Smart Textiles Market Size, Share, Growth, and Industry Analysis, By Type (Passive Smart Fabrics and Textiles, Active Smart Fabrics and Textiles, Ultra-Smart Fabrics and Textiles, and Smart Textiles), By Application (Military Uses, Civil Uses, Healthcare Uses, and Other), Regional Forecast to 2032

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SMART TEXTILES MARKET REPORT OVERVIEW

Global Smart Textiles Market size was USD 5.15 Billion in 2023 and market is projected to touch USD 24.3 Billion by 2032, exhibiting a CAGR of 18.8% during the forecast period.

The term textile refers to an item created by weaving threads or yarns into fabric consisting of natural fibers from either plants or animals. These began being produced in labs as a result of increased technical development, producing output goods that were stronger and more adaptable. Now, thanks to digital connectivity, thin fibers running through your smartphone can be used to weave data into textiles for clothing. Modern computer-based technology is woven into clothing, which is referred to as smart textiles.

The escalating use of smart textiles in wearable electronic devices, the soaring demand for smartwatches and wristbands like Fitbit, and the expanding use of these textiles in the healthcare sector due to their capacity to measure body temperature, blood pressure, and heart rate are the main factors driving the global smart textiles market revenue growth. Other significant factors driving the growth of the global smart textiles market's revenue include rising demand for performance-enhancing smart textiles in the sports & entertainment, automotive, and construction sectors, as well as rising awareness of health & wellness and rising adoption of healthy lifestyles.

COVID-19 IMPACT

"Pandemic to Affect the Smart Textiles Market Growth"

Due to the stringent lockdowns and social seclusion implemented to stop the COVID-19 virus's spread, the market for smart textiles suffered. The lack of consumer confidence, the partial company shutdown, and the uncertain economic climate all had an effect on demand for smart textiles. The epidemic delayed logistics operations and disrupted the supply chain. However, loosening limitations and growing demand for wearables are predicted to help the smart textiles market pick up speed in the post-pandemic situation.

LATEST TRENDS

"Nanotechnology to Surge Smart Textiles Market Growth"

Emergence of cutting-edge technologies like nanotechnology and its incorporation into textiles to improve their physical and mechanical properties, such as adding fire resistance, electronic capability, and vital sign monitoring, are some of the key factors anticipated to create lucrative business expansion opportunities for both established market leaders and new entrants in the global smart textiles market. Applications of nanomaterial-based smart textiles in the healthcare and military & defense sectors are likely to develop, and R&D efforts to make even more improvements in smart textiles are anticipated to increase.

SMART TEXTILES MARKET SEGMENTATION

By Type Analysis

According to type, the market can be segmented into Passive Smart Fabrics and Textiles, Active Smart Fabrics and Textiles, Ultra-Smart Fabrics and Textiles, and Smart Textiles amongst which Passive Smart Fabrics and Textiles is the leading segment.

By Application Analysis

Based on application, the market can be divided into Military Uses, Civil Uses, Healthcare Uses, and Other amongst which Military Uses is the leading segment.

DRIVING FACTORS

"Broadband Enabled Devices to Proliferate the Smart Textiles Market Growth"

One of the key drivers propelling the smart textiles industry is the rise in semiconductor use for broadband-enabled devices and broadband applications. Additionally, the global expansion of the fashion and entertainment sectors as well as the rising demand for products related to sport and fitness, healthy living, and healthy living awareness have all had a beneficial impact on the market for smart textiles. Additionally, the advancement of technology, the rise in the use of the product on portable devices, and the creation of hybrid applications and multifunctional mobile devices are all predicted to create attractive new prospects for market participants in the smart textile space.

"Technological Advancements to Augment the Smart Textiles Market Growth"

Lower power usage and ongoing technological breakthroughs in smart textiles help to boost market expansion. The market is positively impacted by the technology's rise in popularity, which can be attributed to features like higher productivity, added convenience, and better reliability and quality. The expansion of the market is also influenced by the increase in Internet of Things (IoT) applications, such as smart homes, smart cities, machine-to-machine (M2M) communication, and industrial IoT (IIoT), among many others. The market for smart textiles is also benefited by expanding urbanization, a shift in lifestyle, a spike in investment, and rising consumer expenditure.

RESTRAINING FACTORS

"Lack of Pace and Negligence to Restrain the Smart Textiles Market Growth"

Lack of regulatory requirements, the slow pace of acceptance of smart textiles across many industries, and the high production costs of these textiles all hinder the growth of the global market for smart textiles. The creation of smart textiles is very costly because they are made with sophisticated and complex ingredients. Furthermore, obstacles like the incompatibility of particular fabrics with electronic systems hinder market expansion further. Market expansion is anticipated to be hampered by high production costs caused by the need for expensive materials and a lack of standards and regulations. Additionally, throughout the forecast period, the market for smart textiles is expected to face challenges from growing concerns about thermal consideration, product protection, and technological challenges related to the integration of electronics and fabrics.

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SMART TEXTILES MARKET REGIONAL INSIGHTS

"North America to Dominate the Smart Textiles Market Growth"

In terms of revenue share contribution to the worldwide industry, the North American smart textiles market dominated the other regional markets. Major factors propelling the growth of the North American smart textiles market are the expanding use of smart textiles in the military & defense, healthcare, sports & fitness, automotive, and other industrial sectors, as well as the presence of top smart textile producers in the region, including Alphabet, Jabil, DuPont, Sensoria, and Gentherm.

Over the forecast period, the smart textiles market in Asia Pacific is anticipated to grow at the quickest rate in terms of revenue. The rapid industrialization of the region, particularly in developing nations like India, China, Thailand, and Indonesia, technological developments in healthcare and military & defense equipment, an increase in the sales of wearable smart devices, and rising consumer disposable income are the main drivers of the region's market growth. Additional factors supporting the expansion of the Asia Pacific market's revenue include rising public spending in the healthcare and military & defense sectors, as well as the enforcement of strict regulatory standards at the workplace for efficiency and safety.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Top Smart Textiles Companies

• Fibretronic Limited (U.K.)
• Heapsylon LLC (U.S.)
• Intelligent Clothing Ltd. (U.K.)
• Interactive Wear AG (Germany)
• Koninklijke Ten Cate Nv (Netherlands)

REPORT COVERAGE

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.