Manufacturing in the US - Market Research Report (2013-2028)
New York, United States
Last Updated: October 2023
NAICS 31-33Revenue
$7.0tr
Past 5-Year Growth
Profit
$XXX.Xbn
Employees
11m
Businesses
623k
Wages
$XXX.Xbn
Manufacturing in the US industry analysis
Revenue for the manufacturing sector contracted at an expected CAGR of 0.4% to $7.0 trillion through the current period, including a 3.5% drop in 2023, while profit will falter to 8.0%. The outbreak of COVID-19 has harmed the sector; even so, manufacturers have started to recover with the rollout of vaccines and stimulus money in 2021. The sector will struggle in 2023 because of rising interest rates and high consumer and business uncertainty. The sector remains vital to the US economy; still, its importance has waned as the economy becomes more service-oriented and manufacturers offshore production to countries with lower labor costs.
Trends and Insights
- The COVID-19 slammed the manufacturing sector. Many companies reduced production and faced subdued demand.
- Food and beverage manufacturers have adapted to rapidly shifting consumer preferences. Consumers have prioritized new tastes and healthier brands, forcing manufacturers to bring out new brands and shift marketing tactics.
- Positive business conditions have encouraged manufacturers to move to the Southeast. Favorable regulations encourage business growth while the region's high population and trade route accessibility ensure stable revenue growth.
- Imports represent a growing competitive threat to the domestic manufacturing sector. Many companies have also moved production overseas to cut costs and overcome price competition.
Industry Overview
Market size and recent performance (2013-2028)
Industry revenue has declined at a CAGR of 0.4 % over the past five years, to reach an estimated $7.0tr in 2023.
Trends and Insights
Manufacturers combat poor economic conditions during the pandemic
- The outbreak of COVID-19 has harmed the manufacturing sector. Revenue plummeted in 2020, driven by lockdowns and supply chain disruptions. Many manufacturers, especially consumer product producers, struggled as consumer confidence collapsed.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
The manufacturing sector will benefit from the economy’s recovery
- Most key economic metrics, like consumer confidence, disposable income and employment, will climb through the outlook period, signaling fair weather for manufacturers. The sector will greatly benefit from stable consumer demand after years of uncertainty.
Biggest companies in the Manufacturing in the US
| Company | Market Share (%)
2023 | Revenue ($m)
2023 | Profit ($m)
2023 | Profit Margin (%)
2023 |
|---|---|---|---|---|
Boeing Co | 83,400.0 | 1,100.0 | 1.3 | |
Exxon Mobil Corporation | 66,000.0 | 200.0 | 0.3 | |
Ford Motor Co | 58,500.0 | 2,200.0 | 3.8 |
To view the market share and analysis for all 7 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including Food, beverage and tobacco manufacturing, Petroleum, coal and chemical manufacturing and Transportation equipment and machinery manufacturing. Food, beverage and tobacco manufacturing is the largest segment of the Manufacturing in the US.
Trends and Insights
Food, beverage and tobacco manufacturers adapt to shifting consumer preferences
- Food, beverage and tobacco manufacturers cover a significant portion of the manufacturing sector’s total revenue generation. Many food products are nondiscretionary or semi-discretionary, leading to stable demand. In particular, many tobacco and alcohol products create addiction and dependency, though anti-tobacco campaigns have constrained tobacco manufacturers.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- There are no industries to display.
Complementors
- There are no industries to display.
International industries
- Synthetic and Natural Textile Manufacturing in Australia
- Household Textile & Soft Furnishing Manufacturing in the UK
- Wood Furniture Manufacturing in China
Table of Contents
About this industry
Industry definition
The Manufacturing sector includes operators engaged in the transformation of raw inputs into new products using mechanical, physical or chemical processes. Additionally, assemblage of component parts into new, complex goods is included in this sector, except where they should be considered construction (IBISWorld report 23). Goods may be sold directly to end users or to wholesalers for redistribution. Harvesting, extraction, resale and publishing are also not included in this sector.
What's included in this industry?
Food and beverage manufacturingPetroleum and chemical product manufacturingTransportation machinery and machinery equipment manufacturingMetals and mineral production and manufacturingComputer, electronic and electric equipment and component manufacturingWood product manufacturingPlastics and rubber product manufacturingTextiles, apparel and other mills and manufacturingCompanies
Boeing CoExxon Mobil CorporationFord Motor CoPurchase this report to view all 7 major companies in this industry.
Related Terms
OFFSHORINGECONOMIES OF SCALEINVENTORY MANAGEMENTIndustry Code
NAICS 31-33 - Manufacturing in the US
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
The COVID-19 slammed the manufacturing sector. Many companies reduced production and faced subdued demand.
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2013-2022) and forecast (2023-2028)
- Employees, including historical (2013-2022) and forecast (2023-2028)
- Businesses, including historical (2013-2022) and forecast (2023-2028)
- Profit, including historical (2013-2023)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Food and beverage manufacturers have adapted to rapidly shifting consumer preferences. Consumers have prioritized new tastes and healthier brands, forcing manufacturers to br...
