The machinery market has experienced strong growth, rising from $3580.77 billion in 2023 to $3849.18 billion in 2024, achieving a CAGR of 7.5%. This growth is driven by industrialization, economic expansion, precision and accuracy focus, globalization, and consumer demand for efficiency. The market is expected to continue growing, reaching $5034.8 billion by 2028, with a CAGR of 6.9%. Key growth drivers include sustainable and eco-friendly machinery, global supply chain challenges, circular economy shifts, cybersecurity measures, remote monitoring, and disaster preparedness. Major trends include digital transformation, autonomous machinery, customization and modular design, human-machine collaboration, and advanced materials and manufacturing techniques.
Major Driver In The Machinery Market
Rapid technological advancements are poised to fuel innovation within the machinery manufacturing sector, thereby propelling market growth throughout the forecast period. Notably, the integration of cutting-edge technologies such as 3D printing, artificial intelligence (AI), and big data analytics is revolutionizing manufacturing processes, resulting in enhanced productivity, reduced operational costs, and improved profit margins. Insights gleaned from a global survey conducted by The Economist Intelligence Unit reveal widespread optimism among corporate executives regarding the transformative potential of AI, with 90% acknowledging its positive impact on company growth. Moreover, the survey underscores that 86% of respondents perceive AI as a catalyst for productivity enhancement. The resultant cost efficiencies not only bolster profit margins but also facilitate strategic investments, enabling companies to diversify their product portfolios and penetrate new markets. Additionally, the incorporation of Internet of Things (IoT) applications facilitates remote monitoring and centralized feedback systems, thereby unlocking novel avenues for market players. The market's trajectory, as indicated by the 2023, 2024, and 2028 forecasts, underscores the pivotal role of technological innovation in driving growth within the machinery manufacturing domain.
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Machinery Market Competitive Landscape
Robert Bosch GmbH, Siemens AG, United Technologies Corporation, Caterpillar Inc., Midea Group Corporation Limited, Deere & Company, Schneider Electric SE, Honeywell International Inc., Mitsubishi Heavy Industries Ltd., Canon Inc., ABB Ltd., Gree Electric Appliances Inc. of Zhuhai, Johnson Controls International plc, Komatsu Ltd., CNH Industrial N.V., Eaton Corporation plc, Kubota Corporation, Emerson Electric Co., Parker-Hannifin Corporation, Tetra Laval International S.A., Liebherr-International AG, Atlas Copco AB, XCMG Group Co. Ltd., Hitachi Construction Machinery Co. Ltd., Rockwell Automation Inc., Ingersoll Rand Inc., Zoomlion Heavy Industry Science and Technology Co. Ltd., SANY Heavy Industry Co. Ltd., Volvo Construction Equipment AB, Doosan Heavy Industries & Construction Co. Ltd.
Key Machinery Market Trend
Major companies operating in the machinery market are innovating new products to increase their profitability in the market. For instance, in October 2022, Caterpillar Inc., a US-based engine equipment manufacturing company unveiled four new battery-electric machine prototypes named 301.9 mini excavator, 320 medium excavator, 950 GC medium wheel loader and 906 compact wheel loader. these devices are intended to offer a green and effective replacement for conventional diesel-powered devices. The machines have an onboard AC charger and are powered by Caterpillar battery prototypes.
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Machinery Market Segmentation
The machinery market covered in this report is segmented –
1) By Type: Automatic, Semi-Automatic
2) By Capacity: Small, Medium, Large
3) By Application: Automotive, Precision Engineering, Transport, Other Applications
Subsegments Covered: Construction Machinery, Agricultural Implement, Mining And Oil And Gas Field Machinery, Woodworking And Paper Machinery, Other Industrial Machinery, Printing Machinery And Equipment, Semiconductor Machinery, Food Product Machinery, Other Commercial And Service Industry Machinery, Photographic And Photocopying Equipment, Optical Instrument And Lens, HVAC And Commercial And Industrial Refrigeration Equipment, Commercial Fan And Air Purification Equipment, Heating Equipment (except Warm Air Furnaces), Special Die And Tool, Die Set, Jig, And Fixture, Machine Tool, Industrial Mold, Rolling Mill And Other Metalworking Machinery, Cutting Tool And Machine Tool Accessory, Commercial Internal Combustion Engines, Turbine And Turbine Generator Set Units, Mechanical Power Transmission Equipment, Speed Changer, Industrial High-Speed Drive, And Gear
By Geography:The regions covered in the machinery market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.
The Asia-Pacific was the largest region in the machinery market in 2023.
The Machinery Global Market Report 2024 furnishes information about the global machinery market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
