ASEAN: Industrial Sewing Machine Market 2024

Industrial Sewing Machine Market Size in ASEAN

In 2022, the ASEAN industrial sewing machine market increased by 20% to $X, rising for the second consecutive year after three years of decline. The total consumption indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +68.5% against 2020 indices. Over the period under review, the market hit record highs in 2022 and is likely to see gradual growth in years to come.

Industrial Sewing Machine Production in ASEAN

In value terms, industrial sewing machine production declined rapidly to $X in 2022 estimated in export price. In general, production recorded a pronounced shrinkage. The most prominent rate of growth was recorded in 2021 when the production volume increased by 75%. Over the period under review, production attained the peak level at $X in 2017; however, from 2018 to 2022, production remained at a lower figure.

Industrial Sewing Machine Exports

Exports in ASEAN

In 2022, shipments abroad of industrial sewing machines increased by 10% to X units, rising for the second consecutive year after two years of decline. Total exports indicated perceptible growth from 2012 to 2022: its volume increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +39.4% against 2020 indices. The pace of growth was the most pronounced in 2018 with an increase of 32%. As a result, the exports reached the peak of X units. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, industrial sewing machine exports expanded modestly to $X in 2022. Overall, exports showed a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of 43%. As a result, the exports attained the peak of $X. From 2019 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

In 2022, Singapore (X units) represented the largest exporter of industrial sewing machines, mixing up 63% of total exports. It was distantly followed by Vietnam (X units), committing a 31% share of total exports. Malaysia (X units) and Thailand (X units) took a minor share of total exports.

From 2012 to 2022, average annual rates of growth with regard to industrial sewing machine exports from Singapore stood at +3.5%. At the same time, Thailand (+29.0%), Malaysia (+22.0%) and Vietnam (+1.5%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +29.0% from 2012-2022. While the share of Malaysia (+2.6 p.p.) and Thailand (+1.9 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Vietnam (-5.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Singapore ($X) remains the largest industrial sewing machine supplier in ASEAN, comprising 72% of total exports. The second position in the ranking was taken by Vietnam ($X), with a 19% share of total exports. It was followed by Malaysia, with a 5.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Singapore was relatively modest. The remaining exporting countries recorded the following average annual rates of exports growth: Vietnam (+0.3% per year) and Malaysia (+17.5% per year).

Export Prices by Country

The export price in ASEAN stood at $X per unit in 2022, declining by -5.5% against the previous year. In general, the export price saw a perceptible decrease. The growth pace was the most rapid in 2015 an increase of 11%. Over the period under review, the export prices hit record highs at $X per unit in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Malaysia ($X per unit), while Vietnam ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (-1.3%), while the other leaders experienced a decline in the export price figures.

Industrial Sewing Machine Imports

Imports in ASEAN

In 2022, purchases abroad of industrial sewing machines increased by 25% to X units, rising for the second year in a row after two years of decline. Total imports indicated tangible growth from 2012 to 2022: its volume increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +49.2% against 2020 indices. Over the period under review, imports hit record highs at X units in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, industrial sewing machine imports soared to $X in 2022. Total imports indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +67.0% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 44% against the previous year. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

The countries with the highest levels of industrial sewing machine imports in 2022 were Indonesia (X units), Vietnam (X units) and Singapore (X units), together recording 71% of total import. Malaysia (X units) ranks next in terms of the total imports with a 9% share, followed by Myanmar (7.7%) and Thailand (7.5%). The Philippines (X units) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Indonesia (with a CAGR of +21.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X), Vietnam ($X) and Indonesia ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined 80% share of total imports. Malaysia, Thailand, Myanmar and the Philippines lagged somewhat behind, together comprising a further 16%.

Among the main importing countries, Malaysia, with a CAGR of +22.8%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in ASEAN amounted to $X per unit, reducing by -7.3% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the import price increased by 21% against the previous year. The level of import peaked at $X per unit in 2015; however, from 2016 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Singapore ($X per unit), while the Philippines ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Myanmar (+9.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform