WEST EUROPE 2020 - rer.co.uk of World Electronic… · Yearbook of World Electronics Data Volume 1 2020 – An Overview of Electronics Production & Markets in Western Europe Introduction

ComponentsComputersConsumerControl and InstrumentationMedical and IndustrialOffice EquipmentRadio CommunicationsTelecommunications

THE YEARBOOK OF WORLD ELECTRONICS DATA

2020Volume One

WEST EUROPE

Yearbook of World Electronics Data Volume 1 2020 An Overview of Electronics Production & Markets in Western Europe

2

Yearbook of World Electronics Data Volume 1 2020 – An Overview of

Electronics Production & Markets in Western Europe Introduction

Since the first edition of the Yearbook of World Electronics Data was published in 1973 the West European and

broader global electronics industry has experienced a series of major downturns, the last the global financial

crisis in 2008/2009. However, unlike the financial crisis which was primarily driven by stagnating consumer

demand COVID-19 has resulted in not only a shock to global demand but also supply. Although the electronics

industry will recover, at this point the actual timing remains uncertain and will depend on the control of the spread

of the virus.

In providing the forecasts for the current study, which were made at the end of April/beginning of May, we have

assumed that the major impact of the pandemic will occur in the second quarter of 2020, and then gain some

momentum over the course of the final quarter of the year. Although not “V” shaped we expect growth to recover

in 2021 before moderating slightly in 2022 and 2023.

In Euro’s the production of electronic equipment in Western Europe declined by 0.3% in 2019 to Euro 119.9

billion and compared to an increase of 1.8% in the prior year and a decline of 2.4% in 2017.

Based on current indicators we are forecasting that growth in electronic equipment output in Western Europe will

decline by 8.8% in 2020, post growth of 4.1% in 2021 and then ease to 3.7% and 3.6% in 2022 and 2023.

However, if the pandemic extends through into the second half of the year it will lead to a more substantial

decline in 2020 that would carry over into 2021 and delay the rebound to the later part of the year or into the first

months of 2022.

Electronics Equipment Production by Country/Region 2016-2023

The industrial segment which accounted for an estimated 60.1% of electronics equipment output in 2019 will be

the main driver of growth after demand recovers from the COVID-19 led-recession. By the end of the forecast

period its share of the total will account for 61.8%. Growth in the communications segment is forecast to decline

by 5.8% in 2020. Upgrades to support increased demand for data and support home working, in particular in the

first half of the year, is expected to be offset by lower capex by operators and a delay in the roll-out of 5G.

Defence spending is expected to be maintained through the pandemic although budgets could be reduced in the

later part of the forecast as governments look to reduce the deficit arising from measures introduced to support

‐15.0

‐10.0

‐5.0

0.0

5.0

10.0

2016 2017 2018 2019 2020 2021 2022 2023

% Growth

Computing Industrial Communications Consumer


3

the economy through the crisis. In contrast, the aerospace segment will, in the short-term be hit hard by the

collapse in the commercial aviation sector. Computer output will continue to decline over the forecast period as

will the production of video and audio equipment.

Germany accounted for 32.4% of electronics equipment output in 2019 and its overall share, despite the

downturns in 2019 and 2020, is still expected to edge up over the period to 2023. France and the UK which are

traditionally strong in communications will like the majority of countries also benefit from the growth in the

industrial segment in the later part of the forecast.

In 2019, the production of electronic components in Western Europe amounted to Euro 39.3 billion, 24.7% of

overall electronics production, output declining by 1.7% as demand weakened during the second half of the year.

Output is forecast to decline by 7.4% in 2020 but as with other sectors of the industry significant downside risks

could push output lower in 2020/2021.

Of the total in 2019, active components accounted for 56.4%, passive 35.6% and other 8.0% while Germany

accounted for the largest share of production at 33.9%, followed by France 15.7%, Ireland 11.0%, Italy 9.9% and

the UK 7.8%.

The Yearbook of World Electronics Data – tracking developments in the global electronics industry

With a history spanning nearly 50 years the Yearbook of World Electronics Data has provided an invaluable

insight into the global trends, regional variations and the underlying state of the global electronics market for all

stages of the supply chain - OEM, contract manufacturing and design, components and materials suppliers to

financial /industry analysts and government and academia.

Although encompassing a range of published and bespoke products the core of RER’s research programme is

one of the most comprehensive statistical databases covering the global electronics industry, with the resulting

analysis being published through four concise and clear demographic volumes, as a series of individual country

reports, through customised solutions to meet specific client requirements and, from 2012, as a series of Excel

databases providing the combination of both historical and forecasted data.

Yearbook of World Electronics Data - Volume 1 West Europe

Published since 1973 the Volume 1 of the Yearbook of World Electronics Data provides:

A single source solution allowing you to track the electronics industry in 16 countries in Western Europe.

13 major product groups.

Market and production forecasts.

Summaries provided in US dollars and Euros.

CD-option allows you to manipulate the data quickly and easily: produce your own subsets or summaries of

the data, create your own forecasts or cut and paste the data into your own in-house reports and

presentations.

Who will benefit ?

The Yearbook is essential research providing key data for all areas of the electronics industry including:

Distributors and manufacturers of electronic components and materials.

Suppliers of electronic production equipment.

OEMs.

EMS Providers.

Government, including investment organizations.

Financial and industry analysts.

Academic institutes & universities tracking developments in the electronics industry.


4

The Yearbook of World Electronics Data

The Yearbook of World Electronics Data series presents market and production statistics for the GLOBAL

electronics industry. Available in four published volumes covering 53 countries and 13 major product groups, the

yearbook is used in the formulation of business and market planning, in tracking trends based on an clear

understanding on how the industry has developed historically and to provide a basis for medium and long-term

forecasting.

53 country coverage, 13 major product groups

… comparable country by country and product by product.

Methodology

The Yearbooks highlight market trends and opportunities and offer corroborative evidence for individual research.

Each new edition is fully revised and updated. Trade statistics are analyzed in detail, with over 500 separate

categories being employed. Production statistics are collected from Government and Manufacturer's Association

sources where these are available. Extensive use is also made of research reports, company reports, news items

and work by other consultants to supplement and cross check the official and semi-official sources.

Markets are forecast in real terms for the next five years, with production forecast for the next two years, using

constant exchange rates and excluding inflation. These are based on our extensive knowledge of the historical

performance of each product, the general economic outlook and the major growth influencing factors.

