Worldwide Smart Fashion (Clothing and Accessories) Market to Reach $2,938.9 Million by 2022

Bangalore, India, April 4, 2017 (Newswire.com) - According to Infoholic Research, smart clothes will continue to dominate the smart fashion market. The majority of the companies currently in the market offer T-shirt as their major product, which is expected to maintain its dominance during the forecast period.

The market is growing tremendously due to organizations investing in technological applications and a growing trend of consumers adopting new apparel to track their health. Presently, only a few ideas about smart clothing have penetrated the consumer base. It is expected that the market will rapidly grow as organizations such as OmSignal, HexoSkin, and Under Armour have already initiated making clothes more fashionable and smart.

"There is an increase in the smart clothes and accessories market growth due to heightened levels of consumer needs and quality of life. The market for smart fashion will have a huge growth driven by the demand in healthcare and sports industry. The healthcare institutions with the help of research teams are coming up with new outfits that improve 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

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As per the study, the market will experience a significant growth during the forecast period due to increase in the awareness of individual health. The integration of wearable technology into our daily attire and interest of fashion designers to come up with new innovations has garnered the commoners and learn the benefits of using smart clothes. The market is expected to grow at a CAGR of 117.0% during the forecast period 2016–2022 to touch an aggregate of $2,938.9 million by 2022.

“There is an increase in the smart clothes and accessories market growth due to heightened levels of consumer needs and quality of life. The market for smart fashion will have a huge growth driven by the demand in health-care and sports industry. The healthcare institutions with the help of research teams are coming up with new outfits that improve the health of individuals and will be fashionable to attract more number of women when compared to men,” said Jaydeep Bhattacharjee, Group Head at Infoholic Research.

The 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 making a huge investment and the government agencies are ready to take on risk to integrate technologies into soldier’s uniform for safety. The market for military/defense is expected to reach $434.5 million by 2022, growing at a CAGR of 117.4% during the forecast period 2016–2022. Athletes 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 industries are growing and changing with the improvement in technologies. Moreover, designers are planning to offer extra benefits rather than just clothes. Thus, smart clothes and accessories market has a huge opportunity to grasp the existing trillion dollars’ fashion market. The market will have tremendous growth due to investment and integration of technologies. However, the lack of acceptance in few regions will impact the market growth,” said Preeti Wadhwani, Team Lead – Research at Infoholic Research.

In terms of demography, men segment holds the majority of the market share and is expected to reach $1,580.5 million by 2022. The market is growing due to the comfort level of men in wearing technological-related products. Women will be more interested in smart accessories rather than men; thus, the market growth of women segment in smart fashion will be high when compared to men during the forecast period. Kids segment will have the highest growth rate due to the purchase of smart socks and caps by parents and hospitals, growing at a CAGR of 117.9% during the forecast period.

North America is set to be the leading region for smart fashion market 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 industry verticals. The report provides an in-depth analysis and forecast about the industry covering the following key features:

The 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

Source: Infoholic Research