The sewing machine market is projected to grow at a CAGR of 4.20 per cent between 2021 and 2031, as per a recent report released by Fact.MR intelligence.
In terms of values, the sewing machine market is likely to hit US $ 5 billion during the forecasted period.
As per the report, the market is witnessing major developments regarding machine technology, with prominent manufacturers leveraging advancements including Wi-Fi-enabled precision-based and smart sewing.
Sales of sewing machines expanded significantly between 2016 and 2020, registering a CAGR of nearly 4 per cent, reaching almost US $ 3 billion.
As of 2021, Fact.MR says the market earned US $ 3.30 billion revenues. With the onset of Covid-19, growth prospects experienced a blip, as prominent production hubs experienced manufacturing constraints due to enforcement of strict lockdowns.
However, since H2 2020, a recovery was experienced, as infections began to plateau, permitting resumption of factory operations.
Future growth prospects are banking on the ever-widening scope of automation in sewing technologies. To that end, prominent manufacturers such as Juki, Jack, Brother, IMB, Duerkopp Adler, Vibemac, Pegasus, Yamato and Maqi among others are flooding the market with smart sewing machines.
