Machinery Industry Outlook 2023-2032: Expansion Fueled By A Near-Term Inflation-Driven Rise In Raw Material Costs, By The Global Market Model From TBRC
A Comprehensive Global Machinery Industry Overview: Major Leaders, Market Size, Growth Trends, Regional Analysis, and Forecast
LONDON, Aug. 23, 2023 /PRNewswire/ -- According to the latest forecast by the Global Market Model, a consistent and steady growth trajectory is projected for the machinery market over the upcoming decade. The market's expansion is anticipated to progress from $3531.9 billion in 2022, exhibiting a compound annual growth rate (CAGR) of 7% during the period from 2022 to 2032.
Driving forces such as technological advancements, the digitization of machinery, favorable governmental policies, and growth within end-user sectors like agriculture, automotive, and construction industries are anticipated to propel the market during the forecasted period.
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Key Noteworthy Points from the Machinery Industry Overview by the Global Market Model:
- The machinery market accounted for 3.5% of the global Gross Domestic Product (GDP).
- The largest subset within the machinery market, encompassing agriculture, construction, and mining machinery, comprised 21.1% of the total in 2022.
- China held the foremost position in the machinery market, contributing to 22.6% of the total in 2022.
What Lies Ahead for the Machinery Industry's Growth?
The forecast maintains substantial stability in comparison to the previous estimate as of the end of 2022. Elements such as elevated inflation, economic challenges, the repercussions of the Russia-Ukraine conflict, and augmented raw material costs due to supply chain disruptions, resulting in short-term escalation in final product prices, were all factored into our earlier update. We also anticipated eventual stabilization of prices over the long term as supply chain pressures eased, as evidenced in our preceding forecast revision. Consequently, our projections for this market exhibit stability during the current update cycle.
Stay informed and receive up-to-date and precise insights on machinery industry trends through the Global Market Model, acknowledged as the world's most extensive amalgamation of integrated market information
https://www.thebusinessresearchcompany.com/global-market-model/demo-request
Industrial machinery manufacturers can further deepen their analysis through the Global Market Model's insights on the key industry indicators which include –
- Number of enterprises
- Number of employees
About Global Market Model
The Global Market Model, the flagship product of The Business Research Company, offers comprehensive construction industry analysis covering its growth trajectory, present valuation, key segments, and regional prominence.
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