The global market for Sewing Machines, estimated at US$3.3 Billion in the year 2020, is projected to reach a revised size of US$4.2 Billion by 2026, growing at a CAGR of 4.3% over the analysis period.
Apparel, one of the end-use segments analyzed in the report, is projected to record 4.7% CAGR and reach US$2.7 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Non-Apparel end-use segment is readjusted to a revised 3.8% CAGR for the next 7-year period.
The U.S. Market is Estimated at $591.5 Million in 2021, While China is Forecast to Reach $1.5 Billion by 2026
The Sewing Machines market in the U.S. is estimated at US$591.5 Million in the year 2020. China, the world’s second largest economy, is forecast to reach a projected market size of US$1.5 Billion by the year 2026 trailing a CAGR of 5.4% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.1% and 3.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.6% CAGR.
Growing global population, rising disposable income and high demand of accessories and apparel are the key factors driving growth of the sewing machine market. Long-term growth in the market will be driven by factors such as rising demand for advanced and feature rich sewing machines, launch of various innovative technologies and software, and the rise of sewing as a leisure pursuit among new sewing enthusiasts. Growing consumer preference for sophisticated features and functions will drive demand for smart sewing machines in the coming years.
Industrial Sewing Machines to Reach $2.4 Billion by 2026
Global market for Industrial Sewing Machines is estimated at US$1.9 Billion in 2020, and is projected to reach US$2.4 Billion by 2026 reflecting a compounded annual growth rate of 4.9% over the analysis period. China constitutes the largest regional market for Industrial segment, accounting for 47.4% of the global sales in 2020. China is poised to register the fastest compounded annual growth rate of 5.6% over the analysis period, to reach US$1.2 Billion by the year 2026.