The machinery market consists of sales of machinery by entities (organizations, sole traders and partnerships) that manufacture various types of machinery, such as construction machinery, agricultural implement, mining, 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 (heating, ventilation and air conditioning), 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 and others.
The global machinery market was valued at $2,835.0 billion in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 4.0%.
Rising Home Renovation Projects
Rising home renovation projects drove the growth of the machinery market during the historic period. Home renovation projects involve making improvements or modifications to an existing residential property, typically to enhance its aesthetics, functionality, comfort or value. Home renovation projects are rising, due to the increased focus on personalized living spaces, growing home values and a desire for energy efficiency and modern amenities. Machinery plays a crucial role in home renovation projects by enabling efficient demolition, construction and installation processes, facilitating faster completion and higher precision. For instance, in January 2023, according to the Joint Center for Housing Studies at Harvard University, a US-based research center, national spending on remodeling and repairs for owner-occupied homes in the USA was estimated to reach $485 billion in 2023, reflecting a 2.6% increase, compared to 2022. Therefore, rising home renovation projects have fueled the growth of the machinery market.
Robotic Excavators Redefining Construction Operations
Companies in the machinery market are focusing on developing and offering robotic excavators to automate operations, increase productivity and gain a competitive advantage in the market. Robotic excavators can improve the construction sector in a number of ways, including greater production, decreased errors, meeting deadlines, reduced accidents and lowered prices. For instance, in January 2022, Zoomlion Heavy Industry Science & Technology Co., Ltd., a China-based construction machinery and agricultural machinery manufacturer, introduced the first collaborative intelligent robotic excavator. The excavator is equipped with a human-machine interaction system that integrates artificial intelligence, intelligent control and other cutting-edge technologies, enabling the excavator to interact with the operator and perform tasks automatically, accurately recognizing gestures and voice commands. The sophisticated robotic excavator makes precise and easy slope cutting possible.
The global machinery market is fairly fragmented, with a large number of players operating in the market. The top ten competitors in the market made up to 10.65% of the total market in 2022.
Machinery Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global machinery market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for machinery? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The machinery market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider machinery market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by type, by capacity and by vertical.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario- The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the machinery market.
- Global Market Size And Growth- Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis - Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by type, by capacity and by vertical in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Other Major And Innovative Companies -Details on the company profiles of other major and innovative companies in the market.
- Competitive Benchmarking - Briefs on the financials comparison between major players in the market.
- Competitive Dashboard - Briefs on competitive dashboard of major players.
- Key Mergers And Acquisitions - Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations-This section includes recommendations for machinery providers in terms of product/service offerings geographic expansion, marketing strategies and target groups next five years.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Type: Automatic; Semi-Automatic; Manual
- 2) By Capacity: Small; Medium; Largest
- 3) By Vertical: Agriculture, Construction And Mining Machinery; Industrial Machinery; Commercial And Service Industry Machinery; Ventilation, Heating, Air-Conditioning And Commercial Refrigeration Equipment; Metalworking Machinery; Engine, Turbine And Power Transmission Equipment; Other General-Purpose Machinery
- Companies Mentioned: Deere & Company; Caterpillar Inc.; EXOR Group; Volvo AB; Komatsu Ltd.
- Countries: China; Australia; 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;Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; machinery indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.