2020 Series

Volume 1 2020 West Europe

Synopsis: Economic Overview; Electronics Market Overview; Imports 2017-2018; Exports 2017-2018; Production

Data 2017-2020; Market Data 2017-2023

16 country coverage

Austria; Belgium; Denmark; Finland; France; Germany; Greece; Ireland; Italy; Netherlands; Norway; Portugal;

Spain; Sweden; Switzerland; UK

Publication Data: May 2020

Volume 2 2020 America, Japan, Asia Pacific


Data 2017-2020; Market Data 2017-2023

19 country coverage

Australia; Brazil; Canada; China, Hong Kong; India; Indonesia; Israel; Japan; Malaysia; Mexico, Philippines;

Singapore; South Africa; South Korea; Taiwan Thailand; Vietnam, USA

Publication Data: July 2020

Volume 3 2020 East Europe & World Summary


Data 2017-2020; Market Data 2017-2023

53 Country World Summary covering production data 2016-2019 and market data for 2017-2023

13 country coverage

Bulgaria; Croatia; Czech Republic; Estonia; Hungary; Lithuania; Poland; Romania; Russia; Slovakia; Slovenia;

Turkey, Ukraine

Publication Data: September 2020


5

For each country production and market data is supplied for the following product groups:

Computers

Consumer – Video; Audio; Personal

Control & Instrumentation

Medical & Industrial

Office Equipment

Radio Communications

Telecommunications

Components – Passive Components; Semiconductors; Other Components

Related Products & Services

European Electronics Production 2000-2023

As part of its program of research covering developments in the European electronics industry RER has released

a new statistical database providing a medium-term outlook for electronics production in Europe. Covering the

period 2000-2023 the research allows you to track developments both geographically and by major product

group.

The database is provided as an Excel spreadsheet providing production data for 13 product groups and 29

countries split by Western Europe and Central and Eastern Europe. In addition, a PDF document provides a

European overview as well as allowing the user to quickly reference data for individual countries.

Global Electronics Production & Markets

Launched in 2012, Global Electronics Production & Markets provides top line analysis on the global electronics

industry for the period 1995 to 2023 for markets and 1995-2020 for production. Through two Excel databases you

can quickly analyze the structure of the global industry and how it has changed both geographically, through

RER’s unique coverage of 53 countries, and by thirteen major product groups. The database will be fully updated

in September 2020.

Country Reports

Drawing on data from its core statistical database RER provides a quick, reliable and cost-effective assessment

of the electronics industry for an individual country. For a full listing please visit www.rer.co.uk

Custom Research

Building on the flexibility of the two databases and the Yearbook series we can quickly search data by product or

country/region to provide solutions tailored to your specific needs or budgets. Ideal for input into internal

presentations/ documents the data is supplied via email.

European Electronic Markets Forecast

Market data is only one part of the equation when analyzing the European electronics industry. Updated monthly,

European Electronic Markets Forecast (EEMF) enables you to track with minimum time and cost, the key issues

and opportunities impacting the European electronics industry. From originally researched articles to the latest

company developments and market analysis EEMF is your virtual “Research Analyst” utilizing over 35 years of


6

industry and market research experience to provide you both in hardcopy and electronic formats not only reliable

but objective analysis and news on the European and global electronics industry.

Summary of Contents

Market Analysis: Up-to-the-minute analysis of the key sectors of the European and Global electronics industry

Industry News: The latest industry and company news split by:

Finance

Mergers & Acquisitions

Automotive

Electronic Manufacturing Services/PCB

Production

Semiconductors

Renewable Energy/CleanTech

Asia Pacific Electronics: Highlighting the growing importance of Asia on the global electronics industry, EEMF

provides a monthly summary of key developments within the region.

For additional information on the above publications or Reed Electronics Research’s complete range of

research products please contact or visit www.rer.co.uk

Andrew Fletcher, Research Manager

[email protected]

