The global smart textile market size was valued at USD 2.82 billion in 2022. It is projected to reach USD 17.94 billion by 2031, growing at a CAGR of 22.80% during the forecast period (2023–2031).
Advancement in smart textile material has significantly revolutionized the textile industry, enabling them to penetrate the field of high-tech applications and cover markets beyond the scope of the traditional textile industry. Smart textiles are fabrics integrated with computing power that provides additional functionalities, such as monitoring, communication, and stimulation. The growth of the wearable electronics market, debouching trends of miniaturization in modern electronics, and increasing demand for smart devices drive the market growth. Additionally, the advent of nanotechnology, RFID, and sensor technology in textile provide an impetus to the market growth. However, the high cost associated with these textiles might hinder the market growth.
The concept of smart textiles was introduced in the late 1980s; however, it has been gaining popularity in the last two decades due to technological advancement in the field of electronics. Several governmental organizations and leaders in the fashion industries such as European space agency (ESA), European Union (EU), the National Aeronautics and Space Administration (NASA), Adidas, and Nike are heavily investing in R&D activities in smart textile. Additionally, the prominent players in the market are stimulating interdisciplinary R&D activities to unleash the potential of these textiles and expand their business reach in the untapped markets to gain a competitive edge. Some of the leading research projects on the smart textiles by the European Union are as follows.
The passive textile segment is projected to grow at a significant CAGR during the forecast period. They are the first generation of smart textiles, embedded with the sensor that can sense the stimuli and environmental conditions, which include cooling fabrics, UV protective fabrics, and anti-microbial fabrics. The passive textiles are largely used in outdoor apparel and medical wearables. Increasing spending power, the rising standard of living, and surging awareness regarding health and fitness drive the segment growth.
The active textile segment held the second-largest share in the smart textile market in 2019. These textiles have the potential to sense and respond to external stimuli and conditions. Active textiles are embedded with an actuator function that responds to the stimuli obtained by the sensor and extensively used across the healthcare and automotive industries for heating and seat sensing applications. However, the prices of these textiles are relatively high compared to the passive textile, which might hamper the market growth.
The advent of nanotechnology and RFID technology offers lucrative growth opportunities to the players in the smart textile markets to expand their product portfolio. The RFID tags and sensors are largely used in shirts, reinforced textile with nanomaterials, power generating shirts, and intelligent band-aids, further driving the market growth. Similarly, the Bluetooth low energy (BLE) technology aids in building wireless connections across various electronic devices, allowing them to send monitored information of the body to the smart devices.
North America dominated the smart textile market in 2019 and will continue the same during the forecast period. Increasing government spending in the military and defense sectors and high spending power drive the regional market growth. Moreover, obesity is one of the leading health issues faced by a huge population across the region. Thus, customers are inclining towards a fit and healthy lifestyle, buying products that will help them to stay fit and active. In line with this, the market players are channelizing efforts to offer advanced products at competitive prices to sustain in the competition. Increasing government investments in R&D activities, especially across the healthcare sector drive market growth. As per the World Bank Group, in 2017, the regional governments invested about 2.78% of their GDP in R&D activities.
Asia-Pacific is projected to witness the fastest growth in the smart textiles market on account of rapid industrialization and urbanization, increasing investments in ICT, rapidly rising population, and growing awareness regarding health and fitness. Additionally, burgeoning spending power is subsequently increasing the demand for smart wearables and clothing. For instance, as per the Indian Brand Equity Foundation, during July-September 2019, India’s smartphone shipment witnessed a year-on-year growth of 9.3%, with about 46.6 million units shipped across the globe. Also, China, India, and Japan are the frontrunners of the regional smart textile market.
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|