Statistics
Manufacturing Global Trends
The global general manufacturing market is expected to decline from USD $846 billion in the year 2019 to USD $818.6 billion by 2020 at a CAGR of -3.3%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 7% from 2021 and reach USD $981.2 billion by 2023.
As per Deloitte research reports, before the COVID-19 pandemic hit, the manufacturing industry was about to regain the position it had earlier before 2008 recession. But after the first wave of global shutdowns in various countries and markets, recoveries for different manufacturers have been uneven. Looking ahead in 2021, the recovery will take longer to reach pre-pandemic levels and anticipating a decline in annual manufacturing GDP growth levels for 2020-2021, with a forecast of -3.7% for 2020 and -5.4% for 2021.