$7.0tr
$XXX.Xbn
11m
623k
$XXX.Xbn
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.
Industry revenue has declined at a CAGR of 0.4 % over the past five years, to reach an estimated $7.0tr in 2023.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2023 | Revenue ($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.
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.
Food, beverage and tobacco manufacturers adapt to shifting consumer preferences
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.
Purchase this report to view all 7 major companies in this industry.
NAICS 31-33 - Manufacturing in the US
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
The COVID-19 slammed the manufacturing sector. Many companies reduced production and faced subdued demand.
Learn about an industry's products and services, markets and trends in international trade.
Food and beverage manufacturers have adapted to rapidly shifting consumer preferences. Consumers have prioritized new tastes and healthier brands, forcing manufacturers to br...
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Positive business conditions have encouraged manufacturers to move to the Southeast. Favorable regulations encourage business growth while the region's high population and tr...
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.
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...
Learn about the performance of the top companies in the industry.
Many successful companies span multiple industries and niches. The manufacturing sector represents an expansive range of companies, from automotive and aerospace to food and ...
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
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...
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
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...
Including values and annual change:
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.
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:
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:
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.
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.
Unlock comprehensive answers and precise data upon purchase. View purchase options.
The market size of the Manufacturing in the US industry in United States is $7.0tr in 2024.
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.
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.
Over the next five years, the Manufacturing in the US industry in United States is expected to grow.
The biggest companies operating in the Manufacturing market in United States are Boeing Co, Exxon Mobil Corporation and Ford Motor Co
Food and beverage manufacturing and Petroleum and chemical product manufacturing are part of the Manufacturing in the US industry.
The company holding the most market share in United States is Boeing Co.
The level of competition is moderate and increasing in the Manufacturing in the US industry in United States.