A recently published report by Fact.MR reveals that the global smart clothing market is projected to grow at a modest CAGR of 25% during the forecast period (2021-2031), expected to reach US$ 23.28 Bn in value by the end of the said forecast period.
Historical estimates point out that the market enjoyed robust growth, clocking a CAGR of 10% from 2016-2020, at the end of which it was valued at over US$ 2 Bn. The global smart clothing market is envisioned to gain traction in various industries such as transportation, education, medicine, hospitality, and public safety. Smart clothing is used in corporate uniforms for different purposes.
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In the corporate world, smart clothing could help increase productivity as it enables better communication between specialists and their teams. Today, smart clothing is offered in a more fashionable, comfortable, and functional way to consumers. Additionally, rising emphasis on sporting activities has prompted an increase in smart apparel sales, with a view to streamline sports performance and monitor fitness levels.
“As consumers become health conscious, they are seeking out various approaches to remain fit, indulging in outdoor exercises and sports, which is spurring demand for smart clothing, besides their requirement in the healthcare sector,” comments the Fact.MR analyst.
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A rising number of partnerships in the global smart clothing industry is expected to introduce more fashionable, comfortable, and functional products, broadening outreach of prominent players. Some notable developments are as follows:
In its latest report, Fact.MR offers an unbiased analysis of the smart clothing market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031.
In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product type (socks, insoles, pants, jackets, shirts, dresses, suits, scarfs, bras, and shoes), application (embedded electronics and attached electronics), technology (ultra, active and passive), and industry vertical (healthcare, industrial, military, and athletic smart clothing), across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa).
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Key players analyzed in the smart clothing market study:
The report covers following Smart clothing Market insights and assessment that are helpful for all participants involved in the Smart clothing market:
Key Questions in Smart clothing Market Research Report:
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