Sewing Machine Furniture Market

The global sewing machine furniture market is projected to experience steady growth in both volume and value terms from 2022 to 2030, with a forecasted CAGR of +6.9% and +8.7% respectively. Key countries leading in consumption and production include China, the United States, and Kyrgyzstan. Import and export trends also show significant growth in the market, with China dominating the exports structure. Overall, the market is expected to see continued expansion and demand worldwide over the next eight years.

Market Forecast

Driven by increasing demand for furniture, bases and covers for sewing machines worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +6.9% for the period from 2022 to 2030, which is projected to bring the market volume to 635K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +8.7% for the period from 2022 to 2030, which is projected to bring the market value to $27.3B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Furniture, Bases And Covers For Sewing Machines

Global sewing machine furniture consumption totaled 373K tons in 2022, surging by 4% against the previous year's figure. In general, consumption saw significant growth. Global consumption peaked at 456K tons in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

The global sewing machine furniture market size skyrocketed to $14B in 2022, surging by 28% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption showed significant growth. Over the period under review, the global market hit record highs in 2022 and is likely to see steady growth in the near future.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (63K tons), the United States (44K tons) and Kyrgyzstan (25K tons), with a combined 35% share of global consumption.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Kyrgyzstan (with a CAGR of +113.4%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($7.7B) led the market, alone. The second position in the ranking was held by Japan ($1.9B). It was followed by France.

In the United States, the sewing machine furniture market increased at an average annual rate of +41.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Japan (+20.1% per year) and France (+23.1% per year).

In 2022, the highest levels of sewing machine furniture per capita consumption was registered in Kyrgyzstan (3,685 kg per 1000 persons), followed by Italy (193 kg per 1000 persons), South Korea (183 kg per 1000 persons) and Spain (179 kg per 1000 persons), while the world average per capita consumption of sewing machine furniture was estimated at 47 kg per 1000 persons.

In Kyrgyzstan, sewing machine furniture per capita consumption increased at an average annual rate of +109.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Italy (+24.8% per year) and South Korea (+26.8% per year).

Production

World Production of Furniture, Bases And Covers For Sewing Machines

In 2022, global production of furniture, bases and covers for sewing machines was estimated at 373K tons, remaining stable against the year before. In general, production enjoyed a prominent increase. The pace of growth appeared the most rapid in 2017 with an increase of 83% against the previous year. Global production peaked at 380K tons in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

In value terms, sewing machine furniture production declined modestly to $8B in 2022 estimated in export price. Overall, production recorded a significant increase. The pace of growth appeared the most rapid in 2017 when the production volume increased by 137% against the previous year. Over the period under review, global production reached the peak level at $8.5B in 2020; however, from 2021 to 2022, production failed to regain momentum.

Production By Country

China (142K tons) remains the largest sewing machine furniture producing country worldwide, comprising approx. 38% of total volume. Moreover, sewing machine furniture production in China exceeded the figures recorded by the second-largest producer, the United States (40K tons), fourfold. India (25K tons) ranked third in terms of total production with a 6.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China amounted to +10.0%. In the other countries, the average annual rates were as follows: the United States (+38.1% per year) and India (+23.0% per year).

Imports

World Imports of Furniture, Bases And Covers For Sewing Machines

Global sewing machine furniture imports rose rapidly to 109K tons in 2022, picking up by 5.6% against 2021. In general, imports recorded strong growth. The most prominent rate of growth was recorded in 2018 when imports increased by 83%. Global imports peaked at 166K tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, sewing machine furniture imports rose markedly to $1.1B in 2022. The total import value increased at an average annual rate of +3.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2018 with an increase of 19% against the previous year. Over the period under review, global imports attained the maximum in 2022 and are likely to continue growth in years to come.

Imports By Country

Kyrgyzstan represented the largest importer of furniture, bases and covers for sewing machines in the world, with the volume of imports recording 26K tons, which was approx. 24% of total imports in 2022. Vietnam (7.6K tons) took a 7% share (based on physical terms) of total imports, which put it in second place, followed by Nigeria (5.2%), Malaysia (4.7%), Japan (4.6%) and Russia (4.5%). The United States (4.5K tons), Democratic Republic of the Congo (4.3K tons), Singapore (3.2K tons), the Philippines (3K tons), Indonesia (2.7K tons), Bangladesh (2.5K tons) and India (2.3K tons) held a little share of total imports.

