The global **smart clothing market** size is projected to experience speedy growth owing to the increasing adoption of smart wearable devices, finds Fortune Business Insights in its report, titled “Smart Clothing Market, 2021-2028”.
The global smart clothing market size was valued at USD 1.65 billion in 2023 and is projected to grow from USD 1.88 billion in 2024 to USD 5.86 billion by 2032, exhibiting a CAGR of 15.26% during the forecast period. North America dominated the Smart Clothing Market with a market share of 38.79% in 2023.
The smart clothing has gained importance across the world owing to the rising adoption of smart wearable devices such as smart watches, clothes, glasses, and others. Further, the rising usage of such devices during activities such as gym training, leisure travel, and others has resulted in high demand for smart clothing from the majority of the people worldwide, which is anticipated to propel the growth of this market.
However, the relatively high cost of smart clothing items is projected to restrict the growth of this market.
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Market Segmentation:
On the basis of product type, this market is classified into outerwear and innerwear. By application, the market is divided into sports and fitness, medical, entertainment, and others. Based on distribution channel, the market is categorized into specialty stores, online stores, and others. In terms of geography, the market is clubbed into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Highlights/Summary:
The report attempts to put forth a comprehensive understanding of the overall industry trends and outlook. It also provides a microscopic assessment of the market drivers, segments, and restraints, along with a holistic analysis of the regional developments in the market. Topping these factors is an exhaustive examination of the competitive landscape of the market, powered by industry-leading market research.
Drivers/Restraints:
Rising Number of Sports and Leisure Activities Worldwide to Fuel the Market
There has been a surging demand for smart clothing across several regions due to the rising number of sports and leisure activities around the world, which is projected to fuel the growth of this market. For instance, as per the report published by the U.S. Department of Commerce, the clothing and accessory products sales in the US reached USD 166,084 million from November 2019 to November 2020.
Regional Insights:
Increasing Indoor Fitness Activities to Boost the North America Market Growth
North America region is projected to witness substantial growth in the smart clothing market share on account of the increasing indoor fitness activities in the countries such as the US and Canada.
Asia Pacific region is anticipated to grow rapidly in this market due to the rising number of smart cloth production companies in the countries such as India, China, and others.
Competitive Landscape:
Strong Focus on Adoption of Latest Technologies to Animate Competition
The leading companies in the smart clothing market are focusing on adoption of latest technologies such as Internet of Things (IoT) for the manufacturing of smart clothes in order to attract maximum customers across the world. This has resulted in the increasing competition among key companies which will enable them to expand their business horizons and widen their market position.
Industry Development: