Asia Pacific Smart Clothing Market to See 46% Growth to Hit $500mn by 2024
Friday, July 26, 2019
Press release from the issuing company
According to the Graphical Research new growth forecast report titled “Asia Pacific Smart Clothing Market analysis based on Product, Application, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024”, estimated to exceed USD 500 million by 2024.
The Asia Pacific smart clothing market is majorly driven by the penetration of intelligent textile manufacturing companies. India and China in the region have witnessed the establishment of a large number of production plants in the recent years owing to the availability of cheap labor. Rapid developments in the manufacturing and export activities in the emerging economies including Japan and South Korea will boost the industry growth. Advancements in nanotechnology and its incorporation in the modern textiles are emerging trends aiding the Asia Pacific smart clothing market growth. This technology offers varied benefits such as electronic capabilities, fire resistance, and monitoring techniques.
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Based on products, the Asia Pacific smart clothing market is expected to witness several growth opportunities in smart jackets. These products can offer contactless payment facilities to the wearer without the usage of cards or cash. They are also available in a range of self-heating jackets that respond to temperature changes and provide protection against extreme cold conditions.
The military & defense sector is predicted to dominate the Asia Pacific smart clothing market over the forecast timespan owing to the increasing government investments and fund availability. The initiatives by the Chinese government to facilitate better infrastructure and advanced security facilities to the military sector are driving the industry growth.
The prominent companies in the Asia Pacific smart clothing market comprise Catapult, Athos, Hexoskin, Heddoko, Lumo Bodytech, Cityzen Sciences, Ralph Lauren, Gymi, AiQ, Xsensio, and OMsignal. The players majorly focus on developing major production and manufacturing facilities in the region due to labor availability and enhanced production processes adopted by the companies.
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Asia Pacific Smart Clothing Market Statistics By Product
Sports & Fitness
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