Between 2023 and 2033, the global market for smart and interactive textiles is expected to develop at a phenomenal compound annual growth rate (CAGR) of 26.1%. The market is anticipated to reach US$ 3.30 billion in 2023, and by US$ 23.7 billion in 2033, it is anticipated to occupy a significant market share.
The textile industry’s adoption of cutting-edge technology, such artificial intelligence (AI) and the Internet of Things (IoT), is responsible for this increase in market value.
Increasing demand for smart fabrics as leisurewear is expected to be one of the major trends in the market. This is also attributed to the growing disposable income of the consumer which is encouraging them to spend on leisure products. Also changing lifestyles of the consumers coupled with the growth in the urban population around the globe due to the gradual shift from rural to urban areas is further expected to propel the market growth.
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The advent of new technologies such as Internet of Things (IoT), and Artificial Intelligence (AI) has transformed the textile industry. New smart apparel is being manufactured integrated with AI, Bluetooth Low Energy (BLE), edge computing, and cloud data, which can monitor and communicate the wearer’s information, including blood pressure, heart rate, perspiration, and temperature. AI can access and collect historical and real-time operational data and provide insights, which can enhance the wearer’s efficiency. Defect detection, pattern inspection, and color matching are some of the common applications of AI in textile manufacturing.
Key Takeaways from the Market Study
- Global Smart and Interactive Textiles Market was valued at US$ 2.6 Bn by 2022-end
- From 2017 to 2021, Smart and Interactive Textiles demand expanded at a CAGR of 12.0%
- By Product, the Wearable Electronics category constitutes the bulk of Smart and Interactive Textiles Market with a market share of 12.0%.
- By Application, the Transportation segment dominates the Smart and Interactive Textiles Market with a market share of 10.0%.
- From 2022 to 2032, Smart and Interactive Textiles sales are expected to flourish at a CAGR of 25.88%.
- By 2032, the market value of Smart and Interactive Textiles is expected to reach US$ 26.4 Bn.
“Increasing demand for smart fabrics as leisurewear is expected to be one of the major trends in the market. This is also attributed to the growing disposable income of the consumer which is encouraging them to spend on leisure products during the forecast period,” remarks an FMI analyst.
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Competitive Landscape
Players in the global Smart and Interactive Textiles Market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market. Some of the recent developments among the key players are:
- In July 2021, DuPont acquired Laird Performance Materials, a leading company engaged in offering high-performance electromagnetic shielding and thermal management solutions.
- In February 2021, DuPont had acquired Tex Tech’s Core Matrix Technology, a monolithic fabric structure that can significantly reduce backface trauma, while increasing ballistic and fragmentation performance for military and law enforcement personnel. This acquisition will add to the company’s already robust portfolio of life protection solutions, enabling the most flexible, lightweight ballistic solutions to meet new standards of National Institute of Justice (NIJ) for enhanced durability. In addition to enhanced protection, the new technology also increases the comfort of wearing bullet-resistant body armor.
Know More about What the Smart and Interactive Textiles Market Repost Covers
Future Market Insights offers an unbiased analysis of the global Smart and Interactive Textiles Market, providing historical data for 2017-2021 and forecast statistics from 2022-2032.
Key Segments:
Smart and Interactive Textiles Market by Product:
- Wearable Electronics Smart and Interactive Textiles
- Chromic materials Smart and Interactive Textiles
- Photochromic
- Thermochromic
Smart and Interactive Textiles Market by Application:
- Smart and Interactive Textiles Market for Industrial Applications
- Smart and Interactive Textiles Market for Military and Defense
- Smart and Interactive Textiles Market for Medical and Healthcare
- Smart and Interactive Textiles Market for Retail and Consumer Applications
- Smart and Interactive Textiles Market for Transportation
- Others
Smart and Interactive Textiles Market by Region:
- North America Smart and Interactive Textiles Market
- Latin America Smart and Interactive Textiles Market
- Europe Smart and Interactive Textiles Market
- Asia Pacific Smart and Interactive Textiles Market
- Middle East & Africa Smart and Interactive Textiles Market
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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