Electronics Manufacturers Anticipate Revenue Growth Increase of 9.5 Percent in 2024
Electronics Industry sentiment improved during January, with electronics manufacturers, on average, stating that they expect 5.2 percent revenue growth for 2023, with an increase to 9.5 percent in 2024, according to IPC’s January 2024 Global Sentiment of the Electronics Supply Chain Report.
Labor and materials costs continue to rise, with 59 percent of electronics manufacturers experiencing a rise in labor costs while 45 percent report rising material costs.
“Industry insiders appear optimistic about 2024,” said Shawn DuBravac, IPC chief economist. “Demand sentiment rose in January, driven primarily by stronger shipment data.”
Additional survey data show:
- The New Order Index rose 1 point to 102.
- The Shipment Index rose 5 points to 110.
- The Backlog Index was flat at 94.
- The Capacity Utilization Index remained steady at 106 for the third consecutive month.
- Cost measures remain at an all-time low, remaining flat for the third consecutive month.
For the report, IPC surveyed hundreds of companies from around the world, including a wide range of company sizes representing the full electronics manufacturing value chain.