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1、the stateof the industrialgoods sector2024Optimism in the faceof uncertaintyNorth America EditionTABLE OFCONTENTSOverview of sector development3Key findings and trends4Inside the industry5A bright future,tempered by uncertainty19Methodology20Leading the world5Back to basics10Supply chain resilience1

2、2131517Artificial intelligence Workforce performanceSustainability Oliver Wyman3The State of the Industrial Goods Sector 2024:North America EditionOVERVIEW OFSECTOR DEVELOPMENTThe North American industrial goods sector continues to be strong:Profits are up,CEOs are optimistic,and companies are looki

3、ng to expand.Overall,its a rosy picture but one that requires consideration of some important nuances and caveats to properly evaluate.To get a comprehensive perspective on the state of the industry and its biggest priorities and challenges going forward,we interviewed leaders in the field,conducted

4、 online surveys,and analyzed more than 1,000 public companies worldwide.As was the case the previous year,the prevailing sentiment was very positive.For example,on average,executives we spoke with rated the sectors condition an 8 on a scale of 1 to 10.Still,industrials are subject to the same macro

5、factors that are disrupting businesses in other sectors.Government regulation and protectionism,volatile inflation,and geopolitical turmoil constantly threaten to erode stability and spiral costs to unmanageable levels.Difficulties with inventory and regulations on Scope 3 emissions are seemingly al

6、ways looming on the horizon.All this uncertainty leaves the industrial goods industry at an inflection point.The sector has ample reason to feel good about itself now.To keep things that way,it will need to remain steady when adopting hedging mechanisms and making decisions on future investments ami

7、d the ever-changing landscape.Oliver Wyman4The State of the Industrial Goods Sector 2024:North America EditionKEY FINDINGSAND TRENDSOur analysis yielded several key takeawaysabout current conditions in the industryand the outlook for its future.North America has emerged as a leader:While the industr

8、ial goods industry is strong globally,market capitalization and value have been shifting toward the United States and Canada.A myriad of factors including consolidation,protectionist policies,and a relatively rapid recovery from the COVID-19 pandemic have driven profits up 4.4%over the past five yea

9、rs,the highest increase of any region.North America-based companies in industrial software,semiconductor manufacturing equipment,and industrial components have led the way in value inflow.Return to basics:In the past,many company leaders emphasized involvement in megatrends such as artificial intell

10、igence,digitalization,and sustainability.Under strain from inflation and geopolitical strife,however,they are now shifting to internally focused issues,making use of multiple levers to better serve their customers and solidify their home turf and more tangible growth opportunities.A rebalanced suppl

11、y chain:Supplier resilience has stabilized as a result of the sectors tremendous efforts to shore up its supply base and networks following the pandemic.New supply chain concerns are likely to emerge,however,as a new presidential administration in the US implements policies that diverge from those o

12、f the previous one.AI acceleration:AI is a prime tool for supporting the back-to-basics approach.While industrial goods businesses universally agree the technology will create great customer-facing revenue generation opportunity,they have moved their focus away from aspirational“shiny object”opportu

13、nities toward actionable applications for internal operations,leveraging rapidly changing customer data to help grow the business.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

14、.They have also been more strategic in their recent M&A activity to bring tech skills into the industry.Meanwhile,many businesses must adjust to the challenges of recruiting,managing,and upskilling a workforce that spans five generations.Sustainability is now viewed as being here to stay:The industr

15、ys focus on sustainability has shifted from grudging and aspirational compliance with regulations to staying competitive and preserving the right to operate through actionable compliance initiatives.Forward-looking companies are applying sustainability initiatives to their strategies for developing

16、new products and business models and increasing their top lines.That approach could change,however,in reaction to policies from the new US presidential administration.Oliver Wyman5The State of the Industrial Goods Sector 2024:North America EditionINSIDE THE INDUSTRYLEADING THE WORLDThe Oliver Wyman

17、Industrial Goods(IGO)Index,an aggregated metric representing the development of market cap of more than 140 industrial goods companies in the US,grew 23%year-over-year in 2023,the largest change of any region.The sectors value more than doubled over the 10-year period ending in 2023,according to the