Reed Electronics Research

Boston House

Grove Technology Park

Wantage, Oxon OX12 9FF

United Kingdom

Tel: +44 (0) 1235 227310

Fax: +44 (0) 1235 420515

website: www.rer.co.uk


7

Yearbook of World Electronics Data Volume 1 2020

Contents

1 INTRODUCTION 15

2 SUMMARY DATA 17

2.1 Economic Overview 17

2.2 Electronics Overview 18

2.3 Imports 2017-2018 25

2.4 Exports 2017-2018 26

2.5 Consolidated Summary of Production 2017 27




2.9 Summary of EDP Production 29

2.10 Summary of Control & Instrumentation Production 30

2.11 Summary of Medical & Industrial Production 31

2.12 Summary of Communications & Radar Production 32

2.13 Summary of Telecommunications Production 33

2.14 Summary of Consumer Production 34

2.15 Summary of Components Production 35

2.16 Summary of Active Component Production 36

2.17 Summary of Passive Component Production 36

2.18 Summary of Other Component Production 36

2.19 West Europe Total Production 37

2.20 Consolidated Summary of Markets 2017 40







2.27 Summary of EDP Markets 44

2.28 Summary of Control & Instrumentation Markets 45

2.29 Summary of Medical & Industrial Markets 46

2.30 Summary of Communications & Radar Markets 47

2.31 Summary of Telecommunications Markets 48

2.32 Summary of Consumer Markets 49

2.33 Summary of Components Markets 50

2.34 Summary of Active Component Markets 51

2.35 Summary of Passive Component Markets 51

2.36 Summary of Other Component Markets 51

2.37 West Europe Total Markets 52

3 COUNTRY DATA 55

3.1 AUSTRIA 55

3.1.1 Economic Outlook 55

3.1.2 Electronics Industry Structure 56

3.1.3 Austria Production 59

Computing 2017-2020 59

Office Equipment 2017-2020 59

Control & Instrumentation 2017-2020 59

Medical & Industrial 2017-2020 59

Communications & Radar 2017-2020 60


8

Telecommunications 2017-2020 60

Consumer 2017-2020 60

Video 2017-2020 60

Audio 2017-2020 60

Personal 2017-2020 60

Components 2017-2020 60

Active 2017-2020 60

Passive 2017-2020 61

Other 2017-2020 61

3.1.4 Austria Markets 63







Consumer 2017-2023 64

Video 2017-2023 64

Audio 2017-2023 64

Personal 2017-2023 65


Active 2017-2023 65

Passive 2017-2023 65

Other 2017-2023 66

3.2 BELGIUM 67



3.2.3 Belgium Production 71







Consumer 2017-2020 72

Video 2017-2020 72

Audio 2017-2020 72

Personal 2017-2020 73


Active 2017-2020 73

Passive 2017-2020 73

Other 2017-2020 74

3.2.4 Belgium Markets 75







Consumer 2017-2023 76

Video 2017-2023 76

Audio 2017-2023 77

Personal 2017-2023 77



9

Active 2017-2023 77

Passive 2017-2023 78

Other 2017-2023 78

3.3 DENMARK 79



3.3.3 Denmark Production 83







Consumer 2017-2020 85

Video 2017-2020 85

Audio 2017-2020 85

Personal 2017-2020 85


Active 2017-2020 85

Passive 2017-2020 86

Other 2017-2020 86

3.3.4 Denmark Markets 88







Consumer 2017-2023 90

Video 2017-2023 90

Audio 2017-2023 90

Personal 2017-2023 90


Active 2017-2023 91

Passive 2017-2023 91

Other 2017-2023 92

3.4 FINLAND 93



3.4.3 Finland Production 97







Consumer 2017-2020 98

Video 2017-2020 98

Audio 2017-2020 98

Personal 2017-2020 98



10

Active 2017-2020 98

Passive 2017-2020 99

Other 2017-2020 99

3.4.4 Finland Markets 100

Computing 2017-2023 100






Consumer 2017-2023 101

Video 2017-2023 101

Audio 2017-2023 102

Personal 2017-2023 102


Active 2017-2023 102

Passive 2017-2023 103

Other 2017-2023 103

3.5 FRANCE 105



3.5.3 France Production 109

Computing 2017-2020 109






Consumer 2017-2020 111

Video 2017-2020 111

Audio 2017-2020 111

Personal 2017-2020 111


Active 2017-2020 112

Passive 2017-2020 112

Other 2017-2020 113

3.5.4 France Markets 114

Computing 2017-2023 114






Consumer 2017-2023 116

Video 2017-2023 116

Audio 2017-2023 116

Personal 2017-2023 116


Active 2017-2023 117

Passive 2017-2023 117

Other 2017-2023 118

3.6 GERMANY 119




11

3.6.3 Germany Production 124

Computing 2017-2020 124






Consumer 2017-2020 126

Video 2017-2020 126

Audio 2017-2020 126

Personal 2017-2020 126


Active 2017-2020 127

Passive 2017-2020 127

Other 2017-2020 128

3.6.4 Germany Markets 129

Computing 2017-2023 129






Consumer 2017-2023 131

Video 2017-2023 131

Audio 2017-2023 131

Personal 2017-2023 131


Active 2017-2023 132

Passive 2017-2023 133

Other 2017-2023 133

3.7 GREECE 135



3.7.3 Greece Production 139

Computing 2017-2020 139






Consumer 2017-2020 140

Video 2017-2020 140

Audio 2017-2020 140

Personal 2017-2020 140


Active 2017-2020 140

Passive 2017-2020 140

Other 2017-2020 141

3.7.4 Greece Markets 142

Computing 2017-2023 142






12


Consumer 2013-2019 143

Video 2017-2023 143

Audio 2017-2023 143

Personal 2017-2023 144


Active 2017-2023 144

Passive 2017-2023 144

Other 2017-2023 145

3.8 IRELAND 146



3.8.3 Ireland Production 150

Computing 2017-2020 150






Consumer 2017-2020 151

Video 2017-2020 151

Audio 2017-2020 151

Personal 2017-2020 151


Active 2017-2020 151

Passive 2017-2020 152

Other 2017-2020 152

3.8.4 Ireland Markets 153

Computing 2017-2023 153






Consumer 2017-2023 154

Video 2017-2023 154

Audio 2017-2023 154

Personal 2017-2023 155


Active 2017-2023 155

Passive 2017-2023 155

Other 2017-2023 156

3.9 ITALY 157



3.9.3 Italy Production 161

Computing 2017-2020 161






Consumer 2017-2020 163

Video 2017-2020 163


13

Audio 2017-2020 163

Personal 2017-2020 163


Active 2017-2020 163

Passive 2017-2020 164

Other 2017-2020 164

3.9.4 Italy Markets 166

Computing 2017-2023 166






Consumer 2017-2023 168

Video 2017-2023 168

Audio 2017-2023 168

Personal 2017-2023 168


Active 2017-2023 169

Passive 2017-2023 169

Other 2017-2023 170

3.10 NETHERLANDS 171



3.10.3 Netherlands Production 175

Computing 2017-2020 175






Consumer 2017-2020 177

Video 2017-2020 177

Audio 2017-2020 177

Personal 2017-2020 177


Active 2017-2020 177

Passive 2017-2020 178

Other 2017-2020 178

3.10.4 Netherlands Markets 180

Computing 2017-2023 180






Consumer 2017-2023 182

Video 2017-2023 182

Audio 2017-2023 182

Personal 2017-2023 182


Active 2017-2023 183

Passive 2017-2023 183

Other 2017-2023 184


14

3.11 NORWAY 185



3.11.3 Norway Production 189

Computing 2017-2020 189






Consumer 2017-2020 190

Video 2017-2020 190

Audio 2017-2020 190

Personal 2017-2020 190


Active 2017-2020 190

Passive 2017-2020 191

Other 2017-2020 191

3.11.4 Norway Markets 192

Computing 2017-2023 192






Consumer 2017-2023 193

Video 2017-2023 193

Audio 2017-2023 193

Personal 2017-2023 194


Active 2017-2023 194

Passive 2017-2023 194

Other 2017-2023 195