Kyrgyzstan was also the fastest-growing in terms of the furniture, bases and covers for sewing machines imports, with a CAGR of +114.3% from 2012 to 2022. At the same time, Malaysia (+38.9%), Democratic Republic of the Congo (+30.9%), Russia (+25.5%), Nigeria (+23.5%), the Philippines (+12.0%), Bangladesh (+10.6%), India (+10.3%), Vietnam (+5.4%), the United States (+2.5%), Japan (+1.6%) and Singapore (+1.4%) displayed positive paces of growth. By contrast, Indonesia (-6.4%) illustrated a downward trend over the same period. Kyrgyzstan (+24 p.p.), Malaysia (+4.3 p.p.), the United States (+4.1 p.p.), Democratic Republic of the Congo (+4 p.p.), Nigeria (+3.8 p.p.) and Russia (+3.5 p.p.) significantly strengthened its position in terms of the global imports, while Vietnam, Singapore, Japan and Indonesia saw its share reduced by -2.4%, -2.8%, -4.3% and -8.5% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Kyrgyzstan ($201M) constitutes the largest market for imported furniture, bases and covers for sewing machines worldwide, comprising 18% of global imports. The second position in the ranking was taken by Japan ($91M), with an 8.2% share of global imports. It was followed by Vietnam, with a 7.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Kyrgyzstan amounted to +131.9%. In the other countries, the average annual rates were as follows: Japan (+1.6% per year) and Vietnam (+3.9% per year).

Import Prices By Country

In 2022, the average sewing machine furniture import price amounted to $10,187 per ton, rising by 4% against the previous year. Over the period under review, the import price, however, recorded a perceptible contraction. The most prominent rate of growth was recorded in 2021 an increase of 78%. Global import price peaked at $16,453 per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United States ($18,218 per ton), while Democratic Republic of the Congo ($483 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+9.3%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Furniture, Bases And Covers For Sewing Machines

In 2022, the amount of furniture, bases and covers for sewing machines exported worldwide fell modestly to 108K tons, with a decrease of -2.8% compared with the year before. The total export volume increased at an average annual rate of +3.4% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 with an increase of 24% against the previous year. As a result, the exports attained the peak of 111K tons, and then fell in the following year.

In value terms, sewing machine furniture exports contracted to $1.1B in 2022. The total export value increased at an average annual rate of +1.4% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 26%. As a result, the exports reached the peak of $1.1B, leveling off in the following year.

Exports By Country

China dominates exports structure, resulting at 81K tons, which was approx. 75% of total exports in 2022. It was distantly followed by Malaysia (6.3K tons), mixing up a 5.9% share of total exports. The following exporters - Taiwan (Chinese) (4K tons) and India (3.9K tons) - each accounted for a 7.4% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to sewing machine furniture exports from China stood at +4.6%. At the same time, India (+12.6%) and Malaysia (+3.3%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing exporter exported in the world, with a CAGR of +12.6% from 2012-2022. By contrast, Taiwan (Chinese) (-4.8%) illustrated a downward trend over the same period. While the share of China (+8 p.p.) and India (+2.1 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of Taiwan (Chinese) (-4.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($460M) remains the largest sewing machine furniture supplier worldwide, comprising 41% of global exports. The second position in the ranking was held by Taiwan (Chinese) ($128M), with an 11% share of global exports. It was followed by Malaysia, with a 7.5% share.

In China, sewing machine furniture exports expanded at an average annual rate of +6.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Taiwan (Chinese) (-1.2% per year) and Malaysia (+22.7% per year).

Export Prices By Country

In 2022, the average sewing machine furniture export price amounted to $10,325 per ton, with an increase of 2.1% against the previous year. Over the period under review, the export price, however, continues to indicate a noticeable downturn. The most prominent rate of growth was recorded in 2017 when the average export price increased by 2.3% against the previous year. The global export price peaked at $12,600 per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($31,658 per ton), while India ($2,911 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+18.8%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform