ELECTRICAL MARKET GROWTH Global electrical market: ZVEI expects nominal growth of 11 % in 2022

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The global market for goods in the electrical and digital industry came to a nominal EUR 4,967 billion in 2021. According to Jürgen Polzin, an expert from the German association ZVEI, the resulting growth of 10 % on the previous year reflects the strong recovery of the global electrical market after the first pandemic year. ZVEI also expects double-digit growth for the current year (+ 11 %), although this is likely to be due not least to the current inflation environment. In 2023, growth should then return to normal and reach 5 %.

With a volume of EUR 2,069 billion (41.6 % of the global market), the Chinese market not only remains by far the largest country market worldwide, it is also larger than that of all industrialized nations combined. Following last year's increase of 12 %, growth of 14 % and 8 % respectively is likely to follow for the Chinese market in 2022 and 2023 - according to ZVEI forecasts.

As a continent, Asia is not only the largest market, but also the continent whose market is likely to continue to develop most dynamically: in 2021, the Asian electronics market accounted for EUR 3,106 billion (+10 % compared with 2020). For 2022 and 2023, the association forecasts growth rates of 13 % and 7 % respectively.

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The U.S. market (North and South America) for electrical and digital goods increased by 9 % to EUR 940 billion in 2021, representing 18.9 % of the global market. In 2022, there could be a further nominal increase of 8 %. In the coming year, the momentum should finally be more moderate with an increase of 3 %.

The ZVEI puts the volume of the U.S. market last year at EUR 692 billion (up 9 % on the previous year, second place in the country ranking). In 2022, growth could be another 9 %, and next year it could be 2 %.

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In Europe, market growth in 2021 was only slightly behind the Asian and American growth rates at 8 %. Overall, the European market volume thus amounted to EUR 806 billion, or 16.2 % of the global market. "In 2022, it should continue at the same rate of expansion as in the previous year, and for 2023 we are assuming market growth of 3 %" said Polzin.

In Germany, the electronics market was worth EUR 143 billion last year - an increase of 11 % on the previous year and fifth place in the country ranking. With expected growth of 10 % (2022) and 7 % (2023), this development could continue.

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