Manufacturing

Value added in the Manufacturing market is projected to amount to US$40.6bn in 2024.
A compound annual growth rate of 1.47% is expected (CAGR 2024–2029).
The value added per capita in the Manufacturing market is projected to amount to US$451.8 in 2024.
The value added margin in the Manufacturing market is projected to amount to 42% in 2024.
Output in the Manufacturing market is projected to amount to US$97.2bn in 2024.
A compound annual growth rate of 1.30% is expected (CAGR 2024–2029).
The output per enterprise in the Manufacturing market is projected to amount to US$3.7m in 2024.
The manufacturing intensity in the Manufacturing market is projected to amount to 17.3% in 2024.
The number of enterprises in the Manufacturing market is projected to amount to 26.27k in 2024.
A compound annual growth rate of 2.01% is expected (CAGR 2024–2029).
The enterprise density in the Manufacturing market is projected to amount to 293 in 2024.
The number of employees in the Manufacturing market is projected to amount to 1.76m in 2024.
A compound annual growth rate of 1.47% is expected (CAGR 2024–2029).
The employment rate in the Manufacturing market is projected to amount to 1.96% in 2024.
The labor efficiency in the Manufacturing market is projected to amount to US$55.1k in 2024.
The labor productivity in the Manufacturing market is projected to amount to US$23.0k in 2024.

Definition:

The manufacturing market encompasses a wide range of physical goods. This includes the creation of finished products from raw materials or semi-finished goods, as well as the assembly, installation, and repair of industrial machinery and equipment. A diverse range of industries is covered such as food and beverage production, textiles, chemical manufacturing, metalworking, and electronics manufacturing. The activities involved in manufacturing are crucial to the economy and have a significant impact on employment, technological innovation, and international trade.

Structure:

The market consists of 5 main parts, namely medical devices & products market, material products market that is divided into 9 markets, Consumer Goods market with 9 markets within it, industrial products & services market that consists of 2 markets, and automotive products market that is divided into 2 markets.

Additional information:

The market comprises value added, output, number of enterprises, number of employees, and the respective growth rates. Output refers to the total value of all goods produced, whereas value added is the sum of the intermediate stages of production or, in other words, the wealth created by industry activity. The market only displays B2B production.

Physical or chemical transformations of materials, substances, or components into new products

Most non-production activities (maintenance, service, installation) unless otherwise specified
Activities that are classified as agriculture, forestry, fishing, mining and quarrying, construction, wholesale and retail trade

The manufacturing market has faced several challenges in recent years due to geopolitical uncertainty, supply chain disruptions, changing consumer preferences, and increasing regulatory scrutiny. However, several positive factors, such as rising global demand, ongoing technological advancements, and increasing investment in automation and digitalization, continue to influence the market, and the outlook for manufacturing remains positive.

While the Covid-19 pandemic has caused significant hardships for manufacturers, those that invested in digitalization and automation of their processes will be best positioned for long-term success. Manufacturers who can effectively balance cost pressures and maintain a strong focus on quality are likely to survive the current crisis and come out more resilient in the end.

Among the factors that could affect the manufacturing market in 2023 is the adoption of advanced technology, such as artificial intelligence, robotics, and the Internet of Things (IoT), which have the potential to improve overall efficiency and productivity while reducing costs.

Furthermore, our analysts believe that sustainability and environmental awareness will become increasingly important trends, as more investors and consumers prefer companies that prioritize these values and develop eco-friendly products.

Finally, geopolitical factors such as trade tensions and changes in government policies could also impact the manufacturing market in 2023, with the Russia-Ukraine war having the biggest impact.

In summary, the current environment presents both challenges and opportunities for the manufacturing market in 2023. However, with the right managerial strategies and high flexibility, companies can succeed and strengthen their long-term market position.

Data coverage:

The data encompasses B2B. Figures are based on the value added in the manufacturing market.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use resources from the Statista platform as well as annual financial reports of the market-leading companies and industry associations, third-party studies and reports, national statistical offices, international institutions, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting the manufacturing market due to the non-linear growth of this market.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.

This report presents a comprehensive analysis and additional information on the Industrial market, in a PDF format.

Manufacturing has been a key driver of Singapore’s economy since its independence. Since then, the sector has transitioned from low-cost, labor-intensive production to high-value manufacturing. In order to remain competitive and continue its growth trajectory in Industry 4.0, the manufacturing sector has set its sights on digitalizing the industry and increasing output through technology adoption.