Between 2013 and 2023, the wages and salaries paid within Germany's electrical equipment industry exhibited notable fluctuations. After peaking at 15.23 billion euros in 2013, there was a general decline until 2016. The industry saw a drastic dip in 2018 to 9.02 billion euros, a drop of over 40%. This was followed by a significant recovery, culminating in a value of 16.83 billion euros in 2023, reflecting a notable 4.02% increase from the previous year. This upward trend was more pronounced over the last five years, leading to a five-year CAGR of 13.28% by 2023.
Looking forward, the forecasts suggest a continued steady increase in wages and salaries, climbing to 18.2 billion euros by 2028. The forecasted CAGR is moderate at 1.25%, signifying stable but slower growth compared to recent years.
Future trends to watch for:
- Impact of automation and digitalization on labor costs within the industry.
- Potential regulatory changes affecting wages in the manufacturing sector.
- Economic fluctuations due to global trade dynamics and energy policies.
