These orders for metalworking machines increased by 15% compared to November 2024 and were 5.4% above the value of December 2023. Orders for the current year reached $4.7 billion, representing a decline of 3.8% compared to the orders of 2023.
For the third consecutive year, orders in the machinery sector have declined. However, orders in 2024 were 9.7% above the annual average since 1998, indicating that demand for machinery remains strong despite these declines. After a slow start to 2024, orders for manufacturing technology remained high following the IMTS, the international manufacturing technology trade show, in September. Although orders in September were modest compared to a typical IMTS year, the usual post-show drop in demand was absent, and the year 2024 closed with a strong position.
Orders from contract manufacturers, the largest consumers of manufacturing technology, weighed on the overall market at the beginning of 2024. This changed towards the end of the year when orders from this segment slightly exceeded the market and declined by only 3.7% compared to 2023. Despite a lackluster year for Boeing, orders for manufacturing technology from the aerospace sector increased significantly as the sector continues to struggle with ongoing capacity issues. In December 2024, the highest order volume from this sector since December 2021 was recorded, and total orders for the year rose by nearly 32% compared to 2023. After three years of increased investments, automakers reduced their orders by a quarter in 2024 as vehicle demand normalized and the industry prepared for potential tariff impacts.
Nearly 40% of all orders in 2024 were placed since the IMTS in September. This indicates sustained demand for machinery into 2025. By January 2025, supply activity remained high, but the time between the first quote and the order was longer than usual. The forecasts presented at the annual AMT Winter Economic Forum show promising signs for 2025, provided that geopolitical and trade policy disruptions are minimal.
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