Asia: Industrial Sewing Machine Market 2024

Industrial Sewing Machine Market Size in Asia

The Asian industrial sewing machine market rose modestly to $X in 2022, growing by 4.7% against the previous year. In general, consumption saw a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2015; however, from 2016 to 2022, consumption failed to regain momentum.

Industrial Sewing Machine Production in Asia

In value terms, industrial sewing machine production fell modestly to $X in 2022 estimated in export price. In general, production, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 with an increase of 76% against the previous year. Over the period under review, production reached the peak level at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Industrial Sewing Machine Exports

Exports in Asia

In 2022, shipments abroad of industrial sewing machines increased by 2.9% to X units, rising for the second year in a row after two years of decline. The total export volume increased at an average annual rate of +2.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 with an increase of 31% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in years to come.

In value terms, industrial sewing machine exports expanded markedly to $X in 2022. The total export value increased at an average annual rate of +4.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 with an increase of 48%. Over the period under review, the exports hit record highs in 2022 and are likely to see gradual growth in the immediate term.

Exports by Country

China prevails in exports structure, finishing at X units, which was approx. 77% of total exports in 2022. Singapore (X units) took the second position in the ranking, followed by Taiwan (Chinese) (X units) and India (X units). All these countries together held near 17% share of total exports. Vietnam (X units) took a little share of total exports.

From 2012 to 2022, average annual rates of growth with regard to industrial sewing machine exports from China stood at +5.0%. At the same time, India (+9.6%), Singapore (+3.5%) and Vietnam (+1.5%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing exporter exported in Asia, with a CAGR of +9.6% from 2012-2022. By contrast, Taiwan (Chinese) (-10.2%) illustrated a downward trend over the same period. While the share of China (+15 p.p.) and India (+2.3 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Taiwan (Chinese) (-14.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest industrial sewing machine supplier in Asia, comprising 65% of total exports. The second position in the ranking was held by Singapore ($X), with an 11% share of total exports. It was followed by Taiwan (Chinese), with a 4.1% share.

From 2012 to 2022, the average annual growth rate of value in China stood at +8.0%. In the other countries, the average annual rates were as follows: Singapore (-0.1% per year) and Taiwan (Chinese) (+1.5% per year).

Export Prices by Country

The export price in Asia stood at $X per unit in 2022, rising by 5.6% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.3%. The most prominent rate of growth was recorded in 2021 an increase of 13%. Over the period under review, the export prices hit record highs at $X per unit in 2015; however, from 2016 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 Singapore ($X per unit), while India ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+13.0%), while the other leaders experienced mixed trends in the export price figures.

Industrial Sewing Machine Imports

Imports in Asia

In 2022, purchases abroad of industrial sewing machines increased by 12% to X units, rising for the second year in a row after two years of decline. Total imports indicated a prominent expansion from 2012 to 2022: its volume increased at an average annual rate of +7.8% 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 +62.0% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 45%. The volume of import peaked in 2022 and is likely to continue growth in years to come.

In value terms, industrial sewing machine imports amounted to $X in 2022. Total imports indicated a temperate expansion from 2012 to 2022: its value increased at an average annual rate of +4.0% 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 +64.2% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 62% against the previous year. The level of import peaked at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, India (X units) represented the main importer of industrial sewing machines, constituting 30% of total imports. Indonesia (X units) took the second position in the ranking, followed by the United Arab Emirates (X units), Vietnam (X units), Singapore (X units), Bangladesh (X units) and Turkey (X units). All these countries together took approx. 41% share of total imports. The following importers - Uzbekistan (X units), Malaysia (X units), Myanmar (X units), Thailand (X units), Sri Lanka (X units) and Iran (X units) - together made up 16% of total imports.

From 2012 to 2022, average annual rates of growth with regard to industrial sewing machine imports into India stood at +16.5%. At the same time, Indonesia (+21.2%), Uzbekistan (+18.2%), Sri Lanka (+14.9%), Malaysia (+14.1%), the United Arab Emirates (+13.2%), Turkey (+6.8%), Vietnam (+6.0%) and Bangladesh (+4.0%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing importer imported in Asia, with a CAGR of +21.2% from 2012-2022. Iran and Singapore experienced a relatively flat trend pattern. By contrast, Myanmar (-1.4%) and Thailand (-3.8%) illustrated a downward trend over the same period. From 2012 to 2022, the share of India, Indonesia, Uzbekistan and the United Arab Emirates increased by +16, +7.1, +4 and +2.8 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X), Singapore ($X) and Vietnam ($X) were the countries with the highest levels of imports in 2022, with a combined 38% share of total imports. Indonesia, Bangladesh, Turkey, Malaysia, Uzbekistan, Sri Lanka, Thailand, the United Arab Emirates, Myanmar and Iran lagged somewhat behind, together accounting for a further 43%.

Malaysia, with a CAGR of +22.8%, saw the highest rates of growth with regard to the value of imports, among the main importing countries 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 Asia amounted to $X per unit, falling by -9.5% against the previous year. In general, the import price continues to indicate a noticeable contraction. The most prominent rate of growth was recorded in 2021 an increase of 12% against the previous year. Over the period under review, import prices hit record highs at $X per unit in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Bangladesh ($X per unit), while the United Arab Emirates ($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

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