18、 IGO,with a 10.6%compound annual growth rate.And while performance has been strong globally,North America is expanding its market share,which rose three percentage points to 39%between 2022 and 2023.North Americas 4.4%growth in profitability over the past five years also was the largest of any regio

19、n and was twice that of Europe.Exhibit 1:IGO index performance,2014-2023201420152016201720182019202020212022202350100150200250Source:S&P Capital IQ,Eikon,Oliver Wyman analysis Oliver Wyman6The State of the Industrial Goods Sector 2024:North America EditionExhibit 2:Value migration by region,2022-202

20、3In percentage20222023EuropeRest of world(ROW)Asia/PacificChinaUnited States and Canada181528391117192736Rounding may impact total.Source:S&P Capital IQ,Eikon,Oliver Wyman analysisMultiple reasons accounted for this shift.First,North American companies have greater pricing power because of consolida

21、tion in the region,while protectionist policies have further helped support local businesses.The US in particular has had advantages,including comparatively high productivity and a stable economic base,which facilitated a quicker recovery from the pandemic.Oliver Wyman7The State of the Industrial Go

22、ods Sector 2024:North America EditionExhibit 3:Value migration by sub-sector,2014-2023In percentage Industrial softwareSemiconductor manufacturing equipmentMaterial handling equipment Plant engineeringPower systems Building technologies Production systemsOff-highway equipment Diversified industrials

23、Industrial componentsCAGR 2014-2022CAGR 2023 vs 202212%4%27%33%22%62%23%47%201420152016201720192021202320182020202243.622.77.311.25.41.63.42.71.950.919.36.68.95.72.42.22.01.70.244.222.48.010.35.92.32.72.21.80.231.526.410.914.37.52.03.02.41.70.226.128.89.515.410.52.33.12.41.60.226.527.613.512.711.32.

24、03.12.21.00.221.124.414.912.514.45.64.31.90.70.118.124.219.112.013.76.03.82.20.70.119.425.014.216.512.75.73.32.20.90.118.024.118.113.514.76.02.42.00.80.30.20%18%11%23%6%-6%6%16%0%27%15%212%Source:Company sample,S&P Capital IQ,Oliver Wyman analysis Oliver Wyman8The State of the Industrial Goods Secto

25、r 2024:North America EditionExhibit 4:Development of operating performance in North American industrial goods sector0%510152025304%20246810121416Sales growth(CAGR 2013-2022)EBIT margin=13%Plant engineering Sales growth=3.1%Average EBIT MarginDiversified industrialsOff-highway equipmentMaterial handl

26、ing equipmentPower systemsBuilding technologiesProduction systemsIndustrial softwareSemiconductormanufacturingequipmentIndustrial componentsSource:Company sample,S&P Capital IQ,Oliver Wyman analysis A closer look shows the value has continued to move toward a handful of industrial sub-sectors,driven

27、 by the strong performance of certain key industries such as semiconductor manufacturing equipment and industrial software(see Exhibit 4).On the other hand,other sub-sectors,such as off-highway equipment and power systems,are subject to orthogonal market forces.For example,building technology and co

28、nstruction equipment have managed to achieve stability buoyed by increased demand for construction stemming from population growth and large infrastructure projects.The North American construction market reached$2.5 trillion in 2024,according to market research firm Mordor Intelligence,and will incr

29、ease to$3.1 trillion in 2029 at a compound annual growth rate of 4.8%.Contrast this with the agricultural equipment market,which is facing the fallout resulting from decreased demand from farmers(see Exhibit 5).Oliver Wyman9The State of the Industrial Goods Sector 2024:North America EditionExhibit 5

30、:A sampling of the current state of industries impacting industrials sub-sectorsEquipment sub-sectorsCurrent stateConstruction Strong fundamentals leading to growth Despite a recent temperting of large projects,non-residential sector is growing from high value projects in infrastructure,manufacturin

31、g facilities,and commercial developments Residential market is slowing because of high interest rates and housing affordabilityAgriculture Farm cash receipts have declined compared with previous years on the heels of softening commodity prices and persistently high input prices Agriculture equipment

32、 and machinery companies are grappling with higher inventory levels as farmers scale back new investmentsPower generation Overall technology trends show that non-renewable sources continue to be important,with greater optimization to become cleaner and more efficient Fuel flexibility is a key priori

33、ty,with many exploring hybrid strategies Electricity demand growth is accelerating the build-out of clean energy solutions,creating opportunities in industrial sub-sectorsRail The freight rail sector remains strong;demand for freight rail and investments into rail infrastructure have led to renewed

34、investment in rail equipment productionCommercial trucking The industry has rebounded strongly from disruptions from COVID-19 Growth in e-commerce and demand for goods have led to significant uptick in freight volumes Used truck market remains strong with rising costs in new truck prices impacted by

35、 rising operational costs and freight ratesSource:Oliver Wyman analysis Oliver Wyman10The State of the Industrial Goods Sector 2024:North America EditionBACK TO BASICSIn the past,industrials companies were more open to pursuing new or experimental initiatives in fields like AI and digitalization,oft

36、en with few concrete goals in mind.Now,however,a common thread among CEOs we interviewed is a return to basics as a way to manage an uncertain economic and political environment.That means developing plans to simplify their organizations,become more vertically integrated to derisk supply chains,and

37、strengthen core competencies.As just one example,a company might break up its shared back office to better serve the specific needs of its individual businesses.Even for an area such as AI that executives widely recognize as a massive opportunity,the focus now is largely on applications for internal

38、 operations.As part of this shift,customers are a primary area of attention.In Exhibit 6,an AI analysis of the shareholder letters from North American industrials companies annual reports from 2022 and 2023,we found that customer engagement was mentioned more frequently than any other topic.Back-to-

39、basics also is part of a broader movement to prioritize growth.In our analysis,growth and expansion had the highest increase in the number of mentions of any topic.That fits with Oliver Wyman Forum research,in which 56%of CEOs from across industries selected a growth driver such as organic investmen

40、t in new revenue streams or revenue uplift through pricing and customer loyalty as their number one priority to increase shareholder value.Companies are thinking pragmatically,investing in an accretive manner rather than making huge bets that risk a negative discounted cash flow for the next 10 year

41、s.Prevailing sentiment among executives is that the businesses are focusing on one product type that promises steady future demand instead of chasing multiple types based on changing regulatory requirements.Or as a heavy machinery sector executive succinctly put it,“Were not taking big swings,but fo

42、cusing on getting 1%better each day.”Oliver Wyman11The State of the Industrial Goods Sector 2024:North America EditionExhibit 6:Top keywords from annual reports,2023 vs.2022Number of companies with respective keyword in annual report1,North American sampleMost important topicsBiggest changes20222023

43、IncreaseDecrease1Sustainability(83)Customer engagement(82)Growth and expansion(+45)Environmental responsibility(-39)2Corporate social responsibility(74)Investment in technology(73)Market trends(+37)Corporate social responsibility(-28)3Investment in technology(73)Financial performance(73)Industry tre

44、nds(+35)Sustainability(-21)4Product development(60)Product development(65)Customer engagement(+29)Economic trends(-20)5Disruptive innovation(58)Disruptive innovation(64)Talent development(+24)Health and safety(-19)6Diversity and inclusion(57)Sustainability(62)Financial performance(+19)Sustainable ma

45、nagement(-13)7Environmental responsibility(57)Digital transformation and solutions(60)Digital transformation and solutions(+18)Employee engagement(-12)8Financial performance(54)Market trends(60)Alternative energy(+18)Community engagement(-12)9Customer engagement(53)Diversity and inclusion(57)Mergers

46、 and acquisitions(+17)Revenue growth(-12)10Supply chain disruptions(44)Growth and expansion(57)Partnerships and collaborations(+17)Quality(-11)1.Topics were identified based on a screening of 2022 and 2023 annual reports of 62 companies using artificial intelligence;similar categories may have been

47、combined.Source:Company annual reports,Oliver Wyman analysis Among other growth strategies,companies are looking into investments in product development(which was also in the top five topics),indicating that they will be pushing for opportunities to introduce new business models or re-thinking their

48、 products to cater to more environmentally conscious buyers.Ultimately the back-to-basics trend will have far-reaching implications for companies of all types.It will drive many of them to retrench,expanding within their primary regions and causing them to encroach upon another businesss product ter

49、ritory.For example,equipment dealers,finding their growth stunted by the demands of their original equipment manufacturers,may look to move into new but safe and not overly ambitious lines of business outside of their core services.Other companies will double down on reliable aftermarket and parts r

50、evenue to protect themselves against business cycles and other volatility.In lean times,aftermarket can serve as a mechanism for packaging and monetizing fancy digital technologies that customers are unwilling to pay for directly.Oliver Wyman12The State of the Industrial Goods Sector 2024:North Amer

51、ica EditionSUPPLY CHAIN RESILIENCEIndustrials CEOs are focusing on supply chain resilience to reduce risk and manage geopolitical instability,protectionism,and government industrial policies.The US is quickly changing the mix of countries it imports from,as well as looking at entirely new options fo

52、r potential trade partners.By comparison,companies in Europe have been slower to diversify their supply chains,and many have yet to develop workable plans for operating in a landscape thats increasingly divided between US-and China-led spheres.Exhibit 7:Percent change in market share of US imports s

53、ince 2018EAMexicoTaiwanCanadaKoreaIndiaThailandJapanChina-7-6-5-4-3-2-1012VietnamSource:BoA Global Research But while their speed has varied,in general industrials firms have seen considerable success solidifying their supply chains.Of the nine industries in Oliver Wymans Global Supply Chain Risk an

54、d Resiliency survey,the global industrials sector had the highest number of“Leaders,”or companies that had made significant improvement in supply chain resilience and were ahead of their target and peers.Overall,65%of respondents from across the sector(comprising industrial products,retail and consu

55、mer goods,automotive,and other industries)were above the global average in supply chain improvements.Firms in the North American industrial products especially stood out,with 85%of respondents scoring above the global average.The survey found the ones that have made significant progress prioritized

56、supply chain as the most important boardroom topic,enabling them to overcome a lack of budget,talent,capacity,or tools.“The industry hasnt gotten enough credit for how much they have done to adjust their network and their flows,”one executive told us.“Nearshoring and onshoring get a lot of attention

57、,but companies have done more.”Oliver Wyman13The State of the Industrial Goods Sector 2024:North America EditionExhibit 8:Strategic topics according to relevance at board levelPercent of leaders1 of North America industrial companies that rated topic as high priority100%91%18%9Overall risk managemen

58、t strategyAI/digitalization strategyTop-line increaseCost reductionSupply chain resiliency64%45%ESG strategy/net-zero strategyPeople-related topics(such as workforce availability and skills)73%73%1.Leaders are defined by survey responses and Oliver Wymans determination of those that have made signif

59、icant improvement in supply chain resilience and were ahead of their target and peers.Dataset also includes firms that were above average in supply chain resilience.Source:Oliver Wyman Global Risk and Resilience Survey,Oliver Wyman analysis Looking ahead,there may be some major new disruptors,such a

60、s environmental problems that affect the cost and timeliness of freight transit and port strikes that delay delivery of goods.Further geopolitical tension could also be on the horizon,stemming from tariffs on additional imports(including certain steel and aluminum products,ship-to-shore cranes,and p

61、ersonal protective equipment)from China and elsewhere.To combat this,firms will need to take advantage of alternative ports of entry and modes of transport,among other levers many already have been using in response to past disruptions.ARTIFICIAL INTELLIGENCEWhile industrials firms see artificial in

