China is major machinery growth market
An
IMS Research product story
Edited by the Engineeringtalk editorial team
Sep 14, 2005
Asian machinery markets are in a period of significant change.
Asian machinery markets are in a period of significant change.
Regional production was estimated to be around $65 billion in 2003 and is predicted to grow to over $110 billion in 2009.
The growth of regional economies, specific global growth in key machinery sectors and the continued general relocation of production to China all are driving this strong upward trend.
Market Analyst Don Tait of IMS Research states: "China is undoubtedly the major global growth market for machinery production".
"More and more Japanese, European and North American machinery manufacturers are all setting up machinery production facilities in China".
"They not only take advantage of the low labour costs and the rapidly developing economy, but also provide local support to their customers who are also relocating to China".
"The result is that for the next few years the market for machinery production will grow faster in the Asia Pacific region than elsewhere".
Tait continues: "In 2003, Japan dominated the Asian regional market with 47.7% share, against 18.3% in China, its nearest rival".
"China is expected to narrow this gap substantially within the next five years".
"Already China is the leading regional producer of textile machinery".
"It is also estimated to have accounted for a third of the region's 2003 production of packaging machinery, and food, beverage and tobacco processing machinery".
"With China's continuing forward march, it will doubtless contest leadership of these sectors with Japan in the near future".
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