Worldwide Smart Fashion (Clothing and Accessories) Market to grow at a CAGR of 117.0% during the forecast period 2016–2022 to aggregate $2,938.9 million by 2022
Organizations’ focus on one’s health & fitness and launch of new innovative products in the clothing industry will transform the way the textile and fabric industry works. The smart clothing industry is expected to grow at a CAGR of 116.8% and reach $2,717.6 million by 2022.
Infoholic Research LLP, a global market research and consulting organization, has published a study titled “Worldwide Smart Fashion (Clothing and Accessories) Market – Drivers, Opportunities, Trends, and Forecasts: 2016–2022” (December 2016).
According to Infoholic Research, smart T-shirts and pants will continue to dominate the smart fashion market. The majority of the companies present in the market offer T-shirts as their product and moreover, T-shirt is one of the essential parts of the attire of any human being. As per the study, the market will experience a significant growth in the coming years due to the increase in the awareness of one’s health, integration of wearable technology into your daily attire, and interest of fashion designers to come up with something new that can attract more of users and increase its usage for individuals. The smart fashion market is expected to grow at a CAGR of 117.0% during the period 2016–2022 to touch an aggregate of $2,938.9 million by 2022.
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“There is an increase in the smart clothes and accessories market growth due to consumer needs and quality of life. The market for smart fashion will have a huge growth as the healthcare and sports industry are the major end-users. The healthcare institutions with the help of research teams will be coming up with new outfits that will help in improving the health of individuals and will be fashionable to attract more number of women when compared to men.” – Jaydeep Bhattacharjee, Group Head at Infoholic Research
The smart fashion market report is segmented by types, demography, industry verticals, and regions. Smart clothing is playing a major role in offering innovative clothes with IT solutions to verticals such as healthcare, consumer, sports/athletes, and others. The military is one of the industry verticals where there is a huge investment and the government agencies are ready to take risk with the integration of technologies into soldier’s uniform for safety issues. The market for military/defence is expected to reach $434.5 million by 2022, growing at a CAGR of 117.4% during the forecast period 2016–2022. Athletes are known for their fitness and highly-skilled training practice, thus are the major end-users for smart clothes. They will have the majority of the share in 2016 and is expected to grow at a CAGR of 116.1% during the forecast period.
“Fabrics and textile industry is growing and changing with the improvement in technologies. Moreover, designers now want to create something that gives extra benefits to users rather than just clothes. Thus, smart clothes and accessories market has huge opportunity to grasp trillion market for fashion. The market will have tremendous growth due to investment and integration of technologies. However, the lack of acceptance with some regions will slow down the improved growth rate of the market.” – Preeti Wadhwani, Team Lead – Research at Infoholic Research
As per the demography, men will be having the majority of the share as they are more comfortable in wearing technological-related products and this is expected to reach $1,580.5 million by 2022. Women will be more interested in smart accessories rather than men. Kids will have the highest growth rate due to the technologies such as smart socks and caps, which mostly are used by parents and hospitals, growing at a CAGR of 117.9% during the forecast period.
As per the regions study, North America is set to be the leading region for smart fashion market size followed by Europe. APAC is set to be the emerging region for the market growth. The rising investments from sports associations, government, technological players, clothing industry in the developing countries are expected to drive the market growth in the upcoming years.
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The report aims to highlight key insights from providers and end-users. The report provides an in-depth analysis and forecast about the industry covering the following key features:
- The smart fashion market report not only highlights users’ conundrum (challenges and barriers to adopting smart fashion) but also brings in their perspective on the worldwide fashion market
- The market has been analyzed by taking into account the key regions – Americas, Europe, APAC and MEA
- The worldwide smart fashion market is analyzed based on types, demography, verticals, and regions
- The report analyzes the top 14 players in terms of market reach, business strategy, and business focus
- Provides an in-depth analysis of the key business opportunities in each technology types
- Competitive benchmarking analysis to optimize short term and long term strategy of the organizations
- Stakeholders’ insights and key trends (current and future) of the market
Scope of the Report:
- The smart fashion market report covers the present scenario and the growth prospects of the smart fashion during the period 2016–2022. Moreover, to calculate the market size, the report considers the revenue generated from the below-mentioned segments:
- Smart Clothing: The segment includes the revenue generated from T-shirts and pants, undergarments, jackets, socks, shoes, and others
- Smart Accessories: The segment includes the revenue generated from the jewelry, bags, gloves and scarfs, belts and others
- The report covers the evolution, architecture and ecosystem of fashion, market dynamics, features, advantages, and disadvantages. The report also covers drivers, restraints, and opportunities affecting the market growth over the forecast years
- The smart fashion market report gives insight about the application verticals where smart fashion products are being used. It gives a brief discussion regarding the products offered by the top vendors.
- The report gives insight about the demography of the smart fashion industry, as for whether men, women or kids hold the share and what is their future perspective
- The smart fashion market report covers the adoption and usage of smart fashion in different regions. The regions include Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA). The report also compares the top 14 players in the market with their technological capability and geographical reach
- It also contains analysis forecasted revenues, competitive landscape, vendor profiles, global generalist, companies to watch for, and business strategies & views
Ms. Sunanda Ganguli
Infoholic Research LLP