A new report has placed the global value of the “Smart Clothing” market at $4.5 billion by 2023, equating to a CAGR of more than 30%.
Produced by Global Market Insights, the forecast takes into account the fortunes of the wearable tech market which grew rapidly to be worth around $25 billion in 2015.
Changing attitudes to health and fitness, as well as a growing understanding of injury prevention is expected to continue to widen the customer base.
Understanding of smart fabrics is fast accelerating, with researchers having found astonishing results, generating headlines such as graphene fed silkworms creating smart fabrics and even seeing Vittoria’s graphene supplier tuning its attention to the market potential.
Polar is among those already producing products with “smart” capabilities, bringing forward a compression shirt with ability to capture heart rate and GPS readings.
It is expected that in time technology will exist embedded in fabrics that will have the capability to read an athlete’s nutritional needs during exercise.
Initially it is expected that high cost and lack of awareness may hamper the market, which is expected to show the greatest early promise in military applications before the sporting potential is realised. Yet high growth is expected primarily in the U.S and the Asia Pacific, with appetite for tech and low production costs in the latter region cited as drivers.