3.12 PORTUGAL 196



3.12.3 Portugal Production 200

Computing 2017-2020 200






Consumer 2017-2020 201

Video 2017-2020 201

Audio 2017-2020 201

Personal 2017-2020 201


Active 2017-2020 201

Passive 2017-2020 202

Other 2017-2020 202

3.12.4 Portugal Markets 204

Computing 2017-2023 204



15





Consumer 2017-2023 205

Video 2017-2023 205

Audio 2017-2023 205

Personal 2017-2023 205


Active 2017-2023 206

Passive 2017-2023 206

Other 2017-2023 207

3.13 SPAIN 208



3.13.3 Spain Production 212

Computing 2017-2020 212






Consumer 2017-2020 213

Video 2017-2020 213

Audio 2017-2020 213

Personal 2017-2020 213


Active 2017-2020 213

Passive 2017-2020 214

Other 2017-2020 214

3.13.4 Spain Markets 215

Computing 2017-2023 215






Consumer 2017-2023 216

Video 2017-2023 216

Audio 2017-2023 216

Personal 2017-2023 217


Active 2017-2023 217

Passive 2017-2023 217

Other 2017-2023 218

3.14 SWEDEN 219



3.14.3 Sweden Production 224

Computing 2017-2020 224






16


Consumer 2017-2020 226

Video 2017-2020 226

Audio 2017-2020 226

Personal 2017-2020 226


Active 2017-2020 226

Passive 2017-2020 226

Other 2017-2020 227

3.14.4 Sweden Markets 228

Computing 2017-2023 228






Consumer 2017-2023 230

Video 2017-2023 230

Audio 2017-2023 230

Personal 2017-2023 230


Active 2017-2023 231

Passive 2017-2023 231

Other 2017-2023 232

3.15 SWITZERLAND 233



3.15.3 Switzerland Production 237

Computing 2017-2020 237






Consumer 2017-2020 238

Video 2017-2020 238

Audio 2017-2020 238

Personal 2017-2020 238


Active 2017-2020 239

Passive 2017-2020 239

Other 2017-2020 239

3.15.4 Switzerland Markets 241

Computing 2017-2023 241






Consumer 2017-2023 242

Video 2017-2023 242

Audio 2017-2023 243

Personal 2017-2023 243



17

Active 2017-2023 243

Passive 2017-2023 244

Other 2017-2023 244

3.16 UNITED KINGDOM 245



3.16.3 UK Production 250

Computing 2017-2020 250






Consumer 2017-2020 252

Video 2017-2020 252

Audio 2017-2020 252

Personal 2017-2020 252


Active 2017-2020 253

Passive 2017-2020 253

Other 2017-2020 254

3.16.4 UK Markets 255

Computing 2017-2023 255






Consumer 2017-2023 257

Video 2017-2023 257

Audio 2017-2023 258

Personal 2017-2023 258


Active 2017-2023 258

Passive 2017-2023 259

Other 2017-2023 259

4 APPENDICES 261

4.1 Consolidated Summary of West European Electronics Production 2017-2020 (Euro) 261

4.2 Consolidated Summary of West European Electronics Production 2017-2023 (Euro) 263

4.3 Exchange Rates 267

4.4 Guide to Interpretation of the Statistics 268

4.5 Guide to Statistical Trade Classifications 272

4.6 Guide to the Definition of the Electronic Product Headings 274

4.7 List of Sources 281


18

SAMPLE DATA

Over the following pages we provide sample data from the current edition of the report. This includes summary

data for both production and markets, and sample data from several countries.

CONSOLIDATED SUMMARY OF PRODUCTION 2019 Table 2.7

$M $M $M $M $M $M $M $M $M

Country Office Control Medical &Radio

Comms Telecomm- Compo-

Computing Equip & Instr Industrial & Radar* unications Consumer nents TOTAL

Austria 221 2 1365 1006 382 326 5 2076 5383

Belgium 534 - 917 830 612 153 4 863 3914

Denmark 234 - 1096 1285 229 104 28 596 3572

Finland 33 - 874 533 434 335 - 435 2642

France 730 87 4218 2021 11382 1383 169 6944 26934

Germany 3489 84 25648 8334 3461 1607 1012 14960 58594

Greece 190 7 72 19 182 85 2 65 623

Ireland 1483 8 893 1617 258 133 18 4862 9272

Italy 494 28 3827 1538 2702 1025 29 4352 13996

Netherlands 882 - 2784 2993 453 275 29 1301 8718

Norway 100 - 636 205 353 88 - 105 1488

Portugal 101 - 264 125 404 124 697 551 2266

Spain 267 7 410 562 820 545 18 1078 3707

Sweden 67 - 1566 188 1550 1103 20 595 5088

Switzerland 371 4 4552 1778 386 320 3717 1930 13057

UK 1404 58 5719 3140 5515 340 46 3469 19691

TOTAL 10601 285 54842 26173 29125 7944 5795 44180 178943

CONSOLIDATED SUMMARY OF MARKETS 2019 Table 2.22

$M $M $M $M $M $M $M $M $M

Country Office Control Medical &Radio

Comms Telecomm- Compo-

Computing Equip & Instr Industrial & Radar* unications Consumer nents TOTAL

Austria 1748 31 1006 878 690 377 648 1465 6844

Belgium 2989 55 838 726 1346 512 472 1444 8382

Denmark 1500 36 490 263 430 322 267 759 4067

Finland 1327 30 569 221 431 118 268 1029 3994

France 9175 343 3079 2212 7192 2287 2981 6145 33413

Germany 19044 403 10981 4190 5252 2575 5612 17476 65533

Greece 688 40 246 120 475 276 389 324 2558

Ireland 2402 18 308 327 545 224 242 2270 6335

Italy 5756 279 4065 1739 4638 1761 2249 4808 25296

Netherlands 6437 172 1987 1119 1670 969 985 2527 15865

Norway 1173 45 488 315 559 204 426 462 3673

Portugal 1206 20 283 294 769 378 452 916 4317

Spain 3751 162 1485 1115 3969 1785 1699 3610 17575

Sweden 1893 44 1081 280 1313 483 551 1673 7318

Switzerland 4554 210 1747 697 2028 546 1145 1774 12701

UK 10332 396 3474 1963 8065 1778 3486 4892 34387

TOTAL 73975 2285 32127 16460 39372 14595 21872 51574 252259


19

3.6 Germany 3.6.1 Economic Overview

Growth in the German economy fell to 0.6% in 2019, down from 1.5% in 2018 and significantly lower

than the 2.5% rate in 2017. The impact of the US-China trade war on Germany’s export-orientated

economy, uncertainty surrounding Brexit and declining output in the key automotive sector all

contributed to slower economic activity during the year.

Prospects for a recovery in 2020 were abruptly ended with the global escalation of the coronavirus

pandemic. Despite the sharp contraction in the first quarter, as measures were introduced to halt the

spread of COVID-19, the full economic fall-out is expected in the second quarter of 2020. Business and

consumer confidence plummeted in April, and with the prospects that it will fall further in May, additional

pressure is expected to be placed on the already fragile outlook. Despite the signs of a gradual recovery

in China the external environment in general remains weak globally and is not expected to be supportive

to growth until the later part of 2020.

In its April 2020 World Economic Outlook (WEO) the International Monetary Fund (IMF) lowered its

projections for the German economy and now expects GDP to decline by 7.0% in 2020, before

rebounding by 5.2% in 2021.

The IMF expects the growth in consumer prices to ease to 0.3% in 2020, down from 1.3% a year earlier,

before rising to 1.2% in 2021. The organisation also expects the unemployment rate, which had tracked

down from 5.4% in 2012 to 3.2% in 2019, to rise to 3.9% in 2020 before easing to 3.5% in 2021.

