The smart textiles market is expected to grow from USD 2.3 billion in 2021 to USD 6.6 billion by 2026; it is expected to grow at a CAGR of 23.2 % during the forecast period. Sports and fitness, healthcare, and military and protection are the key verticals which dominate the smart textiles market and also contribute significantly to its growth.
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Major players in the smart textiles market have primarily adopted acquisition and partnership strategy to strengthen their position in the market.
DuPont (US) and Alphabet (US) are among the major players in the smart textiles market.
DuPont (US) was ranked first and held the largest share in the smart textiles market in 2020. The company’s leading position in this market can be attributed to its strong smart textiles’ product portfolio. DuPont helps transform industries by applying diverse science and expertise to deliver essential innovations in key markets including electronics, transportation, building and construction, and healthcare. DuPont’s worldwide operations are managed through global businesses, which are currently reported in five reportable segments: Electronics & Imaging; Nutrition & Biosciences; Transportation & Industrial; Safety & Construction; and Non-core. Its smart fabric products are offered through its Safety and Construction segment. The segment provides innovative engineered products and integrated systems to various industries.
Alphabet (US) was ranked second in terms of market share in the smart textiles market in 2020. Alphabet is a multinational conglomerate, which was created through the restructuring of Google on October 2, 2015, and became the parent company of Google and several former Google subsidiaries. Google is a global technology leader that generates revenue by monetizing the information accrued over the internet and through advertising. Google provides its smart textiles through its project named Jacquard. Jacquard is the first full-scale digital technology platform created for smart apparel, footwear, and other everyday essentials. It offers products such as backpack, and jackets in collaboration with Levi’s, Samsonite, and Adidas.
Smart Textiles Market with COVID-19 impact analysis by Type (Passive, Active/Ultra-smart), Function (Sensing, Energy Harvesting & Thermo-electricity, Luminescence & Aesthetics), Vertical, & Geography - Global Forecast to 2026
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