The data from 2023 highlights China's dominance in R&D expenditure in the manufacturing of electrical equipment, with a 69.65 million USD PPP, significantly outpacing other countries. The United States, South Korea, Japan, and Germany follow, albeit with much smaller shares. Notably, China's R&D spending increased by 12.02% year-on-year, while South Korea saw a 14.67% increase. Conversely, Lithuania experienced a decline of 13.45%. Over the last five years, countries like Latvia have shown remarkable growth, with a 33.19% year-on-year increase, although starting from a much smaller base.
Looking forward, China is likely to continue leading due to its large-scale investments in technology and innovation. However, countries such as South Korea and the United States may also increase their share, driven by advancements in cutting-edge electrical technology. As global markets evolve, fluctuations in R&D expenditure across countries are expected as they adapt to emerging opportunities and challenges in the sector.
Top countries in Business Enterprise R&D Expenditure in Manufacture of Electrical Equipment Share by Country (Million US Dollars PPP)
| # | 10 Countries | Percent | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 China | 69.65 | 2023 | +11.76% | +12.02% | View data |
| 2 | 2 United States | 7.41 | 2023 | +3.23% | +5.47% | View data |
| 3 | 3 South Korea | 6.12 | 2023 | +11.76% | +14.67% | View data |
| 4 | 4 Japan | 5.64 | 2023 | -0.29% | +3.75% | View data |
| 5 | 5 Germany | 5.34 | 2023 | +3.66% | +2.35% | View data |
| 6 | 6 Italy | 1.48 | 2023 | +8.27% | +3.63% | View data |
| 7 | 7 Taiwan | 1.03 | 2023 | +2.58% | +3.92% | View data |
| 8 | 8 Czech Republic | 0.65 | 2023 | +6.79% | +7.41% | View data |
| 9 | 9 Israel | 0.62 | 2023 | +3.34% | +8.8% | View data |
| 10 | 10 Poland | 0.49 | 2023 | +11.67% | +3.24% | View data |
