Industrial Goods & Services
The term "industrial goods and services" refers to all tangible things and non-tangible services generated by businesses. These businesses mostly use their industrial products and services for manufacturing and construction. Several industries that come to mind include those that deal with chemicals, agriculture, heavy industry, defense, and industrial machinery, among others.
The introduction of digital technology into all facets of the industry is altering how historical businesses conduct business and providing new strategic difficulties for market participants.
The Key Segments of Goods and Service Industry
- The industrial goods sector is a category made up of companies that make or sell machinery, equipment, or supplies used in manufacturing and construction.
- Though its numerous subsectors might occasionally behave differently from one another, the industrial products sector typically drops during economic recessions and rises during expansions.
Classification of Buyers of Industrial Goods
A car manufacturer may, for example, buy radiators, batteries, etc., from the manufacturers of these components.
The same car manufacturer may install machinery to check the wheel alignment. Here, the machine is purchased for service purposes.
They are the distributors of industrial goods. For example, there are distributors for car radiators, car batteries and so on.
