A $4.3 Billion Global Opportunity for Sewing Machines by 2026 - New Research from StrategyR
SAN FRANCISCO, March 22, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Sewing Machines - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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- Global competitiveness and key competitor percentage market shares
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Edition: 17; Released: February 2022
Executive Pool: 1884
Companies: 104 - Players covered include Aisin Seiki Co., Ltd.; Baby Lock; Brother Industries, Ltd.; Brother International Corporation; Bernina International AG; Jaguar International Corporation; Janome Sewing Machine Co., Ltd.; Elna International Corp. SA; Juki Corporation; Kaulin Manufacturing Co., Ltd./Siruba; Merrow Inc.; Million Special Industries Co., Ltd; Jack Sewing Machine Co., Ltd.; Pegasus Sewing Machine Mfg. Co., Ltd.; Rimoldi & CF srl; SEIKO Sewing Machine Co., Ltd.; SGSB Group Co., Ltd; SVP Worldwide; Singer Sewing Company; TAJIMA Group; Xi'an Typical Industries Co. Ltd.; Zhejiang Doso Sewing Machine Co., Ltd. and Others.
Coverage: All major geographies and key segments
Segments: Application (Apparel, Non-Apparel); End-Use (Industrial, Household)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Africa.
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ABSTRACT-
Global Sewing Machines Market to Reach $4.2 Billion by 2026
Sewing Machines are used to stitch fabric, leather and other materials together. Sewing machines are classified into mechanical and electrical. The sewing technique used can either be lockstitch or chain stitch. Modern machines, however, employ lockstitch, comprising the use of two threads, a feature available in both home as well as industrial sewing machines. Amid the COVID-19 crisis, the global market for Sewing Machines estimated at US$3.5 Billion in the year 2022, is projected to reach a revised size of US$4.2 Billion by 2026, growing at a CAGR of 4.3% over the analysis period. Apparel, one of the end-use segments analyzed in the report, is projected to record 4.7% CAGR and reach US$2.7 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Non-Apparel end-use segment is readjusted to a revised 3.8% CAGR for the next 7-year period.
The U.S. Market is Estimated at $608.1 Million in 2022, While China is Forecast to Reach $1.5 Billion by 2026
The Sewing Machines market in the U.S. is estimated at US$608.1 Million in the year 2022. China, the world`s second largest economy, is forecast to reach a projected market size of US$1.5 Billion by the year 2026 trailing a CAGR of 5.4% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.1% and 3.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.6% CAGR.
Growing global population, rising disposable income and high demand of accessories and apparel are the key factors driving growth of the sewing machine market. Long-term growth in the market will be driven by factors such as rising demand for advanced and feature rich sewing machines, launch of various innovative technologies and software, and the rise of sewing as a leisure pursuit among new sewing enthusiasts. Growing consumer preference for sophisticated features and functions will drive demand for smart sewing machines in the coming years.
Industrial Sewing Machines to Reach $2.4 Billion by 2026
Industrial sewing machines find use in commercial manufacturing of apparels, garments, car upholstery, bags, furniture products, and shoes. These are generally heavy-duty machines as compared to sewing machines used for domestic purposes. Textile and automotive industries are growing at a great pace now, and these would contribute significantly to the increasing demand for industrial sewing machines. Further, rising global population, particularly the rising high- and middle-income segments of population in China and India, are also strong drivers of the industrial sewing machines market growth. Global market for Industrial Sewing Machines is estimated at US$2 Billion in 2022, and is projected to reach US$2.4 Billion by 2026 reflecting a compounded annual growth rate of 4.9% over the analysis period. China constitutes the largest regional market for Industrial segment, accounting for 47.4% of the global sales. China is poised to register the fastest compounded annual growth rate of 5.6% over the analysis period, to reach US$1.2 Billion by the year 2026.
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Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.
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