Germany GDP Growth 2016-2021

Actual Forecast

% Increase 2016 2017 2018 2019 2020 2021

Growth of GDP 2.2 2.5 1.5 0.6 -7.0 5.2 Note: Percentage change on previous year. Source: IMF World Economic Outlook April 2020

GDP Growth 2016-2021

‐8

‐6

‐4

‐2

0

2

4

6

2016 2017 2018 2019 2020 2021

% Growth


20

3.6.2 Electronics Industry Overview

According to Eurostat there were 6,813 enterprises in Germany operating in the computer, electronic

and optical segment (NACE C26) in 2018 of which 2,413 focused on instruments for measuring, testing

and navigation and watches and clocks, 1,772 on electronic components and boards, 717 on

communications equipment, 811 on computers and peripherals, 256 on medical and the remainder

across other sectors. In addition, there were 176 enterprises focused on air and spacecraft and related

machinery and 202 (2017) on electrical and electronic components for motor vehicles.

Although Germany is home to some of the largest electronic groups in Europe small and medium-sized

companies, which are often privately-owned, play an important role in the country’s electronics industry.

More importantly, they will play a significant role in the future, in particular as the larger OEMs and EMS

providers look to take advantage of lower cost locations and manufacture in the market/region of

consumption.

Germany is a key export market for the majority of European countries and as such events in Germany

will play a pivotal role in the outlook for the European electronics industry.

The automotive industry is a major driver of the German economy and in turn will have a major influence

on the broader electronics industry. Although increasing electronics content has helped offset the recent

decline in domestic and global production the impact of COVID-19 will see a more pronounced fall in the

automotive electronics market this year which is only expected to show a gradual recovery during the

course of 2021. In the medium- to longer-term, driven by the move to electrify vehicles, advanced safety

and the move to autonomous driving and increased connectivity will help accelerate the demand for

automotive systems and components in the period to 2023.

Germany, with some of the worlds most recognized suppliers – Bosch, Continental and ZF – as well as

numerous other players across the both the automotive and broader electronics supply chain should be

well positioned to take advantage of both existing and new opportunities over the later part of the

forecast period.

After growth of 4.8% in 2017 and a more modest 2.2% in 2017 electronics output posted a decline of

3.7% in 2019 as demand in key export markets weakened during the year and the domestic economy

eased. The prospects of a return to growth in 2020 have been short-lived as the coronavirus outbreak,

Percentage Growth in German Electronics Production 2011-2020

‐12.0

‐10.0

‐8.0

‐6.0

‐4.0

‐2.0

0.0

2.0

4.0

6.0

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Euro M

illions


21

which was initially seen as disruption to the supply chain in China, escalated to a global pandemic. As a

result, overall electronics production is now forecast to decline by 10.3% with significant downside risks

to the outlook.

Summary of German Electronics Production

Euro Millions 2015 2016 2017 2018 2019 2020

Computing 3292 3168 3282 3348 3180 2580

Industrial 27866 28264 30123 31348 30244 27242

Communications 4514 4702 4604 4510 4510 4209

Consumer 1135 1119 1066 956 901 790

Components 13605 13282 13899 13983 13314 11944

Total 50412 50535 52974 54145 52149 46764

Notes: Computing includes office equipment; Industrial combines control and instrumentation and medical and industrial; and communications combines fixed and wireless communications (inc. defence). Due to computer rounding the summary figures above may differ slightly from the figures presented in the main tables.

Germany’s electronics industry is dominated by industrial electronics and in particular control and

instrumentation. After posting growth of 6.9% in 2017 growth eased to 3.9% in 2018 before declining by

4.6% in 2019 on the back of falling exports and weaker domestic demand, most notably from the

automotive sector, but also across other manufacturing industries. In 2020, output is expected to post a

double-digit decline as COVID-19 impacts both domestic and global markets.

Medical electronics output, after declining in both 2016 and 2017, posted a modest increase of 1.8% in

2018 and a more substantial rise of 5.1% in 2019. COVID-19 will lead to opportunities for the medical

sector in 2020, especially for equipment essential to the treatment of the virus. At the same time,

demand for other equipment will be more modest or even decline. As a result, growth in output is

expected to ease to 3.0% for the year as a whole.

The production of radio communications equipment (including defence) increased by 4.9% in 2019 with

growth centred on radar and navigational aids. Assuming the main impact of COVID-19 is limited to the

first half of 2020 output is forecast to decline by 7.0% in 2020.

The production of telecommunications equipment has declined since 2016, output falling by an

estimated 9.2% in 2019 and compared to 7.7% in the prior year. Although the sector will benefit from on-

German Electronics Industry by Sector 2019

Computing6%

Industrial58%

Communications9%

Consumer2%

Components25%


22

going investment by operators and companies in ensuring that networks are maintained, it is not

expected that it will be sufficient to stop output declining by a further 6.0% in 2020.

The announcement by Fujitsu in the final quarter of 2018 that it planned to close the remaining volume

production plant in Germany by 2020 is expected to lead to double-digit decline in computer production

in 2020. The site in Augsburg produced 2.3 million units in the year to 3.1 March 2018.

Production of consumer electronics equipment accounted for 1.7% of electronics output in 2019. The

production of TVs focuses, primarily through Loewe, on high-end products however, in value terms,

output has been in decline since 2017. Through its partnership with the Chinese company Hisense it is

expected that Loewe will look to focus on utilising low-cost sites.

The production of car audio has declined year on year since 2014 a trend which is expected to continue

over the forecast period.

Components accounted for 25.5% of electronics output in 2019. The production of active components

declined by 4.2% in 2019 and compared to a fall of 2.6% in the prior year. The production of discrete

semiconductors, excluding photocells declined by 3.1% in-line with the overall weaker market. In

contrast, the production of photocells increased by 6.1% on the back of stronger growth for solar

although it remains significantly lower than 2016 when output topped Euro 1.0 billion. Once a major

player globally the German photovoltaic industry has undergone a major restructuring in recent years in

the face of increased competition from Chinese manufacturers.

Following a modest increase of 0.6% in 2008, the production of ICs declined by 7.3% in response to

weaker demand both domestically and also in key export markets. In 2020, the production of active

components is forecast to decline by a further 8.5%, in line with generally weaker end-demand as a

result of the global pandemic.

In 2019, connectors accounted for 58.3% of passive component production but declined by 3.1% as

demand weakened over the course of the year. Reflecting the general slowdown in electronics

equipment output and the slowdown in automotive production overall passive component production

declined by 4.9% during the year.