62、telligence as a growth opportunity,the applications they are pursuing mainly are focused on internal operations.This is very much in keeping with the back-to-basics strategy,with lofty,aspirational initiatives giving way to the goal of stitching the technology into the fabric of what the company doe

63、s every day.Specifically,the Oliver Wyman Forums 2024 CEO survey found,compared with other sectors,industrials are investing heavily in applications for workforce productivity and analytics-based insight generation.Oliver Wyman14The State of the Industrial Goods Sector 2024:North America EditionExhi

64、bit 9:CEO level of investment in AI capabilities across the following areas%CEOs selected for each areaInsight generation via analyticsOperational efficiencyand support processes Workforce productivityCustomer service automationNew revenue streamsOperational risk reductionInvest heavily to be a mark

65、et leader More frequent Industrials CEO responses than overall CEO responses Invest incrementally to build capabilities Not investing in this area yet Industrial CEO responsesInvest heavily to be a market leader Invest incrementally to build capabilities Not investing in this area yet Overall CEO re

66、sponses23%74%25%66%9%3%33%50%17%21%66%13%10%70%20%20%62%18%20%50%30%20%51%29%17%43%40%19%39%42%20%63%17%16%71%13%Source:Oliver Wyman Forum x NYSE CEO survey,Oliver Wyman Forum analysis Examples from the sector of these types of use cases abound.AI is enabling agriculture and construction equipment m

67、anufacturers to use data they collect,which they struggled to leverage effectively in the past,to gain extensive insight into their products reliability and their customers maintenance practices and usage preferences.Heavy equipment manufacturers are exploring AI solutions to standardize data so dis

68、parate technology systems(such as communication buses,attachments,even machines of different brands)can communicate with one another.And many other companies R&D departments are using AI to automate software engineering,expedite the product prototyping process,identify design conflicts,and negotiate

69、 RFPs,RFQs,and RFIs,making the workforce more productive.Oliver Wyman15The State of the Industrial Goods Sector 2024:North America EditionOn the supply chain,procurement and logistics side,companies are using AI for functions such as forecasting demand,managing inventory and safety stock,and determi

70、ning optimum order sizes,resulting in working capital and operating expense reduction,improved customer service levels,and increased revenue.One of our clients,for example,improved its demand planning through AI-based forecasting models,leading to more than 50%inventory reduction,25%improved forecas

71、t accuracy,and 80%faster process throughput.Even with all of AIs promise,some roadblocks to widespread implementation remain.Executives we interviewed cited the need for industrials to find the right partners to more rapidly improve their capabilities with the technology and set up their AI governan

72、ce and organization.Some companies are trying to speed up their adoption of targeted AI tools through acquisitions.“A big trend that is gaining momentum in M&A is that there are a lot of stranded assets as startups run out of cash,”one executive says.“Industrial companies are very,very savvy at pick

73、ing through the rubble and saying,I can do something with this that helps me.”Perhaps an even greater concern is the need for deeper understanding and expertise in AI technology,from the management level down to rank-and-file employees.By 2027,the Oliver Wyman Forum finds,60%of employees across indu

74、stries will need reskilling or upskilling on AI.It will be imperative for companies to prepare effective training programs.WORKFORCE PERFORMANCEThe industrial goods sector has other significant labor issues besides the need for upskilling.First,like many other industries,it is facing a generational

75、shift in the workforce.Companies now employ teams comprising workers from Generation Alpha all the way up to the Silent Generation five distinct groups in all.Oliver Wyman Forum research finds that 83%of companies of all types say these diverse groupings are vital to their growth and long-term succe

76、ss.But managing people with highly divergent values and expectations is fraught with the potential for conflict and even age discrimination.Doing so effectively will be a high-wire act that requires extremely careful planning and a deft touch.Again,industrials companies also are contending with work

77、force issues created by the use of AI and other technologies.For example,dealers we surveyed reported encountering difficulties when their manufacturers roll out new digital tools.Customers arent asking for these products to begin with,and their sales teams arent equipped with the knowledge and skil

