Sewing Machine Market Expected to Grow, Registering a Steady CAGR of 6.10% in the Forecast Year 2021 to 2027 | RAM
A sewing machine is used to sew fabric and other soft materials with threads
POTLAND, 5933 NE WIN SIVERS DRIVE, #205, OR 97220, USA, Mar 7, 2022 /EINPresswire.com/ — According to a new report released by Allied Market Research titled, “sewing machine market By Product Type, Application and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021-2027”, the sewing machine market size was valued at USD 4,975.2 million in 2019 and is projected to reach $6,509.8 million by 2027 growing at a CAGR of 6.10% from 2021 to 2027. In 2019, Asia-Pacific accounted for the largest share of approximately 39.7%, owing to the collaboration of machines with digitalization by key players that offers convenience, flexibility, accessibility as well as technological advancements in products. However, emerging countries in North America are expected to witness an increase in sewing machine market demand over the forecast period, owing to technological innovations and product advancements that have been lucrative for a wide range of consumers such as professionals, experts as well as many industries. such as fashion and textiles, in the sewing machine market.
The growth in value sales for the sewing machine market is attributable to various advantages such as convenience of use, precision and flexibility. Considering various advantages such as availability of raw materials and labor, governments of regions such as Asia-Pacific are investing and promoting their textile industries in this region. Hence, the demand for sewing machines is increasing and driving the market in the region. The North America region has witnessed an increasing preference for in-house textile manufacturing, which shows a huge demand for the sewing machine market in the region. Additionally, the presence of a robust textile industry has contributed to the demand in the market in the Europe region.
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The sewing machine has seen a higher penetration rate in North America as well as Europe. However, low availability has been observed for these products in some large parts of the LAMEA region, which is attributable to underperforming macro-economic factors such as internet penetration and aggressive marketing strategies by manufacturers. Thus, lower penetration of these products limits the growth of the sewing machine market.
The global sewing machine industry is segmented by product into mechanical, electronic and embroidery. Among the three types, the electronics segment accounted for a larger share of around 51.3% of the overall market in 2019. This segment is further expected to capture a larger share of the sewing machine market in 2027, owing to the increase in demand for sewing machines. This segment is expected to grow faster in developed economies and is expected to account for 55.9% of the overall market by 2027.
Based on applications, the industrial segment dominated the global market in 2019 and is expected to maintain its dominance throughout the forecast period of the sewing machine market.
Based on the distribution channel, the market is segregated into offline and online. The online segment is expected to account for 58.4% of the overall market revenue by 2027.
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Main results of the study
In 2019, Asia-Pacific was the most revenue-generating market, due to increasing technological advancements in sewing machines and rapid market penetration.
North America has become the second largest market, with the United States and Canada accounting for significant shares of the overall market, by value.
The electronics segment has become the largest segment, owing to the increase in demand for sewing machines.
North America is expected to experience the fastest growth from 2019 to 2027, due to high living standards and notable economies such as the United States and Canada.
Major Players profiled in Sewing Machine Analysis include Bernina International AG, Brother Industries, Ltd, Janome Sewing Machine Co Ltd, JUKI Corporation, Merrow Sewing Machine Company, Mitsubishi Electric Corporation, Necchi Italia Srl, Singer India Limited, Tacony Corporation and Usha. International Limited.
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Q4. Which are the major companies holding the market share in the sewing machine market?
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