Smart Textile Market Share Forecast to Witness Considerable Growth from 2016 To 2024 Shubham Jamdade
• April 14, 2021
Smart Textile Market: Overview
The global smart textile market is highly consolidated, as the leading four players in the market held approx. 46% of the overall market in 2014. E.l. DuPont De Nemours and Co. held 20% of shares in the market; still, it faces strong competition from numerous small and medium-size specialty product-manufacturing companies. As per the TMR, the global smart textile market is estimated to attain a valuation of US$7.73 bn by the end of 2023 progressing from US$0.7 bn in 2014. The market is predicted to rise at an outstanding 30.8% CAGR during the forecast period 2015 to 2023.
Major Key Players of the Smart Textile Market are:
Koninklijke Ten Cate N.V., E.l. DuPont De Nemours and Co., Texas Instruments Inc., and Gentherm Inc.
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High Cost of Smart Textile to Restrain Market Growth
Conversely, there are certain restraining factors that may hamper the market growth. The high cost and lack of appropriate standards and regulations to monitor may impede the flourishing smart textile market. The high cost affiliated with the smart textile will also restrict the wearable devices only to the high-end customers that may limit the growth of the market. However, these restraints are not expected to have a long-term impact due to the growing popularity of the smart wearable technologies, thus bringing high growth opportunities in the global smart textile market. In addition to that, increasing research and development activities and rising contribution by the key players and manufacturers will eventually address these
issues.
The Global Smart Textile Market has been segmented as presented below:
Global Smart Textile Market: By Function