Page 23 - September-October-2020

22

Global Textile Machinery 2020

survey with a special focus on

19.3 million units to rise by 2027

Amid the COVID-19 crisis, the global market for market. China, the world second largest economy, is
Textile Machinery estimated at 11.8 Million Units in forecast to reach an estimated market size of 4.3
the year 2020, is projected to reach a revised size of Million Units in the year 2027 trailing a CAGR of 11%
19.3 Million Units by 2027, growing at a CAGR of through 2027.
7.2% over the analysis period 2020-2027.Spinning
Machines, one of the segments analyzed in the In the global Knitting Machines segment, USA,
report, is projected to grow at a 7% CAGR to reach Canada, Japan, China and Europe would drive the
17.4 Million Units by the end of the analysis period. 12.4% CAGR estimated for this segment. These
After an early analysis of the business implications regional markets accounting for a combined market
of the pandemic and its induced economic crisis, size of 279.5 Thousand Units in the year 2020 will
growth in the Draw Texturizing Machines segment is reach a projected size of 633.7 Thousand Units by
readjusted to a revised 7.7% CAGR for the next the close of the analysis period. China will remain
7-year period. This segment currently accounts for a among the fastest growing in this cluster of regional
4% share of the global Textile Machinery market. markets. Led by countries such as Australia, India,
and South Korea, the market in Asia-Pacific is
The Textile Machinery market in the U.S. is estimated forecast to reach 2.7 Million Units by the year 2027,
at 3.2 Million Units in the year 2020. The country while Latin America will expand at a 15.2% CAGR
currently accounts for a 27.04% share in the global through the analysis period.

September/October 2020