78、ls to sell them.Further,the dealers organizational processes often arent well-suited to serving up new digital solutions.Clearly theres a need to change many of these legacy processes,along with employee upskilling efforts.Oliver Wyman16The State of the Industrial Goods Sector 2024:North America Edi

79、tionAt the same time that industrial firms are navigating challenges with their existing workers,they also must contend with the difficulty of finding new talent in a tight market.With labor shortages in areas such as industrial equipment,manufacturing,and construction,many jobs are going unfilled.L

80、arge North American industrial goods companies,many of which combined through mergers and acquisitions,are now seeking strategic deals with cash-strapped startups and other smaller entities to bring in skilled tech workers without having to develop them from scratch.In recent years,a rocky macroecon

81、omic environment and high borrowing costs have lowered the appetite for M&A.According to research firm Pitchbook,since 2020,the median M&A deal size among North American industrials has been less than$40 million and there has been a substantial decline in the total number of deals.Exhibit 10:Median

82、deal size and deal count within North American industrials sectorMedian deal size in million$204060801001201002003004005006002020202120222023Deal countMedian deal size Deal countMedian deal sizeSource:PitchBook data,Oliver Wyman analysis However in 2023,while the number of deals declined,the median

83、deal size nearly tripled to$110 million.Larger deals may indicate acquirers are engaging in M&A to increase their access to talent and technology or to increase their value,while sellers are rationalizing portfolios and aligning investments around their core areas.In acquisitions by industrial compa

84、nies since 2020,39%of the targets were in the information technology industry.The largest deals came in software,semiconductors,IT services,and computer hardware.Oliver Wyman17The State of the Industrial Goods Sector 2024:North America EditionSUSTAINABILITYIn 2022,our AI analysis found,sustainabilit

85、y was the most frequently mentioned topic in industrials firms shareholder letters.Its fallen from the top spot since then but,as customers increasingly seek eco-friendly products and services,remains a key consideration in these companies strategic plans.In other words,sustainability initiatives ar

86、e no longer a requirement that executives grudgingly adopt.They have become squarely among the“basics”a market demand that executives are prioritizing to preserve their companies right to operate and remain competitive.As a result,smart industrials businesses increasingly are adapting their business

87、 models to position sustainability as a product offering.A well-crafted strategy featuring assiduous reporting of Scope 3 and other emissions can drive positive business outcomes in multiple ways.For instance,adopting more energy-efficient practices such as using alternative materials for products o

88、r changing modes of transportation to move freight often reduces costs.“Were going to meet a whole new level of emissions over the next couple of years,”said one executive from a power generation company.In select industries,there is a growing market for“green premium”products,which are sustainably

89、produced and have lower carbon intensity scores.Examples include green steel,sustainable aviation fuels,and certain agricultural commodities.Furthermore,there are emerging business models and markets for carbon credits,which can provide additional avenues for growth in the future.The executives we i

90、nterviewed also pointed to energy diversification as a major growth opportunity.High energy demand and government policies are driving investment in renewable energy,and costs of technologies like solar and wind are dropping.Meanwhile,coal usage in the United States has been declining over the past

91、five years,the US Energy Information Administration reports,and fell below usage of aggregated renewable energy sources(geothermal,hydroelectric,solar,wind,and others)in 2023.Given the uncertainty of the regulatory landscape,though,some companies we spoke with are hedging their bets in their portfol

92、ios and product offerings,aiming to serve both coal and renewables without taking an outsize chance on either.Oliver Wyman18The State of the Industrial Goods Sector 2024:North America EditionExhibit 11:Primary energy consumption by source in USQuadrillion Btu19501960197019801990200020102020051015202

93、530354045Coal consumptionNatural gas consumption(excl.supplemental gaseous fuels)Petroleum consumption(excl.biofuels)Nuclear electric power consumptionTotal renewable energy consumptionSource:US Energy Information Administration,Oliver Wyman analysis Oliver Wyman19The State of the Industrial Goods S

94、ector 2024:North America EditionA BRIGHT FUTURE,TEMPERED BY UNCERTAINTYA confluence of factors has provided ample reason for optimism across the North American industrial goods sector.When we conducted a second AI-based analysis of firms investor presentations,we found considerable improvement in th

