Smart Fashion (Apparel and Accessories) Market Size, Major Market Players, SWOT, Revenue Growth Analysis, 2030
Wearable devices are considered the next evolution in the IT and textile industries. In 2015, the market saw a rush for wearable devices used for the face, ears, feet, and wrists. Moreover, with the evolution of cultural changes, lifestyle, IT and cyclical attitudes, industries such as fashion, textiles and IT began to merge. Smartwatches and activity trackers were the main end products sold in the world of wearable technology. However, smart fashion is expected to become one of the emerging markets in this field within the next 5 years. This opportunity has resulted in the increase in the number of clothing companies to exploit the development and innovative designs. For now, consumers are interested in the use of information technology and smart textiles in the fashion industry, thus creating opportunities for fashion designers to come up with new innovative ideas to gain market share. market and stand out from the competitive industry.
The sports industry was the first to start the smart fashion trend, helping to monitor emotions, track heart rate, and more, without connecting to a cell phone or smartwatch screen. The âGlobal Smart Fashion Marketâ is expected to reach $ 2,938.9 million by 2022, with a CAGR of 117.0% during the forecast period 2016-2022. The smart fashion market will grow due to its advantages of tracking and monitoring individual health. Majority of companies focus on fitness clothing as they try to implement clothing with more sensors and applications.
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The smart fashion market research will talk about smart clothes and smart accessories. In addition, the report talks about demographics, regions and verticals. The smart clothing market is segmented into t-shirts, underwear, socks, jackets, shoes and others. The t-shirts segment will hold the majority of the shares and is expected to reach $ 1,074.0 million by 2022. The t-shirt market is growing as the majority of wearable devices are implemented in t-shirts to track and monitor health. The smart accessories market is segmented into jewelry, bags, wallets and others. The jewelry segment accounts for the majority of the market share, which is expected to reach $ 89.0 million by 2022, with a CAGR of 118.0%.
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Based on regional segmentation, the Americas hold the majority market share, followed by Western European countries. The wide acceptance of smart clothing and jewelry is the main driver of market growth in these regions. APAC will experience the fastest growth due to the emergence of small start-ups and improvisation in knowledge sharing. The MEA imposes restrictions on women’s clothing, reducing opportunities for global suppliers.
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Hexoskin, Ralph Lauren, OmSignal, Athos, Clothing +, Owlet Baby Care, Sensoria Fitness, AiQ Smart Clothing, Heddoko, Nike, Under Armor, Adidas, Samsung, Catapult Sports
The study covers and analyzes the âWorldwide Smart Fashion (Clothing and Accessories)â market. Bringing out the comprehensive key insights of the industry, the report aims to provide players with the opportunity to understand the latest trends, current market scenario, government initiatives, and related technologies in the market. In addition, helps the venture capitalist better understand the companies and make informed decisions.