The UK consumer electronics manufacturing sector's production value stood at £390.7 Million in 2023. Analyzing historical data from 2013 to 2023 reveals a volatile trend with significant fluctuations: a peak in 2016 at £784.7 Million and a general declining trend post-2019. The sector showed a notable contraction from 2023, evidenced by a year-on-year decline of -9.69%, succeeding a -10.77% in 2022. Over the last two years, the average annual variation was -9.70%, while the 5-year CAGR stood at an alarming -7%, indicating a consistent downward trajectory.
Forecasting from 2024 onwards, the sector is expected to continue its decline, with projected values plummeting towards £172.57 Million by 2028. The forecasted 5-year CAGR suggests a further contraction at -12.96%, pointing to a substantial 50.04% reduction overall.
Future trends to watch for:
- Potential technological innovations or shifts in consumer preferences
- Global economic conditions impacting manufacturing and export
- Policy changes and government incentives in the UK affecting the sector
- Adoption of sustainable and energy-efficient production processes