The global electronics market is expected to grow at a CAGR of 7.7% from 2019 to 2020, according to IDC.
The market will reach $2.6 trillion in 2020 and reach $8.5 trillion in 2030, with the Chinese manufacturing industry taking the lead in the global electronic market, according IDC’s Global Manufacturing Outlook report.
The report predicts that the worldwide electronic market will grow to $7.8 trillion in 2021 from $7 trillion in 2019.
The global electronics industry will generate $879 billion in 2021, while China will generate about $2 trillion, the report said.
According to IDP, China’s manufacturing industry will contribute $1.7 trillion to the global economy in 2020.
According the IDP’s annual manufacturing outlook, China will contribute almost $9 trillion in 2017, followed by India with $6.4 trillion and the US with $5.3 trillion.
IDP also forecasts the global electronics economy to grow by 12.6% in 2020 from 9.6%.
