Be it highly developed or developing countries, the manufacturing sector continues to be one of the critical driving forces of the economy. Ever since the pandemic, the industry has taken some blows in terms of falling demand, recession, decreasing employment rates, etc.
However, as of 2024 we see the manufacturing sector jumping back on its feet, ready to take the world by storm again. According to Statista the manufacturing industry market is projected to increase $15.36 trillion in 2024 and expected CAGR is 3.56% (2024-2028).
Since manufacturing companies are gaining momentum again, let’s talk about some of the largest manufacturing companies in the world today and their journey. This guide lists the top 10.
Table of Contents
1. Toyota Group
Source: Toyota
This is not just a single company. Instead, the Toyota Group is a group of companies having partnerships and vendor relationships with Toyota automobile facilities and Toyota industries. Founded in 1937 in Aichi, Japan, the Toyota Group became the first auto manufacturer to produce nearly 10 million vehicles in a year.
The organization has maintained this impressive feat since 2012 and is, therefore, one of the largest manufacturing companies in the world. Not only that, but this company has also actively participated in the hybrid and electric vehicle wave, encouraging people to adopt hybrid vehicles.
The company’s product line consists of electric vehicles such as plug-in hybrids, pickup trucks, SUVs, and luxury vehicles. It also produces motorsport vehicles, boats, and buses. The company takes much pride in being involved in non-automotive activities such as philanthropy, robotics, aerospace, etc.
Toyota’s 2023 revenue amounted to $274.942 billion.
2. Apple
Source: Apple
With its 2023 revenue amounting to $383 billion, Apple is not only one of the top manufacturers in USA but also ranks among the 10 most valuable brands in the world. This organization is mainly involved in manufacturing computer software, electronics, and online services.
One interesting thing about Apple is its supply chain and logistics. They are so advanced that the company need not maintain any inventory. This enables it to make large-scale product launches without any hassles.
The company is widely popular for introducing Gorilla Glass technology for its iPhones. This happened in May 2017 when Apple funded a whopping $1 billion toward advanced manufacturing in the United States. Out of this, $200 million was invested in Corning, Inc. – the company that invented the Gorilla Glass technology.
Apple is headquartered in Cupertino, California.
3. Volkswagen Group of America
Source: Volkswagen
This company also came into existence in 1937. Before emerging as one of the leading manufacturing companies in USA, the Volkswagen Group started as a German organization that became renowned for manufacturing the automobile ‘Beetle.’
This company mainly participates in the manufacturing and distributing personal and commercial automobiles such as cars, turbomachinery, motorbikes, etc.
The Volkswagen Group has secured a spot in Europe’s list of largest manufacturing companies for the past two decades. It operates across 150 countries worldwide, and some of its leading products in the market include Bentley, Audi, Bugatti, Porsche, and Lamborghini, among others.
Since 2018, the company’s most lucrative market has been China, wherein estimates of 4 million units of its automobiles are sold. The company’s 2023 revenue touched $333.46 billion.
4. Samsung
Source: Samsung
This company is headquartered in South Korea and is among the world top manufacturing companies in terms of consumer electronics. Also known as Samsung Electronics, the company’s name is shortened to SEC or SAMSUNG.
After Apple, Samsung is also the second largest technology manufacturing company in the world by revenue. Some of the top products in its product line include smartphones, semiconductors, LED and LCD panels, printers, televisions, cameras, hard drives, and more.
Samsung has achieved some impressive milestones throughout its existence. These include the creation of a curved display back in 2013, participating in various sustainability and climate change initiatives, and owning its ship-building sector.
Its clients include some of the biggest names in the market, such as Dell, Apple, Hewlett-Packard, ATT, and Verizon. The company’s total revenue in 2023 touched $200.26 billion.
5. Foxconn or Hon Hai Precision Industry Co.
Source: Foxconn
As a renowned contract manufacturer headquartered in Taiwan, Foxconn or Hon Hai Precision Industry Co. also ranks among the top 10 manufacturing companies in the world. Besides being a leading manufacturer, the company is also one of the largest employers in the world.
This company has its wings spread far and wide, to nearly every region across the world. These include factories in India, East Asia, Europe, Brazil, Mexico, etc. In the Circuits Assembly magazine, Foxconn was placed among the largest electronics manufacturing companies in the world, not once or twice, but 14 consecutive times!
Currently, Foxconn manufactures smartphones for Big Names like Apple, Xiaomi, HMD, television sets, hearables, and EV parts for Aether Energy. Its client base includes companies like Nintendo, Microsoft, Amazon, Google, Dell, Intel, and Lenovo, among others.
Foxconn’s annual revenue in 2023 reached $202.01 billion.
6. Daimler AG
Source: SPSS Analytics Partner
Founded and headquartered in Germany, Daimler AG (currently Mercedes-Benz Group AG) ranks among the world top manufacturing companies best-known for automobile manufacturing. This company is primarily involved in manufacturing truck and car components.
