The wearable device industry represents the next frontier for both the IT and textile sectors. In 2015, there was a surge in wearable devices designed for various body parts, including the face, ears, feet, and wrists. This surge has coincided with shifting cultural attitudes and lifestyles, leading to a convergence of the fashion, textile, and IT industries. While smartwatches and activity trackers dominated the early wearable tech market, the realm of smart fashion is poised to become a prominent player in the next five years. This evolving landscape has attracted numerous clothing companies, fostering innovation and creative designs. Consumer interest in incorporating IT and smart textiles into fashion has provided fashion designers with the opportunity to capture market share and differentiate themselves in a competitive industry.
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Market Analysis
The smart fashion trend initially found traction in the sports industry, enabling the monitoring of emotions and tracking of heart rate, among other functions, without the need for a mobile phone or smartwatch screen. The “Worldwide Smart Fashion Market” is projected to reach $2,938.9 million by 2022, reflecting a remarkable CAGR of 117.0% during the forecast period from 2016 to 2022. The market’s growth is propelled by its ability to monitor and track individual health. Many companies are concentrating on fitness clothing, incorporating more sensors and applications.
Product Analysis
The market study of smart fashion encompasses two primary categories: smart clothes and smart accessories. Additionally, the report delves into demographics, regions, and industry verticals. The smart clothes market is further segmented into T-shirts, underwear, socks, jackets, shoes, and others. T-shirts and pants are expected to dominate the market, reaching $1,074.0 million by 2022. This growth is attributed to the integration of a majority of wearable devices into these garments for health monitoring. The smart accessories market encompasses jewelry, bags, wallets, and others, with jewelry accounting for the largest market share and projected to reach $89.0 million by 2022, boasting a CAGR of 118.0%.
Regional Analysis
The regional breakdown reveals that the Americas currently hold the largest market share, closely followed by Western European countries. Widespread adoption of smart clothes and jewelry drives market growth in these regions. The Asia Pacific (APAC) region is poised to witness the fastest growth, driven by the emergence of small startups and knowledge-sharing initiatives. Conversely, the Middle East and Africa (MEA) face constraints related to women’s clothing, limiting opportunities for global providers.
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Key Players
Key players in the market include Hexoskin, Ralph Lauren, OmSignal, Athos, Clothing+, Owlet Baby Care, Sensoria Fitness, AiQ Smart Clothing, Heddoko, Nike, Under Armour, Adidas, Samsung, and Catapult Sports.
Competitive Analysis
This study comprehensively covers and analyzes the “Worldwide Smart Fashion (Clothes and Accessories)” market. By providing key insights into the industry, the report offers players the opportunity to understand the latest trends, the current market landscape, government initiatives, and relevant technologies. Furthermore, it aids venture capitalists in gaining a deeper understanding of companies, enabling more informed decision-making.
Region/Country Coverage in the Report
- Americas
- Europe
- Asia Pacific
- Middle East and Africa (MEA)
Key Players Covered in the Report
- Hexoskin
- Ralph Lauren
- OmSignal
- Athos
- Clothing+
- Owlet Baby Care
- Sensoria Fitness
- AiQ Smart Clothing
- Heddoko
- Nike
- Under Armour
- Adidas
- Samsung
- Catapult Sports
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