LONDON, April 04, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Machinery Global Market Report 2024, the machinery market has experienced significant growth in recent years, with a projected compound annual growth rate (CAGR) of 7.5% from 2023 to 2024, reaching $3849.18 billion. Looking ahead, the machinery market is expected to continue its upward trajectory, reaching $5034.8 billion by 2028, with a CAGR of 6.9%. One of the key drivers of this machinery market growth is the expansion of the automotive industry.
Expansion of the Automotive Industry:
The automotive industry encompasses various activities related to motor vehicle design, development, manufacturing, marketing, selling, repairing, and modification. This industry is witnessing expansion driven by increasing consumer demand, technological innovations, and government initiatives promoting sustainable transportation solutions. Machinery plays a crucial role in the automotive sector by enabling efficient manufacturing processes, including assembly, fabrication, and testing of vehicles and components.
According to the European Automobile Manufacturers Association, global motor vehicle production in 2022 totaled 85.4 million units, representing a significant 5.7% increase compared to 2021. This growth underscores the importance of machinery in meeting the rising demand for automobiles worldwide, driving the growth of the machinery market.
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Innovations in Recycling Machines:
Companies in the machinery industry are focusing on developing recycling machines to optimize waste sorting procedures, bolstering recycling effectiveness, and sustainability efforts. These machines facilitate the sorting, processing, and repurposing of various materials, contributing to more efficient and sustainable recycling practices.
For example, TOMRA, a Norway-based recycling company, recently unveiled a food-grade plastic sorting machine utilizing AI technology. This innovation marks a significant advancement in recycling capabilities, achieving impressive purity levels of approximately 95% for PET, PP, and HDPE materials. The integration of traditional near-infrared and visual spectrometry sensors with deep learning technology has enabled accurate sorting capabilities, enhancing recycling efficiency.
Market Segmentation:
The machinery market is segmented based on type, capacity, and application. These segments include automatic and semi-automatic machinery, small, medium, and large capacity machinery, and applications such as automotive, precision engineering, transport, and others.
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Market Landscape:
The global machinery market is characterized by fragmentation, with a large number of players operating in various regions. The top ten competitors accounted for 10.65% of the total market share in 2022. Leading competitors include Deere & Company, Caterpillar Inc., EXOR Group, Volvo AB, Komatsu Ltd., CNH Industrial NV, Mitsubishi Heavy Industries Ltd., Hitachi Ltd, Kubota Corp., and AGCO Corporation.
As the automotive industry continues to expand and innovations in recycling machinery drive sustainability efforts, the machinery market is poised for significant growth. Collaboration between industry stakeholders, technological advancements, and investment in research and development will play a crucial role in driving further advancements in this dynamic market. As we look towards the future, the machinery sector is well-positioned to meet the evolving needs of various industries and contribute to global economic growth.
Machinery Global Market Report 2024 by The Business Research Company provides insights on the machinery market size, machinery market segments, machinery market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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