The UK electrical equipment and electronics output has shown fluctuations from 2013 to 2023, peaking in 2015 before dropping significantly in 2016, and hitting a low in 2020. The year 2020 saw a sharp decline of 17.79%. A partial recovery occurred in 2021, though values continued to slightly decrease thereafter, with 2023 standing at €14.16 billion. The Compound Annual Growth Rate (CAGR) shows a downward trend between 2018-2023 at -0.8%. From 2024 onwards, the forecast indicates a gradual decline with a 5-year forecasted CAGR of -0.79%, predicting output to fall to €13.47 billion by 2028.
Recent Trends:
- 2014: 5.22% increase YoY
- 2021: 19.35% increase YoY
- 2022-2023: Slight annual declines
Future Trends to Watch:
- Impact of pricing and availability of raw materials on production costs
- Adoption of sustainable and green technology impacting production methods
- Shift towards digital innovation and smart devices
- Changes in global trade policies affecting export demand
