From 2013 to 2023, the turnover for Electrical and Electronic Equipment for Motor Vehicles in Finland showed significant volatility. The market experienced a dramatic increase in 2015 but faced considerable declines in 2016. Post-2016, a modest recovery occurred through 2020, reaching a peak followed by notable decreases in 2021, 2022, and 2023.
As of 2023, the turnover stood at €11.8 million, marking a 4.84% decline year-on-year. The last two years exhibited considerable drops of 4.84% and 6.77%, respectively. The CAGR over the last five years was -11.14%, reflecting a downward trend.
Future forecasting indicates an ongoing decline, with the turnover expected to shrink to €10.0 million by 2028. The projected 5-year CAGR of -2.41% and an overall decline rate of -11.5% underscore a challenging outlook.
Key trends to watch for include advancements in automotive technology, shifts towards electric and autonomous vehicles, and evolving market demand, which may impact the industry's trajectory in Finland.
