Machinery Global Market Report 2024

The machinery market size has grown strongly in recent years. It will grow from $3580.77 billion in 2023 to $3849.18 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth observed in the historical period can be attributed to industrialization, economic expansion, emphasis on precision, globalization and trade, rising labor costs, and consumer demand for enhanced efficiency. These factors collectively contributed to the growth of machinery during that period.

The machinery market size is expected to see strong growth in the next few years. It will grow to $5034.8 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. Anticipated growth in machinery involves sustainable technology, global supply chain challenges, circular economy shifts, cybersecurity measures, remote monitoring, resilience focus, with trends in digital transformation, autonomous systems, modular design, human-machine collaboration, and advanced manufacturing techniques.

The machinery market is anticipated to experience significant growth driven by rapid technological advancements during the forecast period. Innovations in machinery manufacturing are propelled by technologies such as 3D printing, artificial intelligence, and big data analytics. These technologies contribute to increased productivity, reduced operating costs, and improved profit margins for manufacturers. According to a global survey by The Economist Intelligence Unit, approximately 90% of corporate executives believe that artificial intelligence (AI) will positively impact a company's growth, with 86% expecting improvements in productivity. Lower operating costs resulting from technological advancements create opportunities for companies to expand product portfolios and enter new markets through strategic investments. Integrating Internet of Things (IoT) applications, mobile applications, advanced sensors, and embedded software further enhances machinery capabilities, providing opportunities for growth in the machinery manufacturing market.

The growth of the machinery market is expected to be propelled by increasing energy efficiency in machinery operations. Energy efficiency involves utilizing less energy to accomplish specific tasks while maintaining or even improving productivity levels. This practice offers economic benefits, supports environmental sustainability objectives, ensures regulatory compliance, and enhances overall competitiveness. As businesses and industries prioritize energy efficiency to meet sustainability goals and address economic challenges, the demand for energy-efficient machinery is on the rise. This trend not only fosters innovation within the machinery manufacturing sector but also leads to market expansion. For example, in August 2023, the European Union, as per the European Commission, committed to increasing energy efficiency with goals of at least 32.5% for 2030 and a 20% objective for 2020, reflecting the growing emphasis on energy efficiency that is driving the growth of the machinery market.

The machinery market faced significant challenges in 2020 due to the outbreak of COVID-19, acting as a substantial restraint. The pandemic disrupted supply chains, with trade restrictions and global lockdowns leading to manufacturing activity decline. Governments worldwide imposed lockdowns to curb the spread of the virus, impacting machinery manufacturers heavily dependent on the global supply of raw materials, parts, and components. Movement restrictions and trade barriers resulted in production halts due to a lack of essential inputs. Although the negative impact of the outbreak continued into 2021, the machinery market is expected to recover over the forecast period. The pandemic is considered a 'black swan event,' unrelated to inherent weaknesses in the market or the global economy.

Major companies in the machinery market are focusing on innovation to enhance profitability. Caterpillar Inc., a US-based engine equipment manufacturing company, exemplifies this approach by unveiling four new battery-electric machine prototypes in October 2022. The prototypes, including a mini excavator, medium excavator, medium wheel loader, and compact wheel loader, aim to provide eco-friendly alternatives to traditional diesel-powered machines. Equipped with onboard AC chargers and powered by Caterpillar's battery prototypes, these machines showcase the company's commitment to sustainability and technological advancement.

Strategic partnerships are another avenue major machinery companies are exploring to boost profitability. In January 2022, CanLift Equipment Ltd., a Canada-based material handling company, entered into a partnership with Xuzhou Construction Machinery Group Co. Ltd., a China-based machinery company. This collaboration enhances CanLift's commitment to customer relationships and aims to offer an unmatched experience through top-notch products and services. The partnership opens new avenues for connections within the construction machinery industry, showcasing the strategic collaboration as a means to strengthen market positions and drive mutual success.

Major companies operating in the machinery market report are 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.

The Asia-Pacific was the largest region in the machinery market in 2023. Western Europe was the second largest region in the machinery market. The regions covered in the machinery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries 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.

Primary types include automatic and semi-automatic. Automatic machinery functions without human intervention, varying in sizes - small, medium, and large. Applications span automotive, precision engineering, transport, and other sectors.

The machinery market research report is one of a series of new reports that provides machinery market statistics, including machinery industry global market size, regional shares, competitors with a machinery market share, detailed machinery market segments, market trends, and opportunities, and any further data you may need to thrive in the machinery industry. This machinery market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The machinery market consists of sales of industrial and commercial machinery such as farm machinery and equipment, construction machinery, oil and gas field and underground mining machinery and equipment, food and beverage manufacturing machinery, semiconductor manufacturing machinery, sawmill and woodworking machinery (except handheld), printing and binding machinery and equipment, photographic and photocopying equipment, automatic vending machinery, commercial laundry and dry-cleaning machinery, office machinery, automotive maintenance equipment (except mechanics' hand tools), commercial-type cooking equipment and machinery for making paper products, textiles, plastic products, rubber products and optical instruments. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. the value of goods in this market includes related services sold by the creators of the goods.


The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.