The production value of electronic components and electronic boards in the UK has shown considerable variability over the past decade. Following a peak in 2013, there was a notable decline in 2014, from which the market struggled to fully recover. By 2020, the production value had plummeted, influenced by global economic factors, including the COVID-19 pandemic. A recovery was observed in 2021, but it failed to sustain momentum in subsequent years. In 2023, the production value stood at 3.07 billion Euros, marking a slight downward trend from the previous year.
Year-on-year:
- 2022: -1.43%
- 2023: -1.42%
The compound annual growth rate (CAGR) over the last five years stood at -1.91%, indicating an overall decline in production value. Looking ahead to 2028, the forecast suggests an ongoing decline with a five-year CAGR of -1.24% and an anticipated overall reduction in the production value by 6.03% from 2023 to 2028.
Future trends to watch for include advancements in technology and production processes, potential impacts from Brexit-related trade policies, and the recovery of global supply chains post-pandemic. Increased focus on sustainability and the circular economy could also impact the sector, prompting innovations that may arrest the declining trend.
