The global smart textiles market was worth US$700million and is estimated to reach a value of US$7,730m by the end of 2023, projected to grow by nearly 30.80% between 2015 and 2023, according to the research study in 2014.
One of the major factors driving the global smart textile market is increasing use of nanotechnology in smart textiles.
The adoption of nanotechnology helps in enhancing the fabric with several features such as water and stain resistance, UV protection, and anti-bacterial properties.
In 2014, North America dominated the overall market holding a 40.1% share in the global smart textile market, followed by Europe. In the forecast period, North America market is predicted to remain in the leading position and register a high growth rate.
The global smart textile market comprises sports and fitness, entertainment, healthcare, automotive and military/defence. In 2014, the military and defence segment led the overall market, holding a 28.7% share in the global smart textile market.
Smart textiles are also embedded with electronic devices and other components, owing to which their production cost is quite high and is thus acting as a preventive factor for the growth of the global smart textile market.
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