Eastern Asia: Industrial Sewing Machine Market 2024

Industrial Sewing Machine Market Size in Eastern Asia

The East Asian industrial sewing machine market stood at $X in 2022, increasing by 13% against the previous year. Over the period under review, consumption, however, continues to indicate a noticeable reduction. The level of consumption peaked at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Industrial Sewing Machine Production in Eastern Asia

In value terms, industrial sewing machine production contracted slightly to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the production volume increased by 100%. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2022, production remained at a lower figure.

Industrial Sewing Machine Exports

Exports in Eastern Asia

In 2022, shipments abroad of industrial sewing machines increased by 3.7% to X units, rising for the second consecutive year after two years of decline. The total export volume increased at an average annual rate of +2.4% 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 31%. The volume of export peaked in 2022 and is likely to continue growth in years to come.

In value terms, industrial sewing machine exports reached $X in 2022. The total export value increased at an average annual rate of +4.7% 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 51% against the previous year. The level of export peaked in 2022 and is expected to retain growth in years to come.

Exports by Country

China prevails in exports structure, accounting for X units, which was near 91% of total exports in 2022. It was distantly followed by Taiwan (Chinese) (X units), achieving a 5.9% share of total exports. Japan (X units) followed a long way behind the leaders.

China was also the fastest-growing in terms of the industrial sewing machines exports, with a CAGR of +5.0% from 2012 to 2022. Japan (-7.1%) and Taiwan (Chinese) (-10.2%) illustrated a downward trend over the same period. China (+20 p.p.) significantly strengthened its position in terms of the total exports, while Japan and Taiwan (Chinese) saw its share reduced by -2.5% and -16.1% from 2012 to 2022, respectively.

In value terms, China ($X) remains the largest industrial sewing machine supplier in Eastern Asia, comprising 79% of total exports. The second position in the ranking was held by Japan ($X), with a 10% share of total exports.

In China, industrial sewing machine exports increased at an average annual rate of +8.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Japan (-3.9% per year) and Taiwan (Chinese) (+1.5% per year).

Export Prices by Country

The export price in Eastern Asia stood at $X per unit in 2022, increasing by 5.7% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.3%. The most prominent rate of growth was recorded in 2021 when the export price increased by 15% against the previous year. The level of export peaked at $X per unit in 2015; however, from 2016 to 2022, the export prices remained at a 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) (+13.0%), while the other leaders experienced more modest paces of growth.

Industrial Sewing Machine Imports

Imports in Eastern Asia

Industrial sewing machine imports reduced markedly to X units in 2022, shrinking by -18.6% compared with the year before. In general, imports showed a noticeable descent. The growth pace was the most rapid in 2021 with an increase of 39%. The volume of import peaked at X units in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, industrial sewing machine imports contracted notably to $X in 2022. Overall, imports showed a perceptible shrinkage. The pace of growth appeared the most rapid in 2021 with an increase of 56%. The level of import peaked at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

Hong Kong SAR (X units), China (X units), South Korea (X units), Japan (X units) and Taiwan (Chinese) (X units) represented roughly 95% of total imports in 2022. It was distantly followed by Democratic People's Republic of Korea (X units), mixing up a 5.2% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Democratic People's Republic of Korea (with a CAGR of +4.4%), while purchases for the other leaders experienced a decline in the imports figures.

In value terms, the largest industrial sewing machine importing markets in Eastern Asia were China ($X), Hong Kong SAR ($X) and South Korea ($X), with a combined 80% share of total imports. Japan, Taiwan (Chinese) and Democratic People's Republic of Korea lagged somewhat behind, together accounting for a further 20%.

Democratic People's Republic of Korea, with a CAGR of +13.7%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

In 2022, the import price in Eastern Asia amounted to $X per unit, increasing by 2.5% against the previous year. Overall, the import price showed a slight increase. The pace of growth was the most pronounced in 2015 when the import price increased by 14% against the previous year. Over the period under review, import prices attained the peak figure at $X per unit in 2018; however, from 2019 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 China ($X per unit), while South Korea ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Democratic People's Republic of Korea (+8.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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