Machine tools and machinery industry 2008 - 2022
Production and sales of machine tools below average compared to machinery industry
Which differences show the development of production and sales of machine tools in comparison to the machinery industry in the years from 2008 to 2022?
Update June 19th, 2023 - The production of machine tools and machinery industry show by and large a parallel course. There are two special features:
Machine tool production is below average compared with machinery industry. And the production declines are deeper for machine tools.Both features add up in the average rates of change.
For machinery industry they amount to -0.6% per year from 2008, the year ahead of the global economic crisis of 2008/2009, to 2022.
In other words, machine tool production underperformed the machinery industry in the fourteen years since 2008.
Machine tools' sales below average from 2008 to 2022
The development of sales, like that of production, also shows a parallel development for machine tools and machinery industry.
Without the crisis, we can speak of an average sales development for machine tools compared with machinery industry. However, the crisis in 2020 is significantly deeper for machine tools.
Machinery industry shows a growth rate in sales of +1.2% per year from 2008 to 2022. Machine tools show a negative rate of change of -0.4% per year on average in the period.
Also foreign sales of machine tools show a below-average development compared with machinery industry.
Thus, foreign sales of machinery industry grow by 2.1% p.a. from 2008 to 2022 but those of machine tools only by 1.0% p.a. over the same period.
Domestic sales of machine tools are consistently underperforming the machinery industry.
The below-average domestic sales of machine tools share the fact with the machinery industry that both are still below the level of the pre-crisis year 2008 even fourteen years later.