Eastern Asia: Market for Industrial Sewing Machines (Non-Automatic) 2024

Market Size for Industrial Sewing Machines (Non-Automatic) in Eastern Asia

The East Asian industrial sewing machines (non-automatic) market dropped slightly to $X in 2022, with a decrease of -2.3% against the previous year. The total consumption indicated a measured 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, consumption decreased by -21.1% against 2017 indices. Over the period under review, the market attained the peak level at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Production of Industrial Sewing Machines (Non-Automatic) in Eastern Asia

In value terms, industrial sewing machines (non-automatic) production fell slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.0% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The pace of growth was the most pronounced in 2017 when the production volume increased by 15% against the previous year. As a result, production reached the peak level of $X. From 2018 to 2022, production growth remained at a somewhat lower figure.

Exports of Industrial Sewing Machines (Non-Automatic)

Exports in Eastern Asia

Industrial sewing machines (non-automatic) exports declined slightly to X units in 2022, with a decrease of -1.8% on 2021 figures. In general, exports saw a pronounced slump. The most prominent rate of growth was recorded in 2021 when exports increased by 30%. The volume of export peaked at X units in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, industrial sewing machines (non-automatic) exports rose significantly to $X in 2022. Over the period under review, exports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 when exports increased by 54% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the near future.

Exports by Country

China was the major exporting country with an export of around X units, which resulted at 82% of total exports. It was distantly followed by Taiwan (Chinese) (X units), making up an 11% share of total exports. The following exporters - Japan (X units) and Hong Kong SAR (X units) - each resulted at a 6.2% share of total exports.

China experienced a relatively flat trend pattern with regard to volume of exports of industrial sewing machines (non-automatic). Hong Kong SAR (-4.3%), Japan (-6.1%) and Taiwan (Chinese) (-12.6%) illustrated a downward trend over the same period. While the share of China (+24 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Taiwan (Chinese) (-21.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest industrial sewing machines (non-automatic) supplier in Eastern Asia, comprising 60% of total exports. The second position in the ranking was taken by Japan ($X), with a 21% share of total exports. It was followed by Hong Kong SAR, with a 9.6% share.

In China, industrial sewing machines (non-automatic) exports increased at an average annual rate of +3.3% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Japan (-2.1% per year) and Hong Kong SAR (+1.3% per year).

Export Prices by Country

In 2022, the export price in Eastern Asia amounted to $X per unit, growing by 9.2% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.7%. The pace of growth appeared the most rapid in 2021 an increase of 18% against the previous year. The level of export peaked at $X per unit in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

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 Japan ($X per unit), while Taiwan (Chinese) ($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) (+12.7%), while the other leaders experienced more modest paces of growth.

Imports of Industrial Sewing Machines (Non-Automatic)

Imports in Eastern Asia

In 2022, approx. X units of industrial sewing machines (non-automatic) were imported in Eastern Asia; falling by -20.7% compared with the previous year. In general, imports recorded a abrupt downturn. The most prominent rate of growth was recorded in 2021 with an increase of 54%. Over the period under review, imports hit record highs at X units in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, industrial sewing machines (non-automatic) imports fell to $X in 2022. Over the period under review, imports showed a perceptible descent. The most prominent rate of growth was recorded in 2021 with an increase of 59%. Over the period under review, imports reached the peak figure at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

Hong Kong SAR represented the major importing country with an import of about X units, which accounted for 50% of total imports. South Korea (X units) ranks second in terms of the total imports with a 16% share, followed by Taiwan (Chinese) (15%), Japan (13%) and China (6.9%).

From 2012 to 2022, average annual rates of growth with regard to industrial sewing machines (non-automatic) imports into Hong Kong SAR stood at -5.0%. At the same time, China (+3.6%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +3.6% from 2012-2022. By contrast, Taiwan (Chinese) (-3.3%), South Korea (-7.5%) and Japan (-10.2%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China, Hong Kong SAR and Taiwan (Chinese) increased by +4.2, +3.7 and +3.2 percentage points, respectively.

In value terms, Hong Kong SAR ($X) constitutes the largest market for imported industrial sewing machines (non-automatic) in Eastern Asia, comprising 63% of total imports. The second position in the ranking was taken by Japan ($X), with a 12% share of total imports. It was followed by Taiwan (Chinese), with a 9.2% share.

In Hong Kong SAR, industrial sewing machines (non-automatic) imports shrank by an average annual rate of -2.7% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Japan (-4.3% per year) and Taiwan (Chinese) (+0.8% per year).

Import Prices by Country

In 2022, the import price in Eastern Asia amounted to $X per unit, picking up by 26% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.1%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Hong Kong SAR ($X per unit), while South Korea ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+6.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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