March 24, 2020
As per the report titled ‘Asia Pacific Smart Clothing Market Share By Product, Application, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024’, available with Market Study Report LLC, Asia Pacific smart clothing market is anticipated to surpass USD 500 million by the year 2024.
Smart clothing market in Asia Pacific, is primarily driven by rising presence of intelligent textile production companies in the region. Establishment of a large number of production plant owing to cheap labor, especially in India and China is augmenting the market growth. Increase in manufacturing and export activities in South Korea and Japan will expand the business horizon over the forecast timeline. Technological advancements in nanotechnology and its implementation in modern textiles deliver various benefits including fire resistance, electronic capabilities, and monitoring techniques, which in turn will present lucrative growth opportunities in the forthcoming years.
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Based on the product type, smart jackets segment is expected to witness considerable growth during the forecast period, owing to convenience features of the product including contactless payment facilities without the use of cards. Introduction of self-heating jackets which respond to temperature changes and ensure comfort to the wearer is further enhancing the segment growth.
Speaking of the application spectrum, military & defense sector is expected to procure massive amount of smart clothing in the coming future, owing to increasing government investments to strengthen their military forces. Government initiatives to improve infrastructure and security facilities of the military sector are positively impacting the market outlook.
Major players of Asia Pacific smart clothing market include Athos, Catapult, Hexoskin, Lumo Bodytech, Heddoko, Cityzen Sciences, Gymi, Ralph Lauren, AiQ, OMsignal, and Xsensio. The companies are expanding their production and manufacturing facilities to increase their product sales and enhance their profit margins.
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