Quarterly industry forecast reports from Oxford Economics have been updated on NFPA’s member hub. Some quick insights include:
- US industrial activity is expected to decelerate to 1.4% in 2024, down from 1.9% in 2023. Construction in the US is expected to harbor growth this year as value-added output growth is predicted to accelerate to 4.4%.
- China’s 2024 growth forecast for production of electronics and computers has risen to 6.2% from a previous 3% expected growth. China’s ‘New Three’ green industries seen in the chart below, are referenced as a contributor to this expected growth along with improvements in China’s domestic chipmaking capabilities.
- Global hybrid and electric light vehicles sales as a share of total new sales are projected to reach 36% in 2024 and 59% by 2030, up from 10% in 2020.
Oxford Economics produces quarterly forecast reports for 10+ industries. These reports highlight forecast drivers and constraints with upside and downside scenario outlooks. Industries covered include Construction, Motor Vehicles, Extraction, Electronics and Computers, and more. These reports additionally apply the industry forecasts to a handful of major market countries, such as Germany, United States, United Kingdom, China, Japan, and several others.
To access the latest industry forecasts, click https://nfpahub.com/stats/reports-data/global-market-reports-forecasts/industry-forecasts/, and go to “Global Industry Forecasts”. Information about the Chinese “New Three” industries can be in the Industry Forecasts Overview and the Electronics and Computers reports.
For any questions, please contact Cecilia Bart at cbart@nfpa.com.
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