Sewing Machines: A Global Strategic Business Report
San Jose, CA (Vocus/PRWEB) February 08, 2011
Sewing machines represent a mature product line particularly in North America and Europe. The market in these regions typically grows less rapidly than the GNP, while rapid strides are being made in developing countries. The rise in the consumption of home sewing machines in developing countries is attributed to the fact that sewing machines are the first affordable consumer durable purchased in these countries. Additionally, shifting of textile production bases to low cost Asian countries makes developing countries a lucrative market for industrial sewing machines as well.
Given its high-strung sensitivity to the health of the garment and textile industry, the sewing machine market has been feeling the heat of the economic recession that crippled most industries across the globe. Industrial sewing machines, especially came under the yoke of the recession, with growth dipping into negative, largely as a result of the staggering blow inflicted by the recession to the world textile industry. Unfavorable economic variables and crumbling consumer and business confidence crippled the industry. Factors, which have devastated business in the industry at large include rising levels of unemployment, falling discretionary income, reduction in household wealth, liquidity constraints, higher commodity prices and battered consumer sentiment, among others. Hurting consumer cutbacks on apparel and change in purchasing patterns away from lavish spending towards more value for money deals severely impacted demand for designer textiles and fabrics. Reduced number of shopping trips, down trading to lower price points, decline in impulse spending and pleasure shopping, and lower spending per trip, have especially eroded revenues in the textile/apparel industry. Clothing and footwear manufacturing wield the maximum influence on the market for sewing machines.
Hit by declining sales and mounting financial burden, major textile manufacturers announced large-scale production cutbacks in a number of facilities, which in turn squeezed market opportunities for sewing machines, particularly industrial sewing machines. With demand for inexpensive clothing lines also slowing down considerably, as consumers postponed their new clothing purchases, even the small, privately held textile manufacturing firms had to force shut their production facilities. Additionally, together with apparel, demand for home textiles, such as, curtains, tufted carpet backing, and wall covering, among others, also receded as depreciation in home/property values resulted in moderating investments in home improvement. As a result home décor and interiors took a hurting blow. Industrial textiles including technical textiles have also been impacted with global trade slowing down considerably. All of the aforementioned factors pushed sales of industrial sewing machines into the red.
In comparison, growth in the home sewing machines segment although slowed down, nevertheless held up to the economic pressures. The market successfully rode over the turbulence without recording hurting erosions in market volume. While factors such as, financial instability, reduced disposable income, postponement of new and replacement purchases, and shifting preferences towards low priced machines, squeezed revenues and slowed down growth, certain other consumer behavioral patterns such as, rise in self-mending of clothes, and do-it-yourself craft work, have helped counterbalance partially the lull in business environment. Hypothetically, tight budgetary conditions, call for careful purchase decisions, and ironically presents a favorable scenario for increased adoption of home sewing machines, as people vigorously adopt Sew-it-Yourself (SIY) approach, opting to prepare, repair or customize their own clothes in an effort to save money. A recessionary backlash is additionally expected with consumers who have switched to value shopping, due to the current economic situation, most likely to persist with the newly acquired frugality for a long time into the foreseeable future. Reduced acceptance of throwaway convenience, and fast fashion will continue to characterize the consumer even into the post recession marking the emergence of the most important change in retail spending. Changing perceptions of luxury, waning popularity of high-street fashion and a new found fondness for hand-made clothes augur well for the home sewing machines market.
As stated by the new market research report, Asia represents the most prominent regional market for sewing machines. The large production base for sewing machines in the region, particularly in China and Taiwan, has and will continue to help the Asia-Pacific market to find success at the international level. By product, Industrial sewing machines market continues to be the largest product segment. Home sewing machines market on the other hand, is the fastest growing product segment displaying a CAGR of about 2.6% over the analysis period.
Major players in the marketplace include Brother Industries Ltd, Elna International Corp. SA, PFAFF Industriesysteme und Maschinen AG, Janome Sewing Machine, Juki Corporation, Jaguar International Corporation, Necchi Macchine per cucire S.r.l, SVP Worldwide, Singer Sewing Machine Company, among others
The research report titled “Sewing Machines: A Global Strategic Business Report” announced by Global Industry Analysts, Inc., provides a comprehensive review of market trends, issues, drivers, company profiles, mergers, acquisitions and other strategic industry activities. The report provides market estimates and projections in volume sales for major geographic markets including the United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, & Rest of Europe), Asia-Pacific (China, India and Rest of Asia-Pacific) Latin America (Argentina, Brazil, Mexico and Rest of Latin America) and Rest of World. Product segments analyzed include Home Sewing Machines and Industrial Sewing Machines.
For more details about this comprehensive market research report, please visit –
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world’s largest market research publishers. The company employs over 800 people worldwide and publishes more than 1200 full-scale research reports each year. Additionally, the company also offers thousands of smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.
Global Industry Analysts, Inc.
Web Site: http://www.StrategyR.com/
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