Smart textiles market to expand by 30.8%
The global smart textiles market is largely consolidated wherein top four players held close to 46 per cent of the overall market in 2014
The global smart textiles market is largely consolidated wherein top four players held close to 46 per cent of the overall market in 2014, states Transparency Market Research (TMR) in a new report. Top companies to name in this market are El DuPont De Nemours and Co, Gentherm Inc, Koninklijke Ten Cate nv, and Texas Instruments Inc. Despite being a clear leader holding more than 20 per cent share in the market, El DuPont De Nemours and Co faces stiff competition from several small and mid-size speciality product manufacturing companies.
As per the TMR report, the global market for smart textiles is predicted to expand at a phenomenal 30.8 per cent CAGR between 2015 and 2023, for the market to be worth $7,730 million by the end of 2023. The market pulled in a revenue of $700 million in 2014. In terms of application, vis-Ã -vis revenue, military and defense sector led the smart textiles market in 2014. The healthcare sector, on the other, is predicted to display declined share by 2023. Geography-wise, North America and Europe are presently the most promising regions for smart textiles. Demand for smart textile in these regions is driven by developments in sports and fitness sector and high demand for novel textiles in the automotive industry. Early adoption of advanced technology coupled with high disposable incomes are likely to keep these regions at the fore through the forecast period.