This article aims to provide a comprehensive overview of the most relevant trends shaping the manufacturing industry in 2024. We will examine how companies have responded to global economic challenges and how they have harnessed new technologies, such as artificial intelligence, to improve efficiency, resilience and sustainability. 1.
INDUSTRY INSIGHTS. 2024 State of Manufacturing Report. We surveyed over 178 leaders in engineering, supply chain, manufacturing, and product development to identify developing trends and gather key insights — so you can succeed in 2024 and beyond.
As of June 2024, manufacturing jobs employed approximately 12,9 million people in the United States, an increase from 12.7 million people in 2022. The transportation equipment manufacturing industry is the largest manufacturing employer in the U.S., leading in 16 states. This is followed by food manufacturing, which leads in 19 states and ...
The manufacturing industry is a dynamic landscape, constantly evolving under the influence of emerging trends and shifting market conditions. Through 2024 and beyond, several key trends are shaping the future of manufacturing, creating both opportunities and challenges for businesses.
The U.S. manufacturing industry could witness a transformation in 2024 as the sector embraces new products and new technologies. We’ve taken note of some emerging manufacturing industry trends in various areas, including microfactories, smart factories, and giga casting.
Manufacturing companies continue to face headwinds. In 2024, the industry will have to embrace new technologies and trends to tackle ongoing challenges like a shortage of skilled labor, supply chain disruptions, the need for innovation to meet net-zero emission goals, and more.
The top ten manufacturing trends of 2024 As we near the end of 2024, lets review the biggest & best trends in manufacturing we saw over the course of the year, ranked according to industry impact Over the course of 2024 manufacturing has undergone a transformative evolution.
Key Manufacturing Trends in 2024 . Many of the same news buzzwords have remained the same in 2024, but the political and legal landscape has changed, and the nuanced approaches to these challenges have drastically evolved. So it’s worth looking at the details of recent manufacturing industry trends. Labor Challenges and Talent Wars
To help companies begin to answer this question, Deloitte’s 2024 Manufacturing Industry Outlook enumerates on five key trends to consider in the year ahead (Figure 2). John Coykendall. John Coykendall is a vice chair, Deloitte LLP, and the leader of the US Industrial Products & Construction practice. John has more than 25 years of consulting ...
Labor costs are likely to stay elevated, but turnover may ease. The cost of staffing factories is expected to keep climbing this year. While manufacturing employment is expected to increase by 2% in 2024, wages and benefits costs are anticipated to rise by 5.2%, according to the Institute for Supply Management. That number is down from what manufacturers predicted for 2023 labor costs, which ...
Key labor market trends include: Quit rate dropped to 1.6% (September 2024) Job openings declined, with layoffs exceeding vacancies for the first time since May 2021 60% of manufacturers still cite talent retention as their top concern (NAM Q3 2024 survey) Looking ahead, the industry faces: A projected 1.9 million skilled labor shortage by 2034
The manufacturing industry continues to face headwinds, however. In 2024, manufacturers are expected to face economic uncertainty, the ongoing shortage of skilled labor, lingering and targeted supply chain disruptions, and new challenges spurred by the need for product innovation to meet company-set net-zero emissions goals.
4 food manufacturing trends for 2024 By Erin X. Wong • Jan. 9, 2024 Producers should prepare for continued supply disruptions and a tight labor market this year, experts say. ... By Sara Samora • Jan. 25, 2024 Three industry groups said they are watching federal funding, regulation concerns and election rhetoric — among other issues. ...
2024 manufacturing trends. Despite the challenges, there’s optimism that 2024 will be a year of increased investment and growth for the US manufacturing industry. According to a survey of purchasing and supply executives by the Institute for Supply Management, 58% expect higher revenue this year compared to 2023. Survey respondents expect a 5 ...
Trend 4: Best practices for manufacturing excellence in 2024 . In 2024, the leaders in manufacturing excellence will have data-driven frameworks to quantify how technology investments link to business impact. They will establish clear target outcomes during planning to enable progress measurement post-launch.
Amidst a maze of challenges, the manufacturing industry is moving through an uncertain and complex period with global supply chain disruptions, labour shortages, unpredictable markets, and regulatory and compliance hurdles defining the year of 2023.With 2024 coming up, we look ahead and dive into the key manufacturing trends that will set the tone for this crucial year of manufacturing.
One of the biggest challenges for the manufacturing industry in 2024 will be the skills gap. A study by Deloitte and the Manufacturing Institute forecasts that US manufacturing will have 2.1 million unfilled jobs by 2030. 1 So how do you tackle this problem to attract and retain the next generation of talent? Plug the skills gap with role-based training and upskilling programs.