German Electronics Production by Sector 2015-2020

0

5000

10000

15000

20000

25000

30000

35000

2015 2016 2017 2018 2019 2020

Euro M

illions

Computing Industrial Communications Consumer Components


23

Although PCB production is now primarily undertaken in Asia there are still a number of small and

medium-sized manufacturers in the country with the focus on serving the industrial and automotive

markets. After increasing by 5.6% and 6.3% in 2017 and 2018, respectively growth posted a double-digit

decline in 2019 primarily due to the negative developments in the industrial and automotive markets

impacting demand.

Despite being the leading country in terms of revenues there are surprisingly only two German

companies within the Top 20 European EMS providers in 2018, Zollner ranked 4th and the BMK Group

(20th). A further nine companies are in the Top 50 in 2018: TQ-Group (22nd), Katek (25th), Leesys (27th),

Prettl Electronics (34th), Turck duotec (36th), Tonfunk (39th), RAFI (41st), Sero (45th), bebro Electronic

(since acquired by Katek) (47th) and Manufacturing, Logistics and Services (49th). There are however a

large number of small and medium sized companies serving the market.

Reflecting its importance of the German market a number of European companies are targeting

Germany through acquisition including France’s Asteelflash and éolane, the Finnish company Scanfil,

the Dutch company Neways and HANZA of Sweden or through the establishment of local sales offices.

Outlook

Summary of German Electronics Production – Medium Term Forecast 2018-2023

Euro Millions 2018 2019 2020 2021 2022 2023

Computing 3348 3180 2580 2535 2443 2342

Industrial 31348 30244 27242 29385 31001 32346

Communications 4510 4510 4209 4373 4540 4730

Consumer 956 901 790 759 738 719

Components 13983 13314 11944 12513 12951 13350

Total 54145 52149 46764 49565 51672 53486

Notes: Computing includes office equipment; Industrial combines control and instrumentation and medical and industrial; and communications combines fixed and wireless communications (inc. defence). Due to computer rounding the summary figures above may differ slightly from the figures presented in the main tables.

Over the period to 2023 the German electronics industry will continue to be centred on industrial

applications and automotive, this despite falling demand in 2019 and the impacts of COVID-19 in 2020.

Growth is expected to gradually pick-up during 2021 and then accelerate over the forecast period.

Germany’s focus on Industry 4.0 and growth in IoT applications is expected to support growth in both in

both fixed and wireless communications with growth gaining momentum across the forecast period.

In contrast, output in the computing and consumer segments will continue to decline with increased

competition from low-cost suppliers.

Despite facing increased competition, especially for commodity products, the components segment is

expected to recover from the slowdown in 2019/2020 and post low single-digit growth over the forecast

period. Recent investments in semiconductor manufacturing capacity in the country will support growth.

Although many companies will continue to build on the strategy of “Made in Germany” it is expected that

over the period to 2023 an increasing number of OEMs and EMS companies will look at utilising low-

cost sites or relocate production to be closer to key emerging markets.


24

3.9.3 ITALY PRODUCTION

COMPUTING 2017 2018 2019 2020

Complete Systems €M 261 232 210 187

$M 293 273 236 210

Peripherals €M 261 170 160 145

$M 293 200 180 163

Accessories & Parts €M 71 76 70 60

$M 80 89 79 67

Computing Total €M 593 478 440 392

$M 666 562 494 440

OFFICE EQUIPMENT 2017 2018 2019 2020

Office Equipment Total €M 7 30 25 21

$M 8 35 28 23

CONTROL & INSTRUMENTATION 2017 2018 2019 2020

Total Industrial & Process €M 1340 1400 1350 1160

Control $M 1506 1647 1517 1304

Instrumentation

Analytical Instruments €M 115 115 105 89

$M 129 135 118 100

Nucleonic Instruments €M 16 11 11 8

$M 18 13 12 9

Signal Generators €M 7 11 5 4

$M 8 13 6 4

Telecoms Instruments €M 20 22 27 21

$M 22 26 30 24

Machine & Materials Test €M 295 295 265 222

Instruments $M 331 347 298 250

Electrical Quantity Measuring €M 96 98 86 69

Instruments $M 108 115 97 77

Other Test & Measuring €M 1115 1140 1090 898

Instruments $M 1253 1341 1225 1009

Total Instrumentation €M 1664 1692 1589 1311

$M 1870 1991 1785 1473

Accessories & Parts €M 440 455 467 390

$M 494 535 525 438

Control & Instrumentation €M 3444 3547 3406 2861

Total $M 3870 4173 3827 3215


25

ITALY PRODUCTION (ctd)

