According to a new market research report published by Credence Research “Sewing Machines Market (Product Type – Industrial (Flat Bed, Post Bed, Cylinder Bed and Off the Arm) and Home/Domestic (Manual, Electric, Computerized and Over Locker); Application – Apparels, Shoes, Bags and Others; Sales Channel – Online and Offline) – Growth, Future Prospects and Competitive Analysis, 2018 – 2026”, the global sewing machines market was valued at US$ 62.35 Bn in 2017 and will be growing at a CAGR of 4.6% during the forecast period from 2018 to 2026.
The sewing machines market was valued at US$ 62.35 Bn in 2017 and expected to grow at a compounded annual growth rate (CAGR) of 4.6% during the forecast period from 2018 to 2026. Increasing popularity of DIY (do-it-yourself) culture is an important factor contributing to the growth of the sewing machines market. People in order to give a personalized touch to their garments, are increasingly practicing home arts such as sewing and knitting. Moreover, sewing machines have witnessed significant advancements in recent years. These advancements are focused upon efficiency and precision. Another prominent factor aiding the sewing machines market growth can be attributed to the declining cost of electronic sewing machines. This has enabled its adoption even across households with modest income. Furthermore, in coming years, the demand for industrial sewing machines expected to be on the rise, mainly owing to fact that garment manufacturers are increasingly opting for high end sewing machines with a focus to save time, energy and reducing complexities.
In recent years, sewing machines have witnessed significant technological advancements. The outburst of Industry 4.0 has further been an important contributor towards these advancements as a result of which, apparel manufacturers are transitioning from manual sewing machines to digital sewing machines. Moreover, it has also enabled sewing machines to be bestowed with plethora of new features and functionalities. For instance, recently, Kinoshita introduced sewing machines with automatic bobbin changers. Similarly, the sewing machines market has witnessed other innovations in the form of real-time monitoring in sewing machines, modular sewing machines, convertibility in sewing machines, smart sewing machines and digital feed system in sewing machines among others.
Asia Pacific stood as the largest market for sewing machines in 2017. The presence of a large number sewing machine manufacturers headquartered in the region is an important factor propelling market growth in the region. Moreover, the fact that a large number of apparel and non-apparel manufacturers operates out of the region has further supported the demand for sewing machines in the region.
Browse the full report at https://www.credenceresearch.com/report/sewing-machines-market
Some of the major players operating in the sewing machines market include China Feiyue, Brother Industries, Juki Corporation, Jack Sewing Corporation, SVP Worldwide, Singer, Bernina International AG, Pegasus Sewing Machine Mfg. Co. Ltd., PFAFF Industriesysteme und Maschinen GmbH and Million Special Industries Co. Ltd. among others. Research and development is one of the most common strategies adopted by the market players and it helps the companies to stay afloat in the market by addressing the increasing competition.