Global Sewing Machine Needle Market 2024

Sewing Machine Needle Market Size

For the third consecutive year, the global sewing machine needle market recorded decline in sales value, which decreased by X% to $X in 2023. Overall, consumption showed strong growth. Global consumption peaked at $X in 2020; however, from 2021 to 2023, consumption stood at a somewhat lower figure.

Sewing Machine Needle Production

In value terms, sewing machine needle production rose sharply to $X in 2023 estimated in export price. Overall, the total production indicated measured growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production decreased by X% against 2021 indices. The most prominent rate of growth was recorded in 2021 with an increase of X%. As a result, production attained the peak level of $X. From 2022 to 2023, global production growth remained at a lower figure.

Sewing Machine Needle Exports

Exports

In 2023, overseas shipments of sewing machine needles decreased by X% to X units, falling for the second consecutive year after two years of growth. In general, exports saw a perceptible decrease. The pace of growth was the most pronounced in 2021 when exports increased by X%. As a result, the exports reached the peak of X units. From 2022 to 2023, the growth of the global exports remained at a lower figure.

In value terms, sewing machine needle exports contracted slightly to $X in 2023. Overall, exports continue to indicate a pronounced contraction. The most prominent rate of growth was recorded in 2021 with an increase of X%. Over the period under review, the global exports reached the maximum at $X in 2014; however, from 2015 to 2023, the exports remained at a lower figure.

Exports by Country

In 2023, China (X units) was the main exporter of sewing machine needles, making up X% of total exports. Vietnam (X units) ranks second in terms of the total exports with an X% share, followed by India (X%) and Singapore (X%). South Korea (X units), Italy (X units), Hong Kong SAR (X units), Taiwan (Chinese) (X units), the United States (X units) and Brazil (X units) followed a long way behind the leaders.

Exports from China decreased at an average annual rate of X% from 2012 to 2023. At the same time, Italy (X%), Vietnam (X%) and Singapore (X%) displayed positive paces of growth. Moreover, Italy emerged as the fastest-growing exporter exported in the world, with a CAGR of X% from 2012-2023. The United States experienced a relatively flat trend pattern. By contrast, Hong Kong SAR (X%), South Korea (X%), Brazil (X%), Taiwan (Chinese) (X%) and India (X%) illustrated a downward trend over the same period. While the share of Vietnam (X p.p.), China (X p.p.), Singapore (X p.p.) and Italy (X p.p.) increased significantly in terms of the global exports from 2012-2023, the share of India (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest sewing machine needle supplying countries worldwide were Vietnam ($X), Singapore ($X) and India ($X), with a combined X% share of global exports.

Among the main exporting countries, Vietnam, with a CAGR of X%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices by Country

In 2023, the average sewing machine needle export price amounted to $X per thousand units, picking up by X% against the previous year. In general, export price indicated a slight expansion from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, sewing machine needle export price increased by X% against 2021 indices. The pace of growth was the most pronounced in 2022 an increase of X% against the previous year. The global export price peaked in 2023 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was the United States ($X per thousand units), while Italy ($X per thousand units) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the United States (X%), while the other global leaders experienced more modest paces of growth.

Sewing Machine Needle Imports

Imports

In 2023, supplies from abroad of sewing machine needles increased by X% to X units for the first time since 2020, thus ending a two-year declining trend. In general, imports posted a strong expansion. The growth pace was the most rapid in 2018 with an increase of X%. Over the period under review, global imports hit record highs at X units in 2020; however, from 2021 to 2023, imports failed to regain momentum.

In value terms, sewing machine needle imports declined slightly to $X in 2023. Overall, imports, however, recorded a pronounced reduction. The pace of growth appeared the most rapid in 2014 with an increase of X%. As a result, imports attained the peak of $X. From 2015 to 2023, the growth of global imports remained at a somewhat lower figure.

Imports by Country

Kyrgyzstan was the major importer of sewing machine needles in the world, with the volume of imports resulting at X units, which was near X% of total imports in 2023. Ghana (X units) held the second position in the ranking, followed by Nigeria (X units), India (X units) and Indonesia (X units). All these countries together held near X% share of total imports. The United Arab Emirates (X units), China (X units), Singapore (X units), France (X units), Hong Kong SAR (X units), Japan (X units) and Bangladesh (X units) followed a long way behind the leaders.

Kyrgyzstan was also the fastest-growing in terms of the sewing machine needles imports, with a CAGR of X% from 2012 to 2023. At the same time, France (X%), China (X%), Nigeria (X%), the United Arab Emirates (X%), Indonesia (X%), Ghana (X%), India (X%) and Singapore (X%) displayed positive paces of growth. Bangladesh experienced a relatively flat trend pattern. By contrast, Japan (X%) and Hong Kong SAR (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of Kyrgyzstan, Nigeria, China, France, Indonesia and the United Arab Emirates increased by X, X, X, X, X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X), Singapore ($X) and Hong Kong SAR ($X) were the countries with the highest levels of imports in 2023, together accounting for X% of global imports. India, Japan, Kyrgyzstan, Bangladesh, the United Arab Emirates, Indonesia, Nigeria, France and Ghana lagged somewhat behind, together accounting for a further X%.

Kyrgyzstan, with a CAGR of X%, saw the highest growth rate of 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 2023, the average sewing machine needle import price amounted to $X per thousand units, waning by X% against the previous year. In general, the import price showed a deep slump. The pace of growth was the most pronounced in 2021 an increase of X%. Global import price peaked at $X per thousand units in 2013; however, from 2014 to 2023, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($X per thousand units), while Ghana ($X per thousand units) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (X%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform