Sewing Machine Market Global Opportunity Analysis and Industry Forecast, 2021-2027
According to a new report published by Allied Market Research titled, “Sewing Machine Market by Product Type, Application, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021-2027,” the sewing machine market size was valued at $4,975.2 million in 2019, and is projected to reach $6,509.8 million by 2027, growing at a CAGR of 6.10% from 2021 to 2027.. In 2019, Asia-Pacific accounted for the largest share of around 39.7%, due to collaboration of machines with digitalization by key players that provides convenience, flexibility, accessibility as well as technological advancements in products. However, emerging countries in North America are anticipated to witness increase sewing machine market demand during the forecast period, owing to technological innovations and advancements in the product that has been lucrative toward a wide range of consumers such as professionals, experts as well as many industries such as fashion and textiles, in the sewing machine market.
Growth in value sales for the sewing machine market is attributable to various advantages such as convenience in use, precision and flexibility. Considering various advantages such as availability of raw material and labor, governments in regions such as Asia- Pacific, are investing and promoting their textile industries in this region. Hence, the demand for sewing machines is increasing as well as boosting the market in the region. North America region has seen growing preference for in-house textile manufacturing, which is showing a huge demand for the sewing machine market in the region. Moreover, presence of a robust textile industry has been contributing demand in market in Europe region.
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Sewing machine has witnessed higher rate of penetration in North America as well as Europe region. However, low availability has been observed for these products in some major parts of LAMEA region, which is attributable to low performing macro-economic factors such as internet penetration and aggressive marketing strategies by the manufacturers. Thus, lower penetration of such products limits the sewing machine market growth.
The global sewing machine industry is segmented by product into mechanical, electronic, and embroidery. Among the three types, the electronic segment accounted for a larger share of around 51.3% of the overall market in 2019. This segment is further expected to capture a larger sewing machine market share in 2027, owing to increase in demand for sewing machine. This segment is anticipated to witness faster growth in developed economies, and is expected to account for 55.9% of the overall market by 2027.
On the basis of application, the industrial segment dominated the global market in 2019, and is expected to retain its dominance throughout the sewing machine market forecast period.
On the basis of distribution channel, the market is segregated into offline and online. The online segment is expected to account for 58.4% of the overall market revenue by 2027.
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Key Findings Of The Study
In 2019, Asia-Pacific was the highest revenue-generating market, owing to rise in technological advancement of sewing machines and rapid penetration in the market
North America has emerged to be the second largest market with the U.S. and Canada accounting for prominent shares of the overall market, by value.
The Electronics segment has emerged to be the most prominent segment, owing to rise in demand for sewing machine.
North America is expected to witness fastest growth from 2019 to 2027, owing to high living standards and noticeable economies such as U.S. and Canada.
The key players profiled in the sewing machine analysis includes Bernina International AG, Brother Industries, Ltd, Janome Sewing Machine Co Ltd, JUKI Corporation, Merrow Sewing Machine Company, Mitsubishi Electric Corporation, Necchi Italia S.r.l., Singer India Limited, Tacony Corporation, and Usha International Limited.
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