Knitting Machines Market

The article discusses the projected decline in the knitting machines market over the next eight years, with a forecasted decrease in both market volume and value. Global consumption peaked in 2022, driven by growth in countries like India and South Korea. China leads in both production and exports of knitting machines, while India stands out as a major importer. Significant growth in consumption and production can be observed in select countries, with fluctuations in import and export prices across different regions.

Market Forecast

The knitting machines market is expected to start a downward consumption trend over the next eight years. The performance of the market is forecast to decrease slightly, with an anticipated CAGR of -0.4% for the eight-year period from 2022 to 2030, which is projected to depress the market volume to 1.5M units by the end of 2030.

In value terms, the market is forecast to contract with an anticipated CAGR of +2.2% for the period from 2022 to 2030, which is projected to bring the market value to $8.9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Knitting Machines

In 2022, consumption of knitting machineses increased by 8.2% to 1.5M units, rising for the third year in a row after four years of decline. The total consumption volume increased at an average annual rate of +2.8% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. Global consumption peaked in 2022 and is expected to retain growth in the near future.

The global knitting machines market value reached $7.5B in 2022, surging by 1.7% 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). The market value increased at an average annual rate of +1.5% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. Over the period under review, the global market hit record highs at $8.2B in 2017; however, from 2018 to 2022, consumption remained at a lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were India (309K units), Singapore (177K units) and China (169K units), together accounting for 43% 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 India (with a CAGR of +42.1%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest knitting machines markets worldwide were India ($1.3B), China ($958M) and Japan ($915M), with a combined 42% share of the global market. South Korea, Namibia, the United States, Singapore, Italy, France, Canada, Spain, Peru and the UK lagged somewhat behind, together comprising a further 26%.

Among the main consuming countries, South Korea, with a CAGR of +45.7%, saw the highest growth rate of market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of knitting machines per capita consumption was registered in Singapore (31 units per 1000 persons), followed by Namibia (11 units per 1000 persons), Italy (2.5 units per 1000 persons) and Canada (1.4 units per 1000 persons), while the world average per capita consumption of knitting machines was estimated at 0.2 units per 1000 persons.

From 2012 to 2022, the average annual rate of growth in terms of the knitting machines per capita consumption in Singapore totaled -1.5%. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Namibia (-0.9% per year) and Italy (+1.7% per year).

Production

World Production of Knitting Machines

In 2022, global knitting machines production shrank modestly to 1.1M units, dropping by -4.3% against 2021 figures. Over the period under review, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 11% against the previous year. As a result, production attained the peak volume of 1.3M units. From 2014 to 2022, global production growth remained at a lower figure.

In value terms, knitting machines production contracted to $6.5B in 2022 estimated in export price. Overall, production, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 when the production volume increased by 31%. Over the period under review, global production hit record highs at $9.1B in 2017; however, from 2018 to 2022, production remained at a lower figure.

Production By Country

China (537K units) constituted the country with the largest volume of knitting machines production, accounting for 48% of total volume. Moreover, knitting machines production in China exceeded the figures recorded by the second-largest producer, Singapore (209K units), threefold. Italy (137K units) ranked third in terms of total production with a 12% share.

In China, knitting machines production remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: Singapore (+0.7% per year) and Italy (-0.2% per year).

Imports

World Imports of Knitting Machines

In 2022, supplies from abroad of knitting machineses increased by 28% to 958K units, rising for the second consecutive year after two years of decline. Over the period under review, imports recorded a remarkable increase. The pace of growth appeared the most rapid in 2021 when imports increased by 71% against the previous year. Over the period under review, global imports attained the peak figure in 2022 and are likely to see gradual growth in the immediate term.

In value terms, knitting machines imports stood at $2.8B in 2022. Overall, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 41% against the previous year. Global imports peaked at $3.3B in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

Imports By Country

In 2022, India (315K units) was the major importer of knitting machineses, generating 33% of total imports. The United States (86K units) ranks second in terms of the total imports with an 8.9% share, followed by Canada (5.8%) and the UK (5.4%). The following importers - Spain (38K units), France (37K units), Peru (31K units), South Africa (29K units), Italy (29K units), Bangladesh (26K units), Germany (20K units), Brazil (16K units) and Turkey (15K units) - together made up 25% of total imports.

