Growth of the manufacturing sector, especially in developing countries is expected to drive market expansion shortly at a CAGR of 6.20% during the forecast period 2023 to 2032

Market Research Future (MRFR) has published a cooked research report on the “Industrial Machinery Equipment and Tools Market” that contains information from 2018 to 2032. The Industrial Machinery Equipment and Tools Market is estimated to register a CAGR of 6.20% during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the global Industrial Machinery Equipment and Tools Market— Caterpillar Inc., Deere & Company, Mitsubishi Heavy Industries, Ltd., Siemens AG, ABB Ltd., General Electric Company, Komatsu Ltd., CNH Industrial N.V., Atlas Copco AB, Hitachi, Ltd., Sandvik AB, and Manitowoc Company, Inc.

Market Highlights

The global Industrial Machinery Equipment and Tools Market is accounted to register a CAGR of 6.20% during the forecast period and is estimated to reach USD 330.9 billion by 2032.

The industrial machinery equipment and tools market is experiencing growth, largely attributed to technological advancements within the industry. Manufacturers are progressively integrating advanced technologies, including the Internet of Things (IoT), Artificial Intelligence (AI), and Robotics, to optimize the performance and output of their machinery. These technological innovations bring about various advantages, such as real-time monitoring, predictive maintenance, and enhanced workplace safety.

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of industrial machinery equipment and tools market sales

Segment Analysis

The global Industrial Machinery Equipment and Tools Market has been segmented based on Product type, Operation, and Industry vertical.

Based on Product type, the market is segmented into Heavy Machinery, Packaging Machinery, Food Processing Machinery, Construction Machinery, Metalworking Machinery, Textile Machinery and Others. The heavy machinery segment was attributed to holding the largest market share in 2022.  The heavy machinery sector constitutes a substantial portion of the industrial machinery industry, encompassing equipment like cranes, excavators, bulldozers, loaders, and backhoes. This sector has consistently displayed growth over time, attributed to several key drivers. These include the escalating demand for construction and infrastructure development, increased mining activities, and the thriving agricultural sector.

Based on the Operation, the Industrial Machinery Equipment and Tools Market has been segmented into Autonomous, Semi-autonomous. The Autonomous segment was expected to hold the largest market share in 2022. The surge in the autonomous machinery sector can be largely attributed to the escalating demand for automation across various industries. Autonomous machinery and equipment offer a multitude of advantages, including heightened efficiency, reduced labor expenses, enhanced safety, and increased precision in production processes. Consequently, these benefits have spurred their integration into sectors like manufacturing, construction, agriculture, and mining. Another driving force behind the expansion of the autonomous segment is the continuous evolution of technology. Leveraging advanced technologies such as artificial intelligence (AI), machine learning (ML), and the Internet of Things (IoT), autonomous machinery and equipment have seen substantial improvements in their capabilities. This, in turn, enables them to tackle more intricate tasks and operate in more challenging environments.

Based on the Industry vertical, the Industrial Machinery Equipment and Tools Market has been segmented into Automotive, Aerospace, Construction, Food and Beverage, Energy and Power, Healthcare, Packaging, and Others. The Construction segment was expected to hold the largest market share in 2022. The growth in the Construction segment is propelled by a confluence of key factors, including urbanization, infrastructure development, and the heightened demand for both commercial and residential buildings. Infrastructure development stands as a primary driver within the construction sector, with the call for new roads, bridges, airports, and similar projects spurring a substantial demand for construction machinery and equipment.

Regional Analysis

The global Industrial Machinery Equipment and Tools Market, based on region, has been divided into North America, Europe, Asia-Pacific, and Rest of the World. North America consists of the US and Canada. The Europe Industrial Machinery Equipment and Tools Market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Industrial Machinery Equipment and Tools Market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World's Industrial Machinery Equipment and Tools Market comprises of Middle East, Africa, and Latin America.

The largest market share for the Industrial Machinery Equipment and Tools Market was maintained by the North American regional sector. The region is witnessing a rising demand for this product, primarily attributed to urbanization, which is poised to drive substantial growth in the coming years. A key catalyst for this growth is the increasing level of industrialization, propelling the industrial machinery market forward. As people's living standards improve, their expenditure on nutrition and vitamins also grows, highlighting an increased focus on health and dietary choices. This, in turn, underscores the growing importance of food processing technologies. To enhance production and efficiency, manual labor is increasingly being replaced by machinery, with industrial robots playing a pivotal role in this transformation. The expanding need for these technological solutions within the region is expected to contribute to heightened global market demand throughout the forecast period.

Moreover, the Europe market has been persistently growing over the forecast period. Europe has traditionally been a global manufacturing hub. The region's diverse industrial base, including automotive, aerospace, machinery, and electronics, continues to drive demand for machinery and equipment. In 2022, the automotive industry accounted for approximately 10% of Europe's total exports. This sector comprises a vast network of over 17,300 companies, including original equipment manufacturers (OEMs) and suppliers across various tiers. Recent global supply chain disruptions, especially during the COVID-19 pandemic, have highlighted the importance of local production and supply chain resilience. This has led to increased investments in machinery to bolster domestic manufacturing capabilities.

In Asia Pacific, one pivotal factor driving growth is the rapid expansion of the manufacturing sector in key Asian economies, including China, Japan, and India. These nations boast some of the world's largest manufacturing economies, fueling the demand for industrial machinery. Concurrently, substantial investments in infrastructure and the adoption of cutting-edge technologies like Industry 4.0 are contributing to market expansion in the region. Furthermore, the escalating disposable income among the population is leading to increased demand for products such as automobiles, consumer electronics, and other goods that necessitate advanced manufacturing processes. Consequently, regional manufacturers are making substantial investments in state-of-the-art technologies and equipment to cater to this heightened demand, thereby propelling the industrial machinery market's growth.

Furthermore, the rest of the world's Industrial Machinery Equipment and Tools Market is divided into the Middle East, Africa, and Latin America. Governments in this region are heavily investing in building and upgrading infrastructure, including roads, bridges, airports, and public transportation systems. This requires the use of industrial machinery and equipment for construction, paving, and material handling.

Key Findings of the Study

• The global Industrial Machinery Equipment and Tools Market is expected to reach USD 330.9 billion by 2032, at a CAGR of 6.20% during the forecast period.


• The Asia-Pacific region accounted for the fastest-growing global market because the region is rich in natural resources, including minerals, metals, and coal. Mining operations necessitate specialized machinery, including excavation equipment and processing machinery.


• Based on Product type, the Heavy Machinery segment was attributed to holding the largest market in 2022, with an approximate market share of 55–60%.


• Caterpillar Inc., Deere & Company, Mitsubishi Heavy Industries, Ltd., Siemens AG, ABB Ltd., General Electric Company, Komatsu Ltd., CNH Industrial N.V., Atlas Copco AB, Hitachi, Ltd., Sandvik AB, and Manitowoc Company, Inc.