Report : North America Smart Clothing Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Type (Active, Passive, and Ultra-Smart), Product (Apparel, Footwear, Wearable Patches, and Others), Connectivity (Wi-Fi, Bluetooth, GPS, and RFID), and End User (Healthcare, Fashion & Lifestyle, Sports & Fitness, Military, and Others)
Ultra-Smart Segment to Dominate North America Smart Clothing Market during 2019–2027
According to The Insight Partners market research study on “North America Smart Clothing Market to 2027 – COVID-19 Impact and Analysis and Forecast by Type, Product, Connectivity, and End User,” is expected to reach US$ 2438.87 million by 2027 from US$ 491.84 million in 2019. The market is estimated to grow at a CAGR of 22.5% from 2020 to 2027. The report provides trends prevailing in the North America smart clothing market along with the drivers and restraints pertaining to the market growth. Incremental rise in adaptation of smart wearables in sports & fitness, and healthcare industry are the major factor driving the growth of the North America smart clothing market. However, high cost of products and compliance norms are hindering the growth of North America smart clothing market.
The North America smart clothing market is segmented into type, product, connectivity, end user, and country. Based on type, the market is segmented into active, passive, and ultra-smart. In 2019, the passive segment held the largest share North America smart clothing market. Based on product the North America smart clothing market is divided into apparel, footwear, wearable patches, and others. Wearable patches is expected to the fastest growing segment over the forecast period. On the basis of connectivity, the market is segmented into Wi-Fi, Bluetooth, GPS, and RFID. The Bluetooth segment accounts for largest market share in the 2019. Similarly, based on end user, the market is bifurcated into healthcare, fashion & lifestyle, sport & fitness, military, and others. The sport & fitness segment contributed a substantial share in 2019.
The outbreak of COVID-19 has impacted the economic stability in North America, so far, the US is the most hit country due to the spread of the virus. The service sector in North America has been hugely affected owing to decline in services along with laying off of employees across different service verticals across the distribution channel such as retailers, suppliers, distributors and delivery providers. The retailers and brands are facing various short-term challenges regarding health and safety, supply chain, labor force, cash flow, consumer demand, and marketing. In order to contain the spread of virus the governments in this region had imposed various measure such as travel restrictions, shutdown of factories and businesses, and lockdown which is ultimately affect the anticipated reveneue generation and growth opportunities. Furthermore, the rising number of cases continue to negatively impact the production, distribution and continue operation of supply chain for smart clothing market across the North American region.
Carre Technologies inc (Hexoskin), Google LLC, Jabil Inc., Sensoria Inc., Siren Care, Inc., Wearable X, Under Armour, Inc. are among the leading companies in the North America smart clothing market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, Google teamed with Adidas and Electronic Arts for its next piece of smart clothing as a part of its Jacquard project and is expected to be launched in March.
The report segments the North America Smart Clothing Market as follows:
North America Smart Clothing Market – By Type
North America Smart Clothing Market – By Product
North America Smart Clothing Market – By Connectivity
North America Smart Clothing Market – By End User
North America Smart clothing market – By Country