MEDICAL & INDUSTRIAL 2017 2018 2019 2020

X-Ray & Medical Equipment

X-Ray Equipment €M 252 235 245 240

$M 283 276 275 269

Electromedical Equipment €M 505 512 530 551

$M 567 602 596 619

Hearing Aids €M 13 14 14 18

$M 15 16 16 21

X-Ray & Medical Equipment €M 770 761 789 809

Total $M 865 895 887 909

Industrial Equipment

Railway & Traffic Signalling €M 198 194 185 156

Equipment $M 222 228 208 175

Other Signalling Equipment €M 525 368 340 287

$M 590 433 382 322

Other Industrial Equipment €M 45 47 55 48

$M 51 55 62 53

Total Industrial Equipment €M 768 609 580 490

$M 863 716 652 551

Medical & Industrial Equipment €M 1538 1370 1369 1299

Total $M 1728 1612 1538 1459

COMMUNICATIONS & RADAR 2017 2018 2019 2020

Radar & Navigational Aids €M 1295 1325 1340 1246

$M 1455 1559 1506 1400

Radio Comms inc Mobile Phones €M 1035 1065 1065 990

Public Broadcasting & Parts $M 1163 1253 1197 1113

Communications & Radar Total €M 2330 2390 2405 2237

$M 2618 2812 2702 2513

TELECOMMUNICATIONS 2017 2018 2019 2020

Telephone Sets €M 50 30 27 25

$M 56 35 30 28

Other Telecoms Equipment €M 845 865 885 837

$M 949 1018 994 940

Telecommunications Total €M 895 895 912 862

$M 1006 1053 1025 968


26


CONSUMER 2017 2018 2019 2020

Video Equipment

Colour Television €M 4 3 3 3

$M 4 4 3 3

Video Equipment Total €M 4 3 3 3

$M 4 4 3 3

Audio Equipment

Mains Audio Equipment €M 2 2 2 2

$M 2 2 2 2

Audio Equipment Total €M 2 2 2 2

$M 2 2 2 2

Personal Consumer Equipment

Electronic Musical Instruments €M 15 15 15 14

$M 17 18 17 16

Electric/Electronic Watches €M 2 2 2 2

$M 2 2 2 2

Electric/Electronic Clocks €M 4 4 4 4

$M 4 5 4 4

Total Personal Equipment €M 21 21 21 20

$M 24 25 24 22

Consumer Equipment Total €M 27 26 26 24

$M 30 31 29 27

COMPONENTS 2017 2018 2019 2020

Active Components

Valves & Tubes €M 10 9 9 8

$M 11 11 10 9

Diodes €M 72 51 44 39

$M 81 60 49 44

Transistors €M 18 20 18 16

$M 20 24 20 18

Thyristors €M 12 12 10 9

$M 13 14 11 10

Piezoelectric Crystals €M 10 10 7 6

$M 11 12 8 7

Photocells €M 263 267 270 262

$M 296 314 303 294


27


COMPONENTS (ctd) 2017 2018 2019 2020

Active Components

Other Discrete Semiconductors €M 50 50 47 43

$M 56 59 53 48

ICs & Other Microcircuits €M 1750 1912 1820 1656

$M 1966 2249 2045 1861

Active Components Total €M 2185 2331 2225 2039

$M 2455 2742 2500 2291

Passive Components

Fixed Capacitors €M 110 110 100 91

$M 124 129 112 102

Variable Capacitors €M 1 1 1 1

$M 1 1 1 1

Resistors €M 24 30 27 24

$M 27 35 30 27

Connectors €M 410 415 405 356

$M 461 488 455 400

Transformers & Inductors €M 130 132 119 105

$M 146 155 134 118

Relays €M 33 35 33 30

$M 37 41 37 34

Switches €M 129 127 120 108

$M 145 149 135 121

Printed Circuit Boards €M 282 216 210 185

$M 317 254 236 208

Total Passive Components €M 1119 1066 1015 900

$M 1257 1254 1140 1011

Other Components

Microphones €M 3 3 3 2

$M 3 4 3 3

Loudspeakers €M 210 225 230 221

$M 236 265 258 248

Amplifiers €M 47 48 46 44

$M 53 56 52 50

Aerials €M 76 50 50 46

$M 85 59 56 51


28


COMPONENTS (ctd) 2017 2018 2019 2020

Other Components (ctd)

Unrecorded Media €M 12 9 8 7

$M 13 11 9 8

Accessories & Parts for €M 253 278 296 262

Consumer Equipment $M 284 327 333 295

Total Other Components €M 601 613 633 582

$M 675 721 711 654

Total Components Production €M 3905 4010 3873 3521

$M 4388 4718 4352 3957

TOTAL PRODUCTION - ITALY 2017 2018 2019 2020

Total €M 12739 12746 12456 11216

$M 14314 14995 13996 12603

Notes: 2017 and 2018 are current figures at current exchange rates. 2019 and 2020 are forecasts at 2019 constant values and exchange rates (i.e. inflation is not included). Base year 2019


29

3.5.4 FRANCE MARKETS

COMPUTING 2017 2018 2019 2020 2021 2022 2023

Computers Total €M 4166 4086 4057 3844 3969 4071 4162

$M 4681 4807 4558 4319 4460 4574 4677

Peripherals €M 2282 2254 2240 2118 2182 2233 2279

$M 2564 2652 2517 2379 2452 2509 2561

Accessories & Parts €M 1930 1912 1869 1755 1797 1827 1853

$M 2169 2249 2100 1972 2019 2053 2081

Computing Total €M 8378 8252 8166 7717 7948 8131 8294

$M 9413 9708 9175 8671 8931 9136 9319

OFFICE EQUIPMENT 2017 2018 2019 2020 2021 2022 2023

Office Equipment €M 315 311 305 268 263 254 244

$M 354 366 343 302 296 285 275

Office Equipment Total €M 315 311 305 268 263 254 244

$M 354 366 343 302 296 285 275

CONTROL & INSTRUMENTATION 2017 2018 2019 2020 2021 2022 2023

Industrial & Process Control

Total Industrial & Process €M 929 950 959 836 879 911 943

Control $M 1044 1118 1078 939 987 1023 1060

Instrumentation

Analytical Instruments €M 223 227 225 195 205 211 218

$M 251 267 253 220 230 237 245

Nucleonic Instruments €M 47 45 46 40 43 44 46

$M 53 53 52 45 48 50 52

Signal Generators €M 32 24 21 16 14 13 11

$M 36 28 24 18 16 14 13

Telecoms Instruments €M 49 51 53 46 47 48 49

$M 55 60 60 51 53 54 56

Machine & Materials Test €M 92 127 129 112 117 120 124

Instruments $M 103 149 145 126 131 135 139

Electrical Quantity Measuring €M 84 82 80 69 73 75 78

Instruments $M 94 96 90 78 82 84 87

Other Test & Measuring €M 689 707 716 621 650 671 692

Instruments $M 774 832 804 698 730 754 777

Total Instrumentation €M 1216 1263 1270 1100 1148 1183 1218

$M 1366 1486 1427 1236 1290 1329 1369


30

FRANCE MARKETS (ctd)

