1、contents00Introduction02Geopolitical Worries Take Center Stage04An Outlook Between Hope and ConvictionEuropes Industrial Goods Sector Runs Out of Steam01Refocus of Strategies and Operating Models Necessary03Methodology05IntroductionWelcome to the 2025 European edition of Oliver Wymans State of the I

2、ndustrial Goods Sector report.2024 was and 2025 continues to be a tough year for most of the industrial goods sector in Europe.Against a backdrop of slow macroeconomic growth,disadvantageous competitive conditions in Europe,and most of all continued geopolitical tensions and disruptions,the sector h

3、as only produced marginal growth.The imminent cyclical upswing that many parts of the industry had anticipated has been delayed by the uncertainty created on the geopolitical stage.Uncertainty is poison for decision-making,and investment decisions are what this sector relies on.Consequently,executiv

4、e sentiment has fallen to a new low(from 6.4 to 5.4,on a scale of 1-10),and short-term growth expectations are subdued.That mood came through in our discussions with CEOs and other executives who have experienced another year of sideways movement and considerable effort for limited gain.A feeling of

5、“grinding”as we put it in this years report title.Still,overall uncertainty has not led to paralysis.Many companies are driving hard on innovation to regain their competitive edge against rising international competition.And they are adapting their operating models for more comprehensive regionaliza

6、tion to increase their resilience against further geopolitical tightening.There also are pockets of light in a sector as diverse as industrial goods that are not seeing stagnation.If your business is fueled by a megatrend that delivers(not all do!)like electrification or artificial intelligence(AI)t