2024年北美工业品行业状况

TABLE OFCONTENTSOverview o f s e c t o r d e v e l o p m e n tKey findings and trendsInside the industryA bright future, tempered by uncertaintyMethodologyLeading the worldBack to basicsSupply chain resilienceArtificial intelligenceWorkforce performanceSustainability 345192051012131517 © Oliver Wyman3OVERVIEW OFSECTOR DEVELOPMENTThe North American industrial goods sector continues to be strong: Profits are up, CEOs areoptimistic, and companies are looking to expand. Overall, it’s a rosy picture — but one thatrequires consideration of some important nuances and caveats to properlyevaluate.To get a comprehensive perspective on the state of the industry and its biggest prioritiesand challenges going forward, we interviewed leaders in the field, conducted online surveys,and analyzed more than 1,000 public companies worldwide. As was the case the previousyear, the prevailing sentiment was very positive. For example, on average, executives wespoke with rated the sector’s condition an 8 on a scale of 1 to10.Still, industrials are subject to the same macro factors that are disrupting businesses inother sectors. Government regulation and protectionism, volatile inflation, and geopoliticalturmoil constantly threaten to erode stability and spiral costs to unmanageable levels.Difficulties with inventory and regulations on Scope 3 emissions are seemingly alwayslooming on thehorizon.All this uncertainty leaves the industrial goods industry at an inflection point. The sector hasample reason to feel good about itself now. To keep things that way, it will need to remainsteady when adopting hedging mechanisms and making decisions on future investmentsamid the ever-changinglandscape. © Oliver WymanKEY FINDINGSAND TRENDSNorth America has emerged as a leader:While the industrial goods industry is strongglobally, market capitalization and value have been shifting toward the United States andCanada. A myriad of factors — including consolidation, protectionist policies, and a relativelyrapid recovery from the COVID-19 pandemic — have driven profits up 4.4% over the pastfive years, the highest increase of any region. North America-based companies in industrialsoftware, semiconductor manufacturing equipment, and industrial components have led theway in valueinflow.Return to basics:In the past, many company leaders emphasized involvement in megatrendssuch as artificial intelligence, digitalization, and sustainability. Under strain from inflation andgeopolitical strife, however, they are now shifting to internally focused issues, making use ofmultiple levers to better serve their customers and solidify their home turf and more tangiblegrowthopportunities.A rebalanced supply chain:Supplier resilience has stabilized as a result of the sector’stremendous efforts to shore up its supply base and networks following the pandemic. Newsupply chain concerns are likely to emerge, however, as a new presidential administration inthe US implements policies that diverge from those of the previousone.AI acceleration:AI is a prime tool for supporting the back-to-basics approach. While industrialgoods businesses universally agree the technology will create great customer-facing revenuegeneration opportunity, they have moved their focus away from aspirational “shiny object”opportunities toward actionable applications for internal operations, leveraging rapidlychanging customer data to help grow thebusiness.Getting creative in the war for talent:As competition for top employees continues,companies are exploring new applications of AI to support greater workforce productivity.They have also been more strategic in their recent M&A activity to bring tech skills into theindustry. Meanwhile, many businesses must adjust to the challenges of recruiting, managing,and upskilling a workforce that spans fivegenerations.Sustainability is now viewed as being here to stay:The industry’s focus on sustainability hasshifted from grudging and aspirational compliance with regulations to staying competitiveand preserving the right to operate through actionable compliance initiatives. Forward-looking companies are applying sustainability initiatives to their strategies for developing newproducts and business models and increasing their top lines. That approach could change,however, in reaction to policies from the new US presidentialadministration. 4Our analysis yielded several key takeawaysabout current conditions in the industryand the outlook for its future. © Oliver WymanINSIDE THE INDUSTRYLEADING THE WORLDTheOliver Wyman Industrial Goods (IGO) Index, an aggregated metric representing thedevelopment of market cap of more than 140 industrial goods companies in the US, grew23% year-over-year in 2023, the largest change of any region. The sector’s value morethan doubled over the 10-year period ending in 2023, according to the IGO, with a 10.6%compound annual growth rate. And while performance has been strong globally, NorthAmerica is expanding its market share, which r