Global Electronic Equipment Output Value to Exceed $3 Trillion Next Year
The Japan Electronic Information Technology Industry Association (JEITA) recently released a forecast report that the global electronic equipment output value is expected to exceed $3 trillion for the first time next year.
Particularly, JEITA said that driven by factors such as the commercialization of 5G, the global output value of electronic equipment in 2020 will increase by 5% compared to 2019. As a result, it will reach $3.0807 trillion. This is the first time that the market size has exceeded $3 trillion.
In fact, 5G is a boosting factor in many fields. With its emergence, smartphones will become less useful. So IoT and AIoT will become the next generation of smart products that will appear in all aspects of our lives. At the moment, only 5G allows the manufacturers and IT-related firms to design products for the future.
In terms of different fields, it turns out the highest ratio in the electronic equipment market will belong to the solution services such as system construction. It has the fastest growth rate, and the latter is increased by 8% reaching $999.2 billion. At the same time, the communications equipment’s rate is increased by 6% reaching $547.1 billion.
In 2019, the global electronic equipment output value is expected to increase by 1% compared to 2018, reaching $2.9219 trillion. Moreover, the semiconductor and electronic components and other sectors have dragged down the growth.
Japan Electronics and Information Technology Industries Association is the industry standardization body for electronic equipment and information technology in Japan’s electronics industry. Its main businesses include promoting standardization and product specifications, communicating with the industry overseas, compiling survey statistics, and organizing industry fairs.