The machinery manufacturing industry comprises establishments primarily engaged in manufacturing industrial and commercial machinery. These establishments assemble parts into components, sub-assemblies and complete machines.
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The market is valued at $3 trillion in 2017 due to the demand for cars and consumer electronics are expected to grow as the size of the middle class worldwide continues to increase. Spreading electrification of rural areas in emerging countries will increase the demand for television and other electricity-using products in those countries. Modernization of food distribution and retailing will increase the sales of packaged food products. Factors such as these will lead to faster growth in the market for the machinery to make these products.
The market in the report is segmented into: engine, turbine, and power transmission equipment manufacturing, metalworking machinery manufacturing, ventilation, heating, air-conditioning, and commercial refrigeration equipment manufacturing, commercial and service industry machinery manufacturing, industrial machinery manufacturing, agriculture, construction, and mining machinery manufacturing and other general-purpose machinery manufacturing.
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China was the largest country in the machinery manufacturing market in 2017, accounting for one-fifth of the market share. This was mainly due to high number of manufacturing establishments and activity in the country. China was followed by the USA and Germany.
The top five competitors in the market made up 5% of the total market in 2017. General Electric Co was the largest competitor, followed by Caterpillar Inc., Canon Inc., Deere & Company and Mitsubishi Heavy Industries Ltd. General Electric was the largest competitor in the machinery manufacturing market in 2017 with a 2% share of market. The company employs approximately 305,000 people worldwide and serves customers in approximately 175 countries.
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