CONTROL & INSTRUMENTATION 2017 2018 2019 2020 2021 2022 2023

Accessories & Parts €M 513 516 511 448 474 494 515

$M 576 607 574 504 532 555 578

Control & Instrumentation €M 2658 2729 2740 2384 2501 2588 2676

Total $M 2987 3211 3079 2678 2810 2908 3007

MEDICAL & INDUSTRIAL 2017 2018 2019 2020 2021 2022 2023

X-Ray & Medical Equipment

Medical X-Ray Equipment €M 125 128 132 136 139 142 145

$M 140 151 148 153 156 159 163

Industrial X-Ray Equipment €M 40 42 55 57 58 58 59

$M 45 49 62 64 65 65 67

Electrocardiographs €M 43 43 45 46 47 47 48

$M 48 51 51 52 52 53 53

Other Electromedical Equipment €M 683 688 703 745 781 815 854

$M 767 809 790 837 877 916 960

Hearing Aids €M 131 144 150 155 158 161 164

$M 147 169 169 174 178 181 185

X-Ray & Medical Equipment Total €M 1022 1045 1085 1138 1183 1223 1270

$M 1148 1229 1219 1279 1329 1374 1427

Industrial Equipment

Traffic Signalling Equipment €M 309 285 291 249 259 266 273

$M 347 335 327 280 291 299 306

Other Signalling Equipment €M 483 521 534 461 485 501 519

$M 543 613 600 518 545 563 583

Other Industrial Equipment €M 56 57 59 50 53 54 55

$M 63 67 66 57 59 61 62

Industrial Equipment Total €M 848 863 884 760 797 821 847

$M 953 1015 993 854 895 922 952

Medical & Industrial Total €M 1870 1908 1969 1898 1979 2043 2117

$M 2101 2245 2212 2133 2224 2296 2379

COMMUNICATIONS & RADAR 2017 2018 2019 2020 2021 2022 2023

Radar & Navigational Aids €M 1189 1244 1286 1134 1192 1244 1291

$M 1336 1464 1445 1274 1339 1397 1450

Radio Comms inc Mobile Phones, €M 5066 5172 5115 4518 4754 4970 5165

Public Broadcasting & Parts $M 5692 6085 5747 5076 5342 5584 5804

Communications & Radar Total €M 6255 6416 6401 5652 5946 6214 6456

$M 7028 7548 7192 6351 6681 6982 7254


31


TELECOMMUNICATIONS 2017 2018 2019 2020 2021 2022 2023

Telephone Sets €M 289 288 274 246 241 234 227

$M 325 339 308 276 271 263 256

Other Telecommunications €M 1684 1718 1761 1689 1768 1835 1908

Equipment $M 1892 2021 1979 1898 1987 2062 2144

Telecommunications Total €M 1973 2006 2035 1935 2009 2069 2135

$M 2217 2360 2287 2174 2257 2325 2399

CONSUMER 2017 2018 2019 2020 2021 2022 2023

Video Equipment

Colour Television €M 1232 1257 1237 1089 1118 1135 1112

$M 1384 1479 1390 1224 1256 1275 1249

DVD Players & Recorders €M 90 56 53 40 32 22 16

$M 101 66 60 45 36 25 18

Video & Digital Still Cameras €M 337 323 316 269 255 249 243

$M 379 380 355 302 287 280 273

Video Tuners & Satellite €M 137 132 126 111 104 97 92

Receivers $M 154 155 142 125 117 109 103

Video Equipment Total €M 1796 1768 1732 1509 1509 1503 1463

$M 2018 2080 1946 1696 1696 1689 1644

Audio Equipment

Portable Audio Equipment €M 40 35 31 27 26 25 25

$M 45 41 35 30 29 28 28

Mains Audio Equipment €M 74 71 63 52 48 44 41

$M 83 84 71 58 54 50 46

Car Audio €M 224 217 206 179 173 168 163

$M 252 255 231 201 194 189 184

Other Audio Equipment €M 160 157 156 135 130 126 122

$M 180 185 175 151 146 141 137

Audio Equipment Total €M 498 480 456 392 376 363 351

$M 560 565 512 441 423 408 394


Electronic Musical Instruments €M 64 72 75 69 69 69 69

$M 72 85 84 78 78 78 77

Electric/Electronic Watches €M 390 376 361 342 353 363 373

$M 438 442 406 384 396 408 419

Electric/Electronic Clocks €M 26 27 26 24 24 23 23

$M 29 32 29 27 26 26 26


32


CONSUMER (ctd) 2017 2018 2019 2020 2021 2022 2023


Electronic Flashlights €M 6 4 3 2 2 2 2

$M 7 5 3 3 2 2 2

Personal Consumer €M 486 479 465 437 448 457 467

Equipment Total $M 546 564 522 491 503 514 524

Consumer Equipment Total €M 2780 2727 2653 2338 2333 2324 2281

$M 3124 3208 2981 2627 2621 2611 2562

COMPONENTS 2017 2018 2019 2020 2021 2022 2023

Active Components

Valves & Tubes €M 205 186 189 183 178 171 160

$M 230 219 212 206 200 192 180

Diodes €M 155 161 155 146 152 158 165

$M 174 189 174 164 171 178 185

Transistors €M 164 175 170 158 165 171 178

$M 184 206 191 178 185 192 200

Other Discrete Semiconductors €M 889 846 897 870 905 952 1007

$M 999 995 1008 978 1017 1070 1131

ICs & Other Microcircuits €M 1416 1505 1440 1297 1362 1421 1485

$M 1591 1771 1618 1457 1530 1597 1669

Active Components Total €M 2829 2873 2851 2654 2762 2873 2995

$M 3179 3380 3203 2982 3103 3228 3365

Passive Components

Electrolytic Capacitors €M 61 64 63 59 61 64 66

$M 69 75 71 66 69 72 74

Other Fixed Capacitors €M 108 116 110 103 108 113 117

$M 121 136 124 116 121 127 131

Variable Capacitors €M 2 2 2 2 2 2 2

$M 2 2 2 2 2 2 2

Resistors €M 70 76 75 70 73 76 79

$M 79 89 84 79 82 85 89

Variable Resistors €M 27 27 26 24 23 22 21

$M 30 32 29 27 26 25 24

Connectors €M 598 623 638 603 627 650 674

$M 672 733 717 678 704 730 757

Small Transformers €M 150 149 145 138 143 147 152

$M 169 175 163 155 161 165 171


33


COMPONENTS 2017 2018 2019 2020 2021 2022 2023

Passive Components (ctd)

Relays €M 49 48 47 44 46 47 49

$M 55 56 53 49 52 53 55

Switches €M 93 94 92 86 89 92 95

$M 104 111 103 97 100 103 107

Printed Circuit Boards €M 436 446 448 419 436 449 464

$M 490 525 503 471 490 504 521

Passive Components Total €M 1594 1645 1646 1548 1608 1662 1719

$M 1791 1935 1849 1739 1807 1867 1931

Other Components

Microphones €M 41 39 41 39 40 41 42

$M 46 46 46 44 45 46 47

Loudspeakers €M 396 407 409 390 400 410 421

$M 445 479 460 438 449 461 473

Amplifiers €M 18 16 14 13 13 12 12

$M 20 19 16 15 15 13 13

Aerials €M 81 76 77 70 68 66 64

$M 91 89 87 79 76 74 72

Unrecorded Media €M 149 140 133 120 116 111 107

$M 167 165 149 135 130 125 120

Accessories & Parts for Consumer €M 281 291 298 274 282 289 297

Equipment $M 316 342 335 308 317 325 334

Other Components Total €M 966 969 972 906 919 929 943

$M 1085 1140 1092 1018 1033 1044 1060

Components Total €M 5389 5487 5469 5108 5289 5464 5657

$M 6055 6455 6145 5739 5943 6139 6356

TOTAL MARKET - FRANCE 2017 2018 2019 2020 2021 2022 2023

TOTAL MARKET €M 29618 29836 29738 27301 28268 29087 29860

$M 33279 35101 33413 30675 31762 32682 33551

Notes: 2017 and 2018 are current figures at current exchange rates 2019 to 2023 are forecasts at 2019 constant values & exchange rates (i.e. Inflation is not included) Base year 2019

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