It came into being in 1926 due to a merger between Daimler Motoren Gesellschaft and Benz Cie. Daimler AG was one of the first investors in Tesla but sold the stake back in 2014, stating that “it was not necessary for our partnership and cooperation.”
Some of the company’s top products include Mercedes-Benz, Western Star, BharatBenz, Mitsubishi Fuso, Detroit Diesel, MV Augusta, Thomas Built Buses, Freightliner, and Smart Automobile, among others.
In 2019, Daimler AG shifted its focus from manufacturing internal combustion engines to EV technologies. After rigorous research & development, the company manufactured a graphene-based battery cell. It was utterly non-toxic and could be recycled.
Daimler AG’s annual revenue in 2023 amounted to be $164.629 billion.
7. Honda Motor Co.
Source: Honda
The Honda Motor Co. is a conglomerate that tops the list of manufacturers for power equipment, automobiles, and motorcycles. Since 1959, the company has maintained its name for being the world’s largest internal combustion engine manufacturer.
It also ranks among the world’s best motorcycle manufacturers. As for the former, Honda has successfully manufactured and sold at least 14 million units of internal combustion engines annually. Its top products include robots, ATVs, aircraft, lawnmowers, and mountain bikes.
The Japanese auto part manufacturer is mainly famous for manufacturing fuel-efficient passenger vehicles that are also lightweight and high-performing. Some of the top models in this segment include The Honda Accord and Civic.
Among the top manufacturers in USA today, Honda enjoys a good reputation mainly because of the affordability and durability of its automobiles. Barring non-essential luxury elements, most Honda cars come thoroughly equipped with essential, fundamental functionalities – ideal for working-class families worldwide.
The company’s 2023 revenue stood at $125.117 billion.
8. Cardinal Health
Source: Cardinal Health
Also among the largest manufacturing companies in the world, Cardinal Health mainly operates in the healthcare sector, providing healthcare services. Meaning, that Cardinal Health is involved in the manufacturing and distribution of medical and pharmaceutical products.
It is headquartered in the US and ranks 14th in terms of revenue generation. The company’s services are so popular in the US that it serves at least 100,000 locations within the country. Some of the leading products in its product line include surgical and medical equipment such as surgical apparel, gloves, products for fluid management, etc.
Over the years, Cardinal Health has made several acquisitions. These include the 1999 acquisition of Chicago’s Allegiance Healthcare, which was involved in manufacturing surgical gowns, gloves, drapes, etc.
Then again, in 2015, Cardinal Health was involved in acquiring the Cordis division of Johnson & Johnson. This unit was an endovascular and cardiovascular device manufacturer. Such acquisitions significantly improved the company’s manufacturing and distribution capabilities.
The company’s 2023 revenue amounted to $205.0 billion.
9. Mitsubishi Motors
Source: Mitsubishi Motors
This Japan-based company has more than a 100-year legacy, founded in 1917. It came into existence when the Mitsubishi Shipping Company launched its Mitsubishi A Model – Japan’s first-ever series-produced automobile line.
17 years later, in 1934, the company merged with Mitsubishi Aircraft to manufacture aircraft engine components. Around this time, it was the largest company in Japan. With this merger, Mitsubishi mainly got involved in the manufacturing and distribution of ships, railroad cars, airplanes, etc.
The company is not only one of the largest manufacturing companies in the world but also generates nearly 10% of Japan’s GDP! As a three-diamond brand, several other companies are involved in manufacturing boats, cameras, electronics, etc.
As of today, Mitsubishi is a publicly-traded company, one-third of which is owned by Nissan. The 2023 revenue of the company amounted to $147.18 billion.
10. Ford Motor Company
Source: ford
Headquartered in Michigan, USA, Ford Motor Company is an American automaker. The company is primarily famous for being a pioneer in the manufacturing and distribution of large-scale and assembly-line cars.
Ford Motor Company is involved in manufacturing a wide variety of products and services such as tractors, trucks, financial services, automobiles, and more. Its manufacturing techniques are so robust that a separate term was coined back in 1914 – Fordism – to refer to Ford’s specific manufacturing methods.
The company’s automobiles have also won the Sportscar Championship for three consecutive years, including 1966, 1967, and 1968. Not just automobile manufacturing and production, Ford is known for its contributions toward environmental and sustainability initiatives such as enhancing fuel efficiency, hydrogen-fueled combustion engines, EVs, and more.
The company’s 2021 annual revenue amounted to $174.228 billion.
A Glimpse of the Future
Beyond 2022, the global manufacturing industry will likely see greater adoption of technologies such as Artificial Intelligence (AI), robotics, blockchain, cloud computing, etc. The consumer focus on sustainability and recyclability of products will continue to rise.
As some of the largest manufacturing companies in the world join hands to fulfill consumer expectations together, the future will see better product functionalities at lower costs. Automation will undoubtedly be a driving factor in manufacturing, leading to greater worker productivity, accuracy, and reduced operational costs.
It looks like the global manufacturing sector will rely heavily on ‘dark factories’ or fully automated sites with little to no human intervention. It would be an understatement to say that the future is indeed exciting!
