Asia-Pacific: Industrial Sewing Machine Market 2024

Industrial Sewing Machine Market Size in Asia-Pacific

In 2022, the Asia-Pacific industrial sewing machine market increased by 9.6% to $X, rising for the second consecutive year after two years of decline. The market value increased at an average annual rate of +1.4% from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. Over the period under review, the market hit record highs at $X in 2015; however, from 2016 to 2022, consumption remained at a lower figure.

Industrial Sewing Machine Production in Asia-Pacific

In value terms, industrial sewing machine production contracted 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 81% against the previous year. The level of production peaked at $X in 2013; however, from 2014 to 2022, production remained at a lower figure.

Industrial Sewing Machine Exports

Exports in Asia-Pacific

In 2022, shipments abroad of industrial sewing machines increased by 2.8% 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 throughout the analyzed period. The pace of growth was the most pronounced in 2021 with an increase of 31%. Over the period under review, the exports attained the maximum in 2022 and are likely to see gradual growth in the immediate term.

In value terms, industrial sewing machine exports rose markedly to $X in 2022. The total export value increased at an average annual rate of +3.9% over the period 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 when exports increased by 48% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in the near future.

Exports by Country

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

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-Pacific, with a CAGR of +9.6% from 2012-2022. By contrast, Taiwan (Chinese) (-10.2%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China and India increased by +15 and +2.3 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest industrial sewing machine supplier in Asia-Pacific, comprising 66% of total exports. The second position in the ranking was held by Singapore ($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 totaled +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-Pacific stood at $X per unit in 2022, with an increase of 5.5% against the previous year. Over the last decade, it increased at an average annual rate of +1.2%. The growth pace was the most rapid in 2021 when the export price increased by 13%. The level of export peaked at $X per unit in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: 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-Pacific

In 2022, overseas purchases of industrial sewing machines increased by 17% to X units, rising for the second year in a row after two years of decline. Total imports indicated a resilient expansion from 2012 to 2022: its volume increased at an average annual rate of +7.3% 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 +67.7% against 2020 indices. The growth pace was the most rapid in 2021 with an increase of 43%. The volume of import peaked at X units in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, industrial sewing machine imports contracted slightly to $X in 2022. Total imports indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of +3.4% 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 +67.7% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of 68% against the previous year. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

India was the largest importer of industrial sewing machines in Asia-Pacific, with the volume of imports reaching X units, which was near 39% of total imports in 2022. Indonesia (X units) took a 13% share (based on physical terms) of total imports, which put it in second place, followed by Vietnam (8.9%), Singapore (8.8%) and Bangladesh (6.3%). Malaysia (X units), Myanmar (X units), Thailand (X units), Sri Lanka (X units) and Pakistan (X units) followed a long way behind the leaders.

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%), Sri Lanka (+14.9%), Malaysia (+14.1%), Vietnam (+6.0%), Bangladesh (+4.0%) and Pakistan (+3.8%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +21.2% from 2012-2022. Singapore experienced a relatively flat trend pattern. By contrast, Myanmar (-1.4%) and Thailand (-3.8%) illustrated a downward trend over the same period. While the share of India (+22 p.p.), Indonesia (+9.4 p.p.) and Malaysia (+1.8 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Bangladesh (-2.3 p.p.), Myanmar (-4.5 p.p.), Thailand (-6.6 p.p.) and Singapore (-10.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest industrial sewing machine importing markets in Asia-Pacific were India ($X), Singapore ($X) and Vietnam ($X), with a combined 46% share of total imports. Indonesia, Bangladesh, Malaysia, Sri Lanka, Thailand, Pakistan and Myanmar lagged somewhat behind, together comprising a further 36%.

Malaysia, with a CAGR of +22.8%, recorded the highest growth rate of the value of imports, in terms of 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

The import price in Asia-Pacific stood at $X per unit in 2022, which is down by -14.8% against the previous year. Over the period under review, the import price saw a perceptible decrease. The growth pace was the most rapid in 2021 an increase of 17% against the previous year. The level of import peaked at $X per unit in 2013; however, from 2014 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 Bangladesh ($X per unit), while Myanmar ($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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