Garments and footwear with integrated sensors that transmit biometric information and other datasets will reach new heights of popularity by 2030 and is set to be worth over $4bn, according to GlobalData, a leading data and analytics company. Smart clothing is currently largely targeted at people interested in health and fitness, however, the sports, healthcare and military industries will become key users in the coming years as the value in continuous monitoring of physical activity is recognised. The industry will pass the $1bn revenue mark by 2023.
GlobalData’s latest thematic report, ‘Thematic Research: Smart Clothing’, notes that the sector was worth $668m in 2020, and the ten-year period will see growth at a compound annual growth rate (CAGR) of 21%.
Rupantar Guha, Associate Project Manager for Thematic Research at GlobalData, comments: “Progress in areas such as electronic textiles, artificial intelligence (AI), motion tracking, and haptics will drive growth in the smart clothing market. Currently, smart clothing products are targeted at consumers, particularly people interested in health and fitness. However, the sports, healthcare, and military industries will become key users of smart clothing in the coming years, valuing the technology’s ability to provide continuous monitoring of physical activity. For now, the smart clothing industry is awaiting investment from leading technology and apparel companies. This will improve the products’ capabilities and influence market adoption, a pressing concern for today’s smart clothing vendors.
The COVID-19 pandemic has hit the smart clothing market, both in terms of shipments and revenues. However, the impact has been limited as smart clothing is in the early stages of development, and the market will recover in 2021. Meanwhile, some smart clothing vendors are using COVID-19 lockdowns and social distancing mandates as an opportunity to showcase their products, particularly those with healthcare and fitness capabilities.”