collaborated with LanzaTech to offer their customers a capsule collection made with CarbonSmart polyester, a ground-breaking material using repurposed carbon emissions. This partnership enables H&M Move to explore innovative materials and play their part in helping to create smart and more sustainable sportswear in the future. (Source: H & M Hennes & Mauritz GBC AB, Press Release, 2023)
Smart Clothing Market Report Coverage and Deliverables
The “Smart Clothing 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 , Orientation Type , Connectivity , End-User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The incremental growth expected to be recorded for the global smart clothing market during the forecast period is US$ 12.60 billion.
The global smart clothing market is expected to reach US$ 15.21 billion by 2031.
The key players holding majority shares in the global smart clothing market are AiQ Smart Clothing Inc., Carve Technologies Inc. (Hexoskin), CUTECIRCUIT, Applycon, s. r. o., and Jabil Inc.
The growing need for health and wellness monitoring devices to play a significant role in the global smart clothing market in the coming years.
The growing adoption of smart clothing in the sports and fitness industry and the increasing adoption of sensors for monitoring bodily activities are the major factors that propel the global smart clothing market.
The global smart clothing market was estimated to be US$ 2.61 billion in 2023 and is expected to grow at a CAGR of 24.7% during the forecast period 2023 - 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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