Global Smart Textiles Market Report 2024: Market Size, CAGR, Lucrative Segments And Top Regions

Smart textiles refer to smart systems that can recognize and process the wearer’s condition as well as perceive or transmit the environmental conditions. They can be found using a variety of detection methods, including magnetic, mechanical, chemical, electrical, and thermal. Smart textiles can detect changes in the environment and adapt and respond automatically to mechanical, chemical, magnetic, electrical, and thermal manipulations to protect the wearer from environmental risks.

Sizing and Forecast
The smart textiles market size has grown exponentially in recent years. It will grow from $4.46 billion in 2023 to $5.81 billion in 2024 at a compound annual growth rate (CAGR) of 30.2%.  The  growth in the historic period can be attributed to strong economic growth in emerging markets, increased internet penetration, increasing millennial population, low interest rate environment and urbanization.

The smart textiles market size is expected to see exponential growth in the next few years. It will grow to $16.03 billion in 2028 at a compound annual growth rate (CAGR) of 28.9%.  The growth in the forecast period can be attributed to  increasing e-commerce, increasing demand for sportswear, increasing adoption of 5g networks, rising population and internet of things (iot) . Major trends in the forecast period include focus smart fabric technology, wearable tele-rehabilitation platform, technology development, digital testing, product launch and innovative smart garments.

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Segmentation & Regional Insights
The smart textiles market covered in this report is segmented –
1) By Type: Passive, Active and Ultra-smart
2) By Function: Energy Harvesting, Sensing, Thermoelectricity, Luminescent and Other Functions
3) By End Users: Fashion and Entertainment, Sports and Fitness, Medical, Automotive, Protection and Military, Architecture and Other End Users

North America was the largest region in the smart textiles market in 2023. The regions covered in the smart textiles market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
Surging demand for smart wearable devices is expected to propel the growth of the smart textiles market going forward. Smart wearable devices are electronic devices powered by microprocessors that are integrated into clothing, worn as accessories, and implanted in the body to send and receive data via the internet. Smart wearable devices include smart jackets, smart glasses, smart shirts, smart jewelry, smart watches, and others. There is a surge in demand for smart wearable devices as they provide real-time information on users’ well-being and are the future of portable energy systems, high-tech sportswear, health monitoring systems, workwear, and military camouflages. For instance, according to Cisco Systems, a US-based networking hardware company, the number of connected wearable devices is expected to reach 1,105 million by 2022, up from 593 million in 2021. Therefore, the surging demand for smart wearable devices is promoting the growth of the smart textiles market.

Key Industry Players
Major companies operating in the smart textiles market report are Koninklijke Ten Cate NV, Schoeller Textil AG, Eeonyx Corporation, Tex-Ray Industrial Co. Ltd, AiQ Smart Clothing Inc, Sensoria Inc, Noble Biomaterials, Interactive Wear AG, Mitsufuji Corporation, Xenoma Inc, Paradise Textiles, Textronics, Welspun India Ltd, Teijin Frontier Co. Ltd., E. Textint Corp, Smart Textile Co. Ltd., Asiatic Fibre Corporation, GPOWERTECH CO. LTD, Nextiles, Fibrofill inc., Adidas AG, Clothing+, Ohmatex A/S, Siren, Centre for Process Innovation Limited (CPI), Hi-Tec Sports, Incomparable Buttons, ACOTEX, Vaxess Technologies, FPC Industry, Nanowear, Express Embroidery, MOGU (Mycoplast), Stedfast Inc, Tricot Carol Inc, Lomar, Gulf Denim, Naseej Textile, Ultra Design Studios, Texel Inc., Smart textiles LLC, United Nigerian Textile Plc, Finetex Nigerian Ltd, Speco Mills Ltd, Korteks Textiles Africa

The smart textiles market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis

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