Views: 3 Author: Ron Bishop Publish Time: 2021-06-05 Origin: ConnectorSupplier.com
So what does the forecast look like for 2021? A cautiously optimistic outlook on the pandemic is giving businesses and consumers reason to expect an accelerated return to regular activities, although some sectors will see long-term changes. Bishop & Associates anticipates that all electronic connector market sectors will grow in 2021, with the largest increase in the telecom/datacom sector.
Several factors confirm the connector industry’s anticipated growth in 2021.
The U.S. financial markets, which had a historical contraction in early 2020, came back very strong and set new records for the DJIA and the NASDAQ. Although the markets are volatile, the growth has leveled off and is predicted to remain strong in 2021.
The international markets have seen similar loses and recovery.
GDP annualized growth in the U.S. is projected to be down in Q1 0.6%, but it is expected to grow between 3.4% and 3.8% in the remaining quarters. Europe is projected to be down 2.8% in Q1 and to grow between 4.0% and 12.6% in the remaining quarters. China’s GDP is expected to grow between 5.1% and 6.7% through 2021.
Unemployment rates have been understandably high. The U.S. is expected to stay between 6.0% and 6.5% for 2021, while Europe is expected to stay between 9.4% and 9.7%, and China is expected to stay between 5.1% and 5.5%.
The U.S. housing market has been strong since things started reopening in May and June and is partially driven by people moving out of the major cities, such as New York and San Francisco. Due to the combination of low interest rates and a significant increase in the number of people now working from home, the U.S. real estate market should continue to be strong in 2021.
Some industries will experience long-lasting effects. Aircraft manufacturers, the airline and cruise industries, and service industries such as restaurants, gyms, and salons, to name a few, will not be quite the same for some time to come.