IP in the Machinery sector and Latin America

The machinery sector is of extreme importance to the global economy considering it supports the basic operation of other industries. It improves efficiency and helps save time and money. Moreover, the machinery sector has helped globalisation by allowing massive production, which creates a market surplus enabling countries to export at a constant rate. According to the CEMA report on the European agricultural machinery industry, “Europe accounts for 54% of the world’s imports and 64% of the world’s exports of agricultural machinery, with a net balance of over € 4 billion in 2018. Many farmers in the world rely on agricultural machinery produced in Europe, with tractors, greenhouse equipment, harvesting equipment, and soil working equipment topping the bloc’s exports”.

In addition to the agricultural sector, mining is also a key industry in Europe, having a significant portion of the market share for machinery manufacturing as shown in the PwC 2018 global report. Finally, the automotive industry relies heavily on the machinery sector for the production of large-scale machines, as well as parts and equipment. For more information regarding the automotive industry and its opportunities in Latin America, check out our factsheet on IP in the automotive sector.