The sewing machine industry has a large market size and is growing rapidly. In the future, it will develop in the direction of intelligence, high-end, customization, and green manufacturing. Specifically:
Market size:
Global scale: The sewing machine industry has reached a market size of hundreds of billions. In 2020, the worldwide sewing industry attained a value of USD 68 billion and is expected to expand to USD 82 billion by 2025, with an annual compound growth rate around 4.5%. The clothing production sector stands as the globe's most extensive application industry, boasting a market exceeding $1.5 trillion and representing 30% of the worldwide knitwear market.
Domestic scale: China is the world's largest producer and consumer of sewing equipment. The domestic sewing agent market is also growing steadily, with a market size of over 100 billion yuan in 2020. The market for sewing agents in China is anticipated to expand at a 5% compound annual growth rate in the coming five years, positioning it as the world's second-largest market. The China Sewing Machines Association forecasts that in 2024, China will manufacture approximately 6.85 million industrial sewing machines, marking a 22.32% rise from the prior year, and local sewing machines are anticipated to make around 4.7 million, marking a 25.33% growth from the previous year.
Development Trends:
Increased Intelligence: IoT sewing equipment rate is projected to reach 28% by 2025, with the adoption of 5G+AI technology expected to increase productivity by over 40%. It's anticipated that over 1.2 million AI-aided sewing tools will be dispatched, with 3D sewing technology set to start being extensively employed in upscale customization.
Strengthened Green and Environmental Trends: Market expansion for eco-friendly sewing tools is projected to be 15%, significantly surpassing the industry norm, propelled by measures like the EU carbon tariff. Products with energy efficiency, conserving more than 20% of their energy, are anticipated to constitute 30% of the market share.
Growing demand for customization: Genz consumers are driving a surge in demand for personalized customization. The custom sewing products market size is projected to reach USD 42 billion by 2025, accounting for 11% of the overall market.
Accelerated industrial relocation: The Yangtze River Delta and Pearl River Delta region will continue to hold significant market share, but the Midwest region is projected to grow from 18% 2023 to 24% share in 2025 as the pace of industry transfer accelerates.
Cross-border e-commerce leads to exports: Following the complete enactment of the RCEP, it's anticipated that China's sewing exports to ASEAN nations will increase yearly by 12% by 2025, elevating their export proportion to 34%. It's forecasted that the proportion of international e-commerce exports will increase from 18% in 2023 to over 25% by 2025.
Increased market competition: market concentration of industry leaders is expected to increase further, with CR5 increasing from 41% in 2023 to 48% in 2025. The pace of industry consolidation is accelerating, with more than 30 mergers and acquisitions focused on smart equipment and software services expected to be reorganized by 2025.