From GlobeNewswire: 2024-04-04 11:30:00

The global machinery market is booming, with a projected CAGR of 7.5% from 2023 to 2024, reaching $3849.18 billion. The growth is driven by the expansion of the automotive industry, which saw a 5.7% increase in global motor vehicle production in 2022, highlighting the importance of machinery in meeting rising demands.

Innovations in recycling machines are advancing sustainability efforts, with companies like TOMRA introducing AI technology to achieve 95% purity levels for recycled plastics. Market segmentation includes various machinery types, capacities, and applications, such as automotive, precision engineering, and transport among others.

The global machinery market is characterized by fragmentation, with the top ten competitors holding 10.65% of the market share. Key players include Deere & Company, Caterpillar Inc., Volvo AB, and more. The sector is poised for significant growth due to the expanding automotive industry and innovations in recycling machinery driving sustainability efforts.



Read more at GlobeNewswire: Expanding Automotive Industry To Propel Growth Of Machinery