According to a new market research report published by Credence Research, “Knitting Machines Market (By Machine Type (Weft Knitting Machine (Circular, Straight Bar, and Flat Bar) and Warp Knitting Machine (Raschel and Tricot)), By Applications (Automotive Fabrics, Home Textiles, Medical Textiles, Sports & Leisurewear, Swimwear, Technical Textiles, and Clothing Textiles), By Geography (North America, Europe, Asia Pacific, and Rest of the World)) – Growth, Future Prospects, and Competitive Landscape, 2019 -2027”, the global knitting machines market was valued at US$ 6.79 Bn in the year 2018 and expected to reach US$ 10.84 Bn by year 2027, expanding at a CAGR of 5.3% during the forecast from 2019 to 2027.
The era of technological advancement has upend the clothing industry with the evolution of new designs and patterns in the knitting technology. The introduction of new graphic design software has empowered the engineers and designers to develop more technical and non-fashioned fabrics based on traditional woven construction. Apart from the knitting software, evolving trend of increased energy efficiency machines along with reduced waste has also transformed the garment knitting concept. Presently, seamless knitting technology has captured nearly 90% of the overall knitting market. Subsequently, large number of manufacturers are shifting towards seamless technology to avail its benefit in both ways in production speed as well as environmental benefits. Recently, a leading knitting manufacturer Santoni presented its latest seamless circular knitting machine in the International Textile Machinery Exhibition (ITMA) 2019. Similarly, other players are also shifting towards seamless manufacturing to reduce their production cost and increase their manufacturing speed.
By machine type, weft knitting machines is expected to grow at a rapid rate during the forecast period. The segment growth is mainly due to prolonged evolution of circular knitting technology over past few years. Many garment manufacturers have upgraded their circular knitting technology to enhance their production as it offers higher productivity and rapid production speed as compared to other knitting machines. However, circular knitting has restricted patterning abilities, for which flat-bed knitting is preferred.
By geography, the global knitting machines market is studied for North America, Europe, Asia Pacific, and Rest of the World. North America and Europe are the matured markets and signifies moderate growth over the forecast period. The prime reason behind the growth of North America and Europe is their exponential growth in technical textile sector. These days, flat knitted technical textiles is growing at an alarming rate. USA is the most attractive country that provides alluring production opportunity for knitted fabrics prominently in the east and west coast regions. Furthermore, Europe is among the largest exporters of knitted fabrics in the world. Collectively, the regions have highly developed automotive, healthcare, industrial, and residential sectors that accounts for significant demand of knitting machines and textiles in the region.
The global knitting machines is a highly matured market with numerous of players competing strongly with each other. On-going development in knitting software and analysis tools have increased the competition to a greater extent. Now a days, players also seeks programming as an important tool for their long legacy in knitting industry. Recently, Massachusetts Institute of Technology (MIT) announced to develop an AI based knitting software that will help to create customized garments by using image of the desired product.
Some of the major market competitors profiled in the global knitting machines market report include Shima Seiki Mfg Ltd., Santoni S.p.A., Sangiacomo, Pai Lung Machinery Mill Co. Inc., Terrot GmbH, Karl Mayer Textilmaschinenfabrik GmbH, Groz Beckert KG, Mayer & Cie. GmbH & Co. KG (MCT), Orizio S.r.l., Monarch Knitting Machinery Corp., H. Stoll AG & Co. KG, Steiger Participations Sa, Matsuya Industries, Keum Yong Textile Machinery, and Busi Giovanni S.r.l. among others.
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