In this chapter
- Products & Services
- Major Markets
- International Trade
Key metrics
- Largest market segment and value in 2023
- Product innovation level
- Total imports, level and trend
- Total exports, level and trend
- Trade Balance
Charts
- Products & services segmentation in 2023
- Major market segmentation in 2023
- International trade, including imports by country and exports by country
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
- Recent trends in import and export volumes, country of origin or destination, and expected future trends
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
Positive business conditions have encouraged manufacturers to move to the Southeast. Favorable regulations encourage business growth while the region's high population and tr...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each state
- Share of population compared to establishments in each region in 2023
Tables
- Number and share of establishments in each state in 2023
- Number and share of revenue each state accounts for in 2023
- Number and share of wages each state accounts for in 2023
- Number and share of employees in each state in 2023
Detailed analysis
- Geographic spread of the industry across North America, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
Imports represent a growing competitive threat to the domestic manufacturing sector. Many companies have also moved production overseas to cut costs and overcome price compet...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2018-2023
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
Many successful companies span multiple industries and niches. The manufacturing sector represents an expansive range of companies, from automotive and aerospace to food and ...
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2019 through 2023
- Major companies in the industry, including market share, revenue, profit and profit margin in 2023
- Overview of Boeing Co's performance by revenue, market share and profit margin from 2017 through 2023
- Overview of Exxon Mobil Corporation's performance by revenue, market share and profit margin from 2017 through 2023
- Overview of Ford Motor Co's performance by revenue, market share and profit margin from 2017 through 2023
- Overview of revenue, market share and profit margin trend for 4 additional companies
Detailed analysis
- Description and key data for Boeing Co, and factors influencing its performance in the industry
- Description and key data for Exxon Mobil Corporation, and factors influencing its performance in the industry
- Description and key data for Ford Motor Co, and factors influencing its performance in the industry
- Description, key data and performance trends for 4 additional companies
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
Economic activity, exchange rates and commodity prices can all affect demand and profitability of goods produced in the manufacturing sector, and fluctuations in these factors...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2013-2028)
- Assistance historical data and forecast (2013-2028)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Manufacturers have combatted climbing wage demands with automation. Many companies have supplemented skilled design and R&D workforces with automated workforces and AI to imp...
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2023
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2023
- Investment vs. share of economy
Data tables
- Industry Multiples (2016-2021)
- Industry Tax Structure (2016-2021)
- Income Statement (2016-2021)
- Balance Sheet (2016-2021)
- Liquidity Ratios (2016-2021)
- Coverage Ratios (2016-2021)
- Leverage Ratios (2016-2021)
- Operating Ratios (2016-2021)
- Cash Flow & Debt Service Ratios (2013-2028)
- Revenue per Employee (2013-2028)
- Revenue per Enterprise (2013-2028)
- Employees per Establishment (2013-2028)
- Employees per Enterprise (2013-2028)
- Average Wage (2013-2028)
- Wages/Revenue (2013-2028)
- Establishments per Enterprise (2013-2028)
- IVA/Revenue (2013-2028)
- Imports/Demand (2013-2028)
- Exports/Revenue (2013-2028)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2013-2028)
- IVA (2013-2028)
- Establishments (2013-2028)
- Enterprises (2013-2028)
- Employment (2013-2028)
- Exports (2013-2028)
- Imports (2013-2028)
- Wages (2013-2028)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in the US include:
- US Census Bureau
- US Bureau of Labor Statistics
- US International Trade Commission
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Manufacturing in the US industry in United States in 2024?
The market size of the Manufacturing in the US industry in United States is $7.0tr in 2024.
How many businesses are there in the Manufacturing in the US industry in 2023?
There are 623k businesses in the Manufacturing in the US industry in United States, which has grown at a CAGR of 0.7 % between 2018 and 2023.
Has the Manufacturing in the US industry in United States grown or declined over the past 5 years?
The market size of the Manufacturing in the US industry in United States has been declining at a CAGR of 0.4 % between 2018 and 2023.
What is the forecast growth of the Manufacturing in the US industry in United States over the next 5 years?
Over the next five years, the Manufacturing in the US industry in United States is expected to grow.
What are the biggest companies in the Manufacturing in the US market in United States?
The biggest companies operating in the Manufacturing market in United States are Boeing Co, Exxon Mobil Corporation and Ford Motor Co
What does the Manufacturing in the US in United States include?
Food and beverage manufacturing and Petroleum and chemical product manufacturing are part of the Manufacturing in the US industry.
Which companies have the highest market share in the Manufacturing in the US in United States?
The company holding the most market share in United States is Boeing Co.
How competitive is the Manufacturing in the US industry in United States?
The level of competition is moderate and increasing in the Manufacturing in the US industry in United States.
