The association also expects double-digit growth for the current year (+11%), although this is likely to be due not least to the current inflation environment. Growth should then normalize again in 2023 and reach five percent.

With a volume of EUR 2,069 billion (41.6% of the global market), the Chinese market is not only by far the largest country market in the world, it is also larger than all industrialized countries combined. Following last year's growth of 12%, the Chinese market is expected to grow by 14% and 8% in 2022 and 2023 respectively, according to the ZVEI forecast.

As a continent, Asia is not only the largest market, but also the continent whose market is likely to continue to develop most dynamically: in 2021, the Asian electrical market accounted for 3,106 billion euros (+10% compared to 2020). For 2022 and 2023, the association is forecasting growth rates of 13% and 7% respectively.

The American market (North and South America) for goods in the electrical and digital industry increased by 9% to EUR 940 billion in 2021, which corresponds to 18.9% of the global market. In 2022, there could be a further nominal increase of eight percent. In the coming year, the momentum should ultimately be more moderate with an increase of three percent.

The ZVEI puts the volume of the US market last year at 692 billion euros (+9% on the previous year, second place in the country ranking). In 2022, growth could amount to a further nine percent and reach two percent in the coming year.

At 8%, market growth in Europe in 2021 was only slightly behind the Asian and American growth rates. Overall, the European market volume amounted to 806 billion euros, which corresponds to 16.2% of the global market. "In 2022, the pace of expansion is likely to continue at the same rate as in the previous year, and we expect the market to grow by three percent in 2023," says Polzin.

In Germany, the electronics market was worth 143 billion euros last year - an increase of 11% compared to the previous year and fifth place in the country ranking. With expected growth of ten percent (2022) and seven percent (2023), this trend could continue.