Smart and interactive textiles market has been gaining huge popularity among automotive giants across the globe, on account of the fact that manufacturers are now focusing on the comfort and luxury factor of passengers. The advent of IoT and connected technology are likely to influence the business trends. In addition, the ongoing research activities to innovate new products are slated to propel smart textiles market size. According to Global Market Insights, Inc., “Worldwide smart and interactive textiles market generated a revenue of USD 2 billion in 2015 and will record an annual growth rate of more than 14% over the coming seven years.”
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Based on the application, smart textiles market is mainly divided into transportation, industrial, medical & healthcare, military & defense, and retail & consumer. In 2015, transportation application segment collected a revenue of USD 750 million and will surpass a revenue collection of USD 1.5 billion by the end of 2024. Extensive use of the product for railway coaches, aircrafts, ships, and automobiles to improve their mechanical properties and aesthetic features will boost the industry growth notably. Moreover, surging requirement of lightweight materials to enhance the fuel efficiency of automobiles and aircrafts will propel the overall smart textiles market size.
Chromic materials and wearable electronics are the primary products of smart textiles market. Wearable electronics product segment will register a flourishing annual growth rate over the coming timeframe, owing to the increasing popularity of the product among sports persons and the geriatric population susceptible to cardiac problems, given that these products help to monitor their metabolism rate and vital signs.
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Geographically, North America smart textiles market generated a revenue of USD 700 million in 2015 and will exhibit notable growth over the years ahead. The U.S. dominated the regional revenue contribution in 2015. The regional governments have been investing heavily to improve the safety and performance of military equipment and apparel, which will fuel North America smart textiles market growth. In addition, escalating R&D activities across the medical sector will also impel the product demand.
Asia Pacific smart textile market will generate a significant revenue with an annual growth rate of 20% over the coming seven years. Rapid industrialization and growing expansion of the automotive sector across this region will stimulate the product demand noticeably. India, Japan, and China will be the prominent revenue contributors.
Browse key industry insights spread across 85 pages with 96 market data tables & 13 figures & charts from the report, “Smart And Interactive Textiles Market Size By Product (Wearable Electronics, Chromic Materials [Phase Changing Materials, Shape Memory Materials]), By Application (Industrial, Military & Defense, Medical & Healthcare, Retail & Consumer, Transportation), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents:
The noteworthy participants in smart textiles market are Sensoria, Inc., Toray Industries, DuPont, Koninklijke Ten Cate, Textronics, Inc., Interactive Wear AG, Milliken & Company, Outlast Technologies LLC., AiQ Smart Clothing Inc., Globe Holding Company LLC., and Schoeller Textil AG.
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