There is already a growing trend of global businesses moving at least some of their manufacturing operations home, with companies including Apple, Caterpillar and General Electric all announcing plans to shift production back to the U.S. from overseas over the last year.
It comes amid increasing pressure, from both workers-rights groups and consumers, to provide at least some domestic jobs. There is also widespread concern about the labor conditions of workers in foreign factories, highlighted by a deadly fire at a garment production facility in Bangladesh earlier this year.
According to PwC, countries such as China, Poland and Mexico will be seen as less attractive places to base manufacturing facilities as a result of the change in relative wages, but could become more important as consumer markets.
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Whereas those countries with wages that remain relatively low compared to China – such as India and the Philippines – are likely to become more appealing production locations.
However, the report stressed that India would only benefit from the shift if it improved its infrastructure and cut its red tape.
PwC partner Michael Rendell added that it was crucial for businesses to prepare themselves for this shift in the wage landscape.
"Companies planning for this today will find themselves with significant advantages, particularly in terms of people costs," he said.
"It's inevitable that the manufacturing and services industries in countries will transform as the cost base evolves, and also that there will be winners and losers. Governments, regulators and business communities need to be ready for that shift."
— By CNBC's Katrina Bishop. Follow her on Twitter @KatrinaBishop