Global Smart Fabrics Market - Segmented by Type (Active Fabrics, Passive Smart Fabrics, Ultra-smart Fabrics), Applications (Fashion and Entertainment, Sports and Fitness, Medical, Transportation, Protection and Military, Architecture), and Region - Growth, Trends, and Forecast (2018 - 2023)
The global smart fabrics market was valued at USD 1.72 billion in 2017, and is expected to reach USD 4.08 billion by 2023, at a CAGR of 19.01% over the forecast period (2018-2023). This report provides information about the leading players in the market and a corresponding detailed analysis of the top vendors in the global smart fabrics market. In addition, the report discusses the major drivers that influence the growth of the market. It also outlines the challenges faced by the vendors and the market at large, as well as the key trends that are emerging in the market.
Smart fabrics have an electronic chip embedded in them. Their ability to transform, grow, communicate, and even conduct energy differentiates them from the normal textiles, hence adding value to the wearer. Smart fabric is a new market, formed due to the miniaturization of electronics and decline in the prices of electronics and manufacturing costs, of both textiles and semiconductors.
Wearable Devices Adoption to Open New Avenues for Market Growth
Connected wearable devices are evolving as part of a growing trend to move data analysis and communication from the smartphone directly to the body. Technologists are using a combination of sensors, machine learning, and big data analysis to provide consumers more data about their bodies and lives than ever before. This emerging field of products will have a dramatic impact on human computer interaction.
Wearable technology has always been concerned with the computer academia and industry. For example, international technology giants such as Google and Apple have increased their investments into wearable technology, extending into the fashion design field. For instance, Nike, together with Google, launched gym shoes that could track real-time footprints using Google Earth. Wearing this pair of shoes can check movement routes at any time, and control massive motion data. With these advancements, the fashion and entertainment industry can easily afford it to advertise as compared to the other applications, which comprise common people.
North America holds the Largest Market Share
North America held the major share in the smart fabrics market. This region accounted for about half of the market share in 2017. In North America, the United States dominated the market, followed by Canada. North America is the hub for all major enterprises in the world. With the advent of smart gadgets, there has been a growing demand for more sophisticated and smarter gadgets. Noticeably, there has been a rapid growth of low-cost smart wireless sensor networks, which has been driving the market in North America. E-commerce distribution channels are expected to open growth opportunities, during and after the forecast period. Conversely, fluctuating raw material prices and high product costs are expected to hamper the market growth in North America during the forecast period. The Asia-Pacific region is the fastest growing owing to the rapidly developing healthcare industry and construction industry. Countries like India and China are majorly contributing to the growth of smart fabrics in APAC. The increasing market for automobiles in Europe is helping the market register a healthy growth rate in this region.
Key Developments in the Market