Smart Fabrics in Fashion and Entertainment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)

The smart fabrics in fashion and entertainment market is estimated to record a CAGR of 31.29% over the forecast period. The smart fabrics market in the fashion and entertainment industry is primarily driven by innovation by designers to develop new and pleasing outfits integrated with useful technical architecture capable of transmitting the information.

Key Highlights

• The ever-increasing use of electronic devices in our day-to-day life is driving the smart fabrics market. The ease of use of smart fabrics and the integration of electronic devices within textiles make it an integrated device to be used as a simple fabric, which is further contributing to the growth of the market.
• For instance, a particular variety of smart fabric developed at the University of Washington is being used for jackets that can store invisible passcodes and open the doors to apartments or offices. Rapid developments in nanotechnology, polymer development, and low-power-consuming wireless sensors have transformed the market landscape.
• The convergence of the internet of things, 3D printing, and nanotechnologies is creating enormous opportunities for the fashion and entertainment industry. With the increasing number of products integrating sensors to generate and respond to data and perform a range of various functions, the market is expected to grow further.
• The high cost of implementation is restraining the market's growth as the business incurs huge initial investments, restraining many companies from tapping into the market.
• Due to the COVID-19 outbreak, the market suffered and could not experience substantial growth, as the manufacturing of smart fabrics requires a high degree of automation and advancements in textile processing techniques (such as electronic controlling system, computer-aided design, automated inspection, automated material handling devices, numerical control machine tool, statistical process control, production planning/inventory management software, and pick/place robots).

Smart Fabrics in Fashion & Entertainment Market Trends

Adoption of Wearable Devices to Drive the Market's Growth

• Consumers' growing reliance on smart wearable technology items is propelling business expansion. These gadgets help with health monitoring by tracking the oxygen levels, cholesterol levels, and calories burned using sensors. A number of businesses are introducing wearable technology watches and other accessories with health tracking options, including Fitbit, Samsung, Noise, and Fossil Group Inc. Such features are likely to attract customers as they help customers assess their health, thus opening up new market expansion opportunities.
• Connected wearable devices are rapidly evolving across the world as a growing trend to move data analysis and communication from the smartphone directly to the body. Technologists are increasingly using a combination of sensors, machine learning, and Big Data analytics to provide consumers with more data about their bodies and lives than ever before. This emerging field of electronic products will dramatically impact human-computer interaction.
• For instance, in March 2022, Xiaomi Corp. released the Xiaomi Watch S1 Series. It tracks blood oxygen saturation, health monitoring, and sleep monitoring and offers 117 fitness modes. In addition to Alexa from Amazon, it includes magnetic charge capabilities. Rapidly shifting consumer demographics, such as altered living patterns and preferences, are anticipated to increase product demand and propel business growth. Rising consumer expenditure on personal care items is also anticipated to promote the wearable technology market.
• Wearable technology has always been concerned with computer academia and industry. International technological giants, such as Google and Apple, have drastically increased their investments in wearable technology, extending into the fashion design field.
• For instance, Nike and Google together launched a new gym shoe that can track the real-time footprints of a user from Google Earth. This pair of shoes can check movement routes at any time and gather massive motion data, which can be used for analysis.

North America Occupies the Largest Market Share

• Due to the ever-growing electronics market in the region, North America is the leading player in the smart fabrics in fashion and entertainment market. The region leads the smart fabrics market, as it exhibits responsiveness in a controlled manner amid changing environments. Modern customers' growing preference for automated and high-end machines and gadgets is driving the demand for piezoelectric devices in the region.
• The presence of highly informed and enthusiastic consumers in the region further helps the major manufacturers release a range of innovative and experimental products into the market. The presence of leading market players in the United States, such as Du Pont, Textronics Inc., and Sensoria Inc., also contributes significantly to the market.
• The factors influencing the North American market include major market players, portable and comfortable usage, expanded healthcare awareness, the hovering fee of manufacturing, and technological progressions. These vital elements have advocated the adoption of smart fabric for sports in the region.
• The region incorporates a high degree of research and can produce technologically advanced prototypes. For instance, in July last year, MIT researchers created smart fabrics that snugly contour the body to sense the wearer's position and actions using a revolutionary production process. The researchers were able to significantly increase the precision of pressure sensors woven into multilayered knit fabrics they call 3DKnITS by integrating a specific kind of plastic yarn and using heat to melt it partially.
• In April last year, the Natural Sciences and Engineering Research Council of Canada (NSERC) awarded Centennial College and its partners USD 4 million in multi-year funding to develop products for the global e-textile market and to assist small and medium-sized enterprises (SMEs) in the transportation, food production, energy, and advanced manufacturing sectors. E-textiles incorporated digital components into fabrics, such as biometric sensors, minicomputers, and electronics, providing them with new data collecting, energy transfer, and communication capabilities. E-textiles could monitor and communicate health data to advise therapy, allowing for virtual care outside of hospital settings, which would benefit the elderly and persons with chronic illnesses or disabilities.

Smart Fabrics in Fashion & Entertainment Market Competitor Analysis

The smart fabrics in fashion and entertainment market is highly competitive, with the presence of many players. The market is mildly concentrated, and the key strategy adopted by major players is product innovation. The major players in the market are AIQ Smart Clothing Inc., E L Du Pont De Nemours and Company, Outlast Technologies LLC, and Schoeller Technologies AG.

• June 2022 - Nextiles, a smart fabric technology business, raised USD 5 million in a seed fundraising round that was oversubscribed, allowing it to create technologies that might generate new data streams for performance analytics. Madison Square Garden Sports Corp., Alumni Ventures, SmartSports, Phoenix Capital Ventures, and New Lab were among the investors in the round led by DraftKings' venture capital arm, Drive by DraftKings. Hilary Knight, a three-time Olympic ice hockey medalist, is also an investor, as well as the NBA, which included Nextiles in its inaugural Launchpad incubation project earlier this year.

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