Braiding Machine Market Trends

Growth Drivers

• Both Developed and Developing Nations Are Seeing an Increase In Industry and Urbanization- Growing urbanization and industrialization in both developed and developing nations is anticipated to propel the braiding machine market during the forecast period. This is because the number of industries contributing to development is on the rise, and the continuous expansion of automobile production is one of the key drivers of the global market. Approximately 4.4 billion people, or 56% of the world's population, live in cities today. By 2050, over seven out of ten people will live in cities as a result of this trend, with the urban population predicted to have more than doubled from its current level.
• The Fashion Industry's Continued Expansion- In terms of demand, through 2022 and beyond, younger groups like Gen-Z and wealthier consumers from middle-class and up are anticipated to have the greatest hunger for leisure expenditure (including clothing, dining out, travel, entertainment, gadgets, and so forth). Sales in the Chinese fashion industry, which covers both luxury and non-luxury categories, have already recovered to levels seen prior to the pandemic. The intricate network of global supply lines that supports the garment industry is under unheard-of stress and upheaval. To keep products moving in line with customer demand, businesses need to reevaluate their procurement strategy while incorporating cutting-edge supply chain operations and maximum flexibility.

Challenges

• Supply chain interruption due to COVID-19- The COVID-19 pandemic has caused the manufacture of a number of products in the braiding machine business to stop, mostly as a result of the extended lockdown in several key international nations. This has greatly slowed the braiding machine market growth in recent months and is probably going to do so in 2020. COVID-19 has already had an adverse effect on machinery and equipment sales in the first quarter of 2020, and it is probably going to have a detrimental effect on market growth all year long.
• High initial investment required for purchasing and setting up braiding machines can be substantial, especially for advanced automated systems.
• Advanced braiding machines required skilled operators who can handle complex programming and machine setup. The lack of skilled personnel poses challenge for market growth.