95、e mood executives conveyed.Overall,their language was far more positive and less cautious nearing the end of 2024 than it had been in the last quarter of 2023.Exhibit 12:Mood shift1 of company investor reporting,Q4 2023,Q3 2024Count of degree of changes in percentageQ3 2024Q4 2023Very cautious moodC

96、autious moodNeutral moodPositive moodVery positive mood4.32243304.3 4.3523091.Mood was determined based artificial intelligence analysis of word patterns of Q4 2023 and Q3 2024 investor presentations of 23 companies representing a sample of industrial sub-sectors.Rounding may impact total.Source:Com

97、pany investor presentations,Oliver Wyman analysis Of course,the nature of the industry and the global influences on it mean that the outlook can turn dramatically at practically any time.With a new presidential administration in the United States will likely come an adjustment in priorities,an overh

98、aul of the regulatory landscape,and a host of new tariffs.Other macroeconomic and geopolitical shifts will assert additional pressures and concerns on day-to-day business.Industrials firms will need to take a hard look at all these changes as they arise.The back-to-basics approach that much of the s

99、ector has already adopted is an important step in that effort.But its just one among many that will serve those companies well and keep them on solid footing through 2025 and beyond.Oliver Wyman20The State of the Industrial Goods Sector 2024:North America EditionMETHODOLOGYThe findings in our“The St

100、ate of the Industrial Goods Sector”report are based on extensive research,as well as our experience as trusted advisers in the industry.Our assessment encompassed a robust data sample of approximately 1,300 listed industrial goods companies worldwide,including about 240 listed companies each with re

101、venues exceeding 100 million.The North American sample comprised 143 companies.The analysis is based on publicly available information as of year-end 2023 unless otherwise stated.To further enhance our insights,we incorporated findings on industry trends and concerns from an AI-based analysis of CEO

102、 letters to shareholders and recent investor presentations.Complementing this,we conducted 10 interviews with C-suite executives in leading North American industrial goods companies to understand their concerns and gather their perspectives on the market outlook.Copyright 2024 Oliver WymanAll rights

103、 reserved.This report may not be reproduced or redistributed,in whole or in part,without the written permission ofOliver Wyman and Oliver Wyman accepts no liability whatsoever for the actions of third parties in this respect.The information and opinions in this report were prepared by Oliver Wyman.T

104、his report is not investment advice and should not be relied on for such advice or as a substitute for consultation with professional accountants,tax,legal or financial advisors.Oliver Wyman has made every effort to use reliable,up-to-date and comprehensive information and analysis,but all informati

105、on is provided without warranty of any kind,express or implied.Oliver Wyman disclaims any responsibility to update the information or conclusions in this report.Oliver Wyman accepts no liability for any loss arising from any action taken or refrained from as a result of information contained in this

106、 report or any reports or sources of information referred to herein,or for any consequential,special or similar damages even if advised of the possibility of such damages.The report is not an offer to buy or sell securities or a solicitation of an offer to buy or sell securities.This report may not

107、be sold without the written consent ofOliver Wyman.Oliver Wyman is a global leader in management consulting.With offices in more than 70 cities across 30countries,Oliver Wyman combines deep industry knowledge with specialized expertise in strategy,operations,riskmanagement,and organization transform

108、ation.The firm has more than 6,000 professionals around the world who work with clients to optimize their business,improve their operations and risk profile,and accelerate their organizational performance to seize the most attractive opportunities.For more information,please contact the marketing de

109、partment by phone at one of the followinglocations:Americas Europe Asia Pacific India,Middle East&Africa+1 212 541 8100+44 20 7333 8333+65 6510 9700+971(0)4 425 7000AUTHORSNate SavonaPartner,Automotive and Industrial GMichael SharovPartner,Automotive and Industrial GJennifer WongAssociate Director,Automotive and Industrial GDavid WhinfreyEngagement Manager,Automotive and Industrial G