PUBLISHER: Reed Electronics Research | PRODUCT CODE: 1388510
PUBLISHER: Reed Electronics Research | PRODUCT CODE: 1388510
In providing the forecasts for the current study, which were made in October 2023, we have considered developments in the global economy. However, significant downside risks remain which could lead to growth in 2023 and 2024 being lower than forecast. We currently expect growth to ease over the final months of 2023 and into 2024 before gaining momentum in the latter half of the year and then accelerate. Component shortages have continued to ease over the course of 2023 and are expected to normalise in 2024. The forecasts for 2023 through to 2026 are based on constant 2022 exchange rates and prices and therefore exclude the impact of inflation.
Within the Yearbook series the Americas covers Brazil and the three countries making-up North America.
In 2022, electronics production in North America amounted to US$354 billion in 2022 with the US dominating accounting for 78.5% of the total. Mexico, which acts as the low-cost production base for the region, accounted for 18.9% while Canada accounted for only 2.6%. After increasing in US dollars by 7.8% in both 2021 and 2022, growth is forecast to ease to 0.4% in 2023.
In 2022, the production of electronics equipment and components in Asia was valued at US$1,518 billion of which components accounted for 43%. Electronics equipment production, which accounted for 57% of the total, is dominated by computing and communications.
China dominates electronics production in the region with total electronics output valued at US$874 billion in 2022. South Korea and Taiwan, with their strong focus on semiconductors, both reported electronics production of over US$100 billion in 2021 at US$153 billion and US$142 billion, respectively while Singapore with output of US$99 billion and Malaysia US$79 billion also benefited from an established semiconductor industry. Vietnam, which due to its low-costs has seen explosive growth in recent years, is a major centre for the production of mobile phones with overall electronics output of US$78 billion in 2022. Electronics production in India was valued at US$34 billion in 2021 growth being supported by government incentives as the country looks to establish itself as a major global manufacturing hub.
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