Smart Fabrics Market to Reach 12991.2 Million by 2028

Vantage Market Research

Jan 24, 2022

According to our latest report study, the Smart Fabrics Market is expected to reach 12991.2 Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 31.4% between 2022 and 2028. Significant growth in the retail sector and technological penetration has increased the demand for smart fabrics; thus, driving the growth of the Global Smart Fabrics Market over the forecast period.

Key Findings:

  • The sensing in functionality segment is projected to grow at a substantial CAGR rate over the forecast period. This is because the ability to sense is the most essential attribute of smart garments. With this, it has several applications that include sports & fitness, medical, and military & defense which is likely to increase the demand for smart fabrics, further fueling the Smart Fabrics Market growth.
  • The sports & fitness in application segment held a considerable market share in 2021. Smart fabrics have the ability to react to stimuli that are generated from thermal, mechanical, chemical, and magnetic. Electrical sources because of these abilities can be used in sophisticated electronics devices such as fitness watches and belts for monitoring health. These are some factors driving segmental growth.
  • Asia Pacific is expected to grow at the highest CAGR from 2022 to 2028. The growth in this region is driven by the increasing demand from the medical and consumer electronics sector.

Some of the major players in the Smart Fabrics Market include - Adidas AG, AiQ Smart Clothing Inc., Clothing+ (Jabil Circuit, Inc.), EXO2, OTEX Specialty Narrow Fabrics Inc., Gentherm, Inc., Mide Technology Corporation, Nike, Inc., Ohmatex ApS, Sensing Tex SL, Sensoria Inc., Thermosoft International Corporation, and Kolon Industries Inc.

Factors such as an increase in disposable income with the rising millennial population are expected to boost the adoption of smart fabrics. Additionally, the market product is further used in the monitoring of vital health signs such as temperature, heart rate, and respiration rate. On the contrary, the lack of regulations is restraining the market growth, as it makes it difficult for smart fabric manufacturers to scale up as well as commercialize such incremental technologies. The manufacturing of smart textiles can be a reason for serious health and environmental hazards.

The Asia Pacific is anticipated to have substantial growth in the coming years. The low-cost raw materials availability and labor in Asia Pacific countries, including Japan, China, and India, have become a manufacturing hub for such technologies. With this, the increase in research & development activities for such intelligent fabrics is another reason driving the regional growth.