Today, WiseGuyReports have released a new forecast confirming that the Smart Fashion Global Market will reach $2,938.90 million by 2022. That, ladies and gentlemen, is only 5 years from now.
According to WiseGuyReports, wearable devices are still considered the next evolution of IT and textile industries. This could be because we have, in the last couple of years, seen a stampede of wearable devices successfully going from prototype to market. As the constant shift in this new space changes with every new advancement, we continually find ourselves exposed to wearables designed not only for our wrist but also for our face, ears and feet.
Although smartwatches and activity trackers are currently leading the way, smart fashion is not too far behind. WiseGuyReports findings expect it to become one of the top emerging markets, especially with the support of various clothing companies currently exploring this new territory and developing innovative designs.
As consumer interest increases, we foresee the smart textile industry, offering fashion designers the opportunity to appeal to their customer base by providing them with seamless technology. A great example is the sports industry. They are already showing a great interest in smart fashion by showing consumers the many advantages that can come from tracking and monitoring one’s health through what you are wearing.
“We have, in the last couple of years, seen a stampede of wearable devices successfully going from prototype to market.”
Continuing their focus on fitness clothing, WiseGuyReports found that the smart clothes market is segmented into T-shirts, underwear, socks, jackets, shoes, and others. Their study reports that T-shirts and pants hold the majority share, because wearable devices can be easily inserted into a T-shirt or a pair of pants. When it comes to smart accessories, the market is segmented into jewelry, bags, wallets, and others. Jewelry accounts for the majority of the market, and is expected to reach $89.0 million by 2022, growing at a CAGR of 118.0%.
Taking a look at their regional analysis, America holds the majority share, followed by Western European countries. In these markets the key players are Hexoskin, Ralph Lauren, OmSignal, Athos, Clothing+, Owlet Baby Care, Sensoria Fitness, AiQ Smart Clothing, Heddoko, Nike, Under Armour, Adidas and Samsung.
Based on research, the indepth report thoroughly analyzes the latest trends, current market scenario, government initiatives, and technologies. Major key points worth taking note of include: Industry Outlook Market Snapshot, Market Characteristics, Value Chain, Ecosystem, Market Dynamics, Security concerns, Opportunities, Connected clothing and Impact Analysis. Want to read the 140 page WiseGuyReports Smart Fashion report? Sample it HERE.