From 2012 to 2022, average annual rates of growth with regard to knitting machines imports into India stood at +33.3%. At the same time, Germany (+34.5%), South Africa (+12.8%), Spain (+12.7%), Italy (+11.9%), Canada (+10.4%), France (+7.8%), the United States (+7.7%), Turkey (+7.0%), Brazil (+6.5%), Peru (+1.6%) and the UK (+1.1%) displayed positive paces of growth. Moreover, Germany emerged as the fastest-growing importer imported in the world, with a CAGR of +34.5% from 2012-2022. By contrast, Bangladesh (-2.1%) illustrated a downward trend over the same period. From 2012 to 2022, the share of India and Germany increased by +29 and +1.8 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest knitting machines importing markets worldwide were India ($427M), Turkey ($373M) and Bangladesh ($239M), together comprising 38% of global imports. The United States, Italy, Brazil, Germany, the UK, France, Peru, Canada, Spain and South Africa lagged somewhat behind, together comprising a further 22%.

Canada, with a CAGR of +9.3%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average knitting machines import price amounted to $2,883 per unit, reducing by -15.5% against the previous year. In general, the import price saw a deep contraction. The most prominent rate of growth was recorded in 2016 when the average import price increased by 12% against the previous year. Over the period under review, average import prices hit record highs at $6,741 per unit in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Turkey ($24,297 per unit), while Canada ($334 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bangladesh (+5.8%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Knitting Machines

In 2022, global exports of knitting machineses rose significantly to 546K units, growing by 9.1% against the year before. Over the period under review, total exports indicated a temperate increase from 2012 to 2022: its volume increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +79.8% against 2020 indices. The pace of growth was the most pronounced in 2021 when exports increased by 65% against the previous year. Over the period under review, the global exports attained the maximum in 2022 and are likely to see gradual growth in the immediate term.

In value terms, knitting machines exports rose significantly to $2.8B in 2022. Overall, exports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 44%. The global exports peaked at $3.3B in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports By Country

China prevails in exports structure, recording 372K units, which was approx. 68% of total exports in 2022. It was distantly followed by Singapore (37K units), mixing up a 6.9% share of total exports. The UK (21K units), Italy (21K units), Japan (16K units), Germany (11K units) and Taiwan (Chinese) (9.5K units) followed a long way behind the leaders.

China was also the fastest-growing in terms of the knitting machineses exports, with a CAGR of +12.1% from 2012 to 2022. At the same time, Singapore (+9.8%) displayed positive paces of growth. Germany experienced a relatively flat trend pattern. By contrast, Italy (-2.5%), the UK (-7.2%), Japan (-8.4%) and Taiwan (Chinese) (-16.1%) illustrated a downward trend over the same period. China (+39 p.p.) and Singapore (+3.2 p.p.) significantly strengthened its position in terms of the global exports, while Italy, Japan, the UK and Taiwan (Chinese) saw its share reduced by -2.8%, -6.5%, -7.2% and -11.9% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($1.3B) remains the largest knitting machines supplier worldwide, comprising 48% of global exports. The second position in the ranking was held by Japan ($372M), with a 13% share of global exports. It was followed by Germany, with a 12% share.

From 2012 to 2022, the average annual growth rate of value in China stood at +8.8%. In the other countries, the average annual rates were as follows: Japan (-0.9% per year) and Germany (-8.0% per year).

Export Prices By Country

The average knitting machines export price stood at $5,113 per unit in 2022, almost unchanged from the previous year. Over the period under review, the export price, however, showed a pronounced decrease. The pace of growth appeared the most rapid in 2013 when the average export price increased by 23%. Over the period under review, the average export prices reached the peak figure at $9,820 per unit in 2016; however, from 2017 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Germany ($28,991 per unit), while Singapore ($78 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+18.5%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform