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.
Like this post? Share it!
Recent Posts
NFPA to Present “Digital Fluid Power – Advances & Controls in Hydraulics & Pneumatics” at AUTOMATE on May 8
NFPA members are encouraged to attend the AUTOMATE trade show, to be held May 6-9, 2024 in Chicago, IL. As part of our efforts to provide an effective forum for our members to connect with key end markets in fluid power, NFPA will be organizing a panel discussion on “Digital Fluid Power” on the AUTOMATE…
NFPA Surveys as Leading Indicators
Looking for a strong leading indicator to help plan forward over the next couple quarters? Look no farther than the NFPA State of Fluid Power Industry Survey (SOFP). SOFP is easy to participate in each month; more importantly, the results are powerful. Just answer a few quick opinion-based questions via an online survey. The SOFP…
NAM Regulatory Update: Manufacturers | Unprecedented Use of CERCLA Authority Will Hamper President’s Manufacturing Vision
As part of an effort to bring more information about the regulatory and legal environment facing American manufacturers, NFPA is monitoring the newsfeed of the National Association of Manufacturers (NAM) and will be bringing important updates like this to the attention of NFPA members. These chemicals are sometimes present in hydraulic fluids. Following the release…