In 2023, China dominated global R&D expenditure in electrical equipment manufacturing, with figures far surpassing other nations. Notably, the United States, South Korea, Japan, and Germany lagged behind but showed positive growth, notably South Korea with a 14.67% increase from the previous year. Italy, Taiwan, and several Central and Eastern European countries displayed modest growth, while Canada and Lithuania showed declines. Latvia experienced the highest growth at 33.19%.
Future trends to watch include China's continued dominance due to its substantial investment capabilities and advancements in technology infrastructure. Emerging economies may play larger roles as they increase their R&D expenditures to capitalize on the growing demand for electrical equipment worldwide.
Top countries in Business Enterprise R&D Expenditure in Manufacture of Electrical Equipment by Country
| # | 10 Countries | Million US Dollars PPP | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 China | 55,050 | 2023 | +11.76% | +12.02% | View data |
| 2 | 2 United States | 5,860 | 2023 | +3.23% | +5.47% | View data |
| 3 | 3 South Korea | 4,840 | 2023 | +11.76% | +14.67% | View data |
| 4 | 4 Japan | 4,450 | 2023 | -0.29% | +3.75% | View data |
| 5 | 5 Germany | 4,220 | 2023 | +3.66% | +2.35% | View data |
| 6 | 6 Italy | 1,170 | 2023 | +8.27% | +3.63% | View data |
| 7 | 7 Taiwan | 810.5 | 2023 | +2.58% | +3.92% | View data |
| 8 | 8 Czech Republic | 512.69 | 2023 | +6.79% | +7.41% | View data |
| 9 | 9 Israel | 493.22 | 2023 | +3.34% | +8.8% | View data |
| 10 | 10 Poland | 390.95 | 2023 | +11.67% | +3.24% | View data |
