The United States, leading with $48.3 million PPP in R&D, saw a 4.54% year-on-year increase, while Japan experienced modest growth at 0.73%. South Korea and Taiwan reported significant gains of 4.62% and 13.96%, respectively. Europe's major contributors such as Italy, United Kingdom, Austria, and Belgium registered increases ranging from 1.2% to 4.88%. Canada and Mexico recorded declines at -2.18% and -2.93%. Smaller economies like Hungary showed a remarkable 12.46% rise in R&D expenditure.
Future trends to watch:
- Increased emphasis on technological advancements and AI could drive further R&D investment, especially in leading nations like the United States and South Korea.
- Emerging markets may boost their share significantly as they focus on innovation to drive economic growth.
- Regions like Europe may continue to see a steady rise in investment as part of the green transition and digitalization efforts.
Top countries in Business Enterprise Expenditure on R&D Performed in Total Manufacturing Share by Country (Million US Dollars PPP)
| # | 10 Countries | Percent | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 United States | 48.3 | 2023 | +3.6% | +4.54% | View data |
| 2 | 2 Japan | 16.89 | 2023 | +1.21% | +0.73% | View data |
| 3 | 3 South Korea | 12.35 | 2023 | +4.78% | +4.62% | View data |
| 4 | 4 Taiwan | 7.85 | 2023 | +13.62% | +13.96% | View data |
| 5 | 5 Italy | 2.47 | 2023 | +3.01% | +2.62% | View data |
| 6 | 6 United Kingdom | 2.19 | 2023 | +2.19% | +2.13% | View data |
| 7 | 7 Austria | 1.2 | 2023 | +3.05% | +3.79% | View data |
| 8 | 8 Belgium | 1.17 | 2023 | +3.4% | +4.88% | View data |
| 9 | 9 Sweden | 1 | 2023 | +0.59% | +1.5% | View data |
| 10 | 10 Spain | 0.95 | 2023 | +3.22% | +2.65% | View data |
