Kenneth Research has recently added a market research study on Worldwide Smart Fashion Market 2022 which provides a complete comprehensive analysis including the data by Segmentations, by Geography and as well as the competitive landscape of the top 10 Vendors in this market
The Worldwide Smart Fashion Market is likely to obtain substantial incremental $ opportunity between 2016 and 2022 as per the recent market study conducted by Kenneth Research. This Worldwide Smart Fashion market strategic report has been produced emphasizing upon various growth factors contributing towards the growth of this market. This market study speaks about the relation between in-dependent variable such as the market and as well as the dependent variables which include the core macro-economic indicators such as population, GDP, personal disposable income and others. The business intelligence report also covers the challenges which may impact the growth of this market in the long-run. Several prevailing trends have been analysed in this report which have strengthened the growth of the market all across the globe.
The wearable devices are considered as the next evolution of IT and textile industries. In 2015, the market experienced a stampede of wearable devices used for face, ears, feet, and wrists. Moreover, with the changing cultural shifts, lifestyle, IT and cyclical attitudes, industries such as fashion, textile, and IT have begun to merge. The smartwatches and activity trackers were the major end-products being sold in the wearable tech world. However, smart fashion is expected to become one of the emerging markets in this field in the next 5 years. This opportunity resulted in the increase in the number of clothing companies to exploit the development and innovative designs. As for now, there is an increased consumer interest in using IT and smart textile in the fashion industry, offering fashion designers to come up with new innovative ideas to grab the market share and stand out from the competitive industry.
The sports industry was the first to start with the smart fashion trend, helping in monitoring emotions, tracking heart rate and much more – without connecting to a mobile phone or smartwatch screen. The “Worldwide Smart Fashion Market” is expected to reach 2,938.9 million by 2022, growing at a CAGR of 117.0% during the forecast period 2016–2022. The market for smart fashion will grow due to its advantages of tracking and monitoring individual health. The majority of the companies are focusing on fitness clothing as they are trying to implement clothes with more number of sensors and applications.
Product Analysis: The market study of smart fashion will talk about smart clothes and smart accessories. In addition, the report talks about the demography, regions, and industry verticals. The smart clothes market is segmented into T-shirts, underwear, socks, jackets, shoes, and others. T-shirts and pants will hold the majority of the share, expected to reach 1,074.0 million by 2022. The market for T-shirt and pants is growing as the majority of the wearable devices are being inserted in them to track and monitor health. The smart accessories market is segmented into jewelry, bags, wallets, and others. The jewelry accounts for the majority of the market, expected to reach 89.0 million by 2022, growing at a CAGR of 118.0%.
Regional Analysis: As per the regional segmentation, Americas holds the majority share followed by Western European countries. The wide acceptance of smart clothes and jewelry is the major driver for the growth of the market in these regions. APAC will grow the fastest due to the emergence of small start-ups and improvising in knowledge sharing. MEA is having restrictions to clothes for women, reducing the opportunity for the global providers.
Key Players: Hexoskin, Ralph Lauren, OmSignal, Athos, Clothing+, Owlet Baby Care, Sensoria Fitness, AiQ Smart Clothing, Heddoko, Nike, Under Armour, Adidas, Samsung, Catapult Sports
Competitive Analysis: The study covers and analyzes the “Worldwide Smart Fashion (Clothes and Accessories)” market. Bringing out the complete key insights of the industry, the report aims to provide an opportunity for players to understand the latest trends, current market scenario, government initiatives, and technologies related to the market. In addition, helps the venture capitalist in understanding the companies better and take informed decisions.
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In 2018, the worldwide GDP stood at USD 84,740.3 Billion as compared to the GDP of USD 80,144.5 Billion in 2016, marked a growth of 5.73% in 2018 over previous year according to the data quoted by International Monetary Fund. This is likely to impel the growth of Worldwide Smart Fashion market over the period 2019-2026.
The Worldwide Smart Fashion market report also focuses on the analysis on the basis of geography which includes North America (U.S. and Canada), Latin America (Mexico, Brazil, Argentina, Rest of Latin America), Europe (Germany, UK, France, Spain, Italy, NORDIC, BENELUX, Poland, Russia, Hungary, Rest of Europe), Asia Pacific (China, Japan, India, Australia, New Zealand, South Korea, Malaysia, Indonesia, Rest of Asia Pacific) and Middle East and Africa (GCC, North Africa, South Africa and Rest of Middle East and Africa).
In U.S., the GDP per capita was valued at USD 62,606 in 2018 as compared to USD 59,895 marked in 2016, observed a growth of 4.53% in 2018 over previous year. Rise in GDP per capita has intensified the growth of this market in the country.
The key offerings in the report:
- Evaluating the market size of the global Worldwide Smart Fashion market as well as the market forecast.
- Analysing various market segmentations as well as forecasting the market on the basis of geography which includes North America, Latin America, Europe, Asia Pacific and Middle East and Africa
- Highlighting the factors impacting the growth of the market which includes growth drivers, challenges, opportunities as well as trends
- Examining competitive landscape of the leading companies on the basis of overview of the company, business strategy, product overview, risk analysis, recent developments and SWOT analysis.
Various statistical methods such as Covariance, Correlation, Regression and Coefficient of Determination (R square) analysis have been utilized to assess the market performance and analyse the future outlook of the market.
This market study is definitely going to be useful and can be utilized as a valuable source of assistance for the investors, manufacturers related to the product, suppliers, distributors, investment banks, management consulting companies, regulatory and government bodies, research organizations, and forums.
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