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1、ipc.orgThe Current Sentiment of the Global Electronics Manufacturing Supply ChainMonitoring the Pulse of the Global Electronics IndustryMay 2023 Global electronics industry sentiment remains positive Despite continued economic uncertainty,global electronics industry sentiment remains positive.Many c
2、ompanies report they are feeling the economic slowdown and the corresponding uncertainty is causing many of their clients to delay purchase decisions or otherwise hesitate at least in the short-run.Electronics manufacturers are reporting cautious optimism,especially for the second half.Demand remain
3、s positive,for now The Backlog Index remained in contraction territory,though just barely,for a second consecutive month.The Orders Index slipped to 101.This is still in expansionary territory,but it is the lowest level seen since the start of the survey.Cost pressures continue to recede The majorit
4、y of respondents are still reporting that labor costs and material costs are rising,but the number of companies experiencing rising costs continues to decline.Only 49%of companies believe material costs will rise in the coming months,the first time this has fallen below 50%.Both the Material Costs I
5、ndex and the Labor Costs Index are at the lowest levels since the inception of the survey.Ease of recruiting skilled workers has also improved to its highest level since the survey began.Executive Summary 2Current Conditions for the Electronics Supply Chain357%57%40%32%34%25%29%28%20%13%42%41%52%56%
6、49%57%44%42%49%56%1%2%7%12%16%18%27%30%31%30%Labor costsMaterial costsInventory available to your customersInventory available to you from your suppliersShipmentsCapacity UtilizationOrdersBacklogsProfit marginsEase of recruiting/finding skilled talentRisingRemaining Flat/No ChangeDeclining1281281161
7、999592Diffusion IndexCurrent Direction of Key Business Indicators-Total-ExpandingContractingNearly three-fifths of electronics manufacturers are currently experiencing rising labor(57%)and material(57%)costs.At the same time,ease of recruitment,profit margins,and backlogs are presently de
8、clining.A diffusion index is a statistical measure used to detect economic turning points.Notably,there are no significant differences in current conditions by region.56%49%40%41%29%28%22%26%31%14%44%49%53%46%64%59%53%43%34%57%1%7%13%7%13%25%30%35%29%Labor costsMaterial costsInventory available to y
9、our customersShipmentsInventory available to you from your suppliersCapacity UtilizationProfit marginsOrdersBacklogsEase of recruiting/finding skilled talentRisingRemaining Flat/No ChangeDecliningExpandingContractingThe View From Companies Primarily Operating in North America4Current Direction of Ke
10、y Business Indicators-Primary Region:North America-Diffusion IndexA diffusion index is a statistical measure used to detect economic turning points.4893ExpandingContractingThe View From Companies Primarily Operating in Europe5Current Direction of Key Business Indicators-Primary
11、 Region:Europe-Diffusion IndexA diffusion index is a statistical measure used to detect economic turning points.60%58%31%35%27%31%15%23%15%4%40%42%62%54%65%54%69%46%54%65%8%12%8%15%15%31%31%31%Material costsLabor costsInventory available to your customersInventory available to you from your supplier
12、sShipmentsOrdersCapacity UtilizationProfit marginsBacklogsEase of recruiting/finding skilled talentRisingRemaining Flat/No ChangeDeclining29287978661%61%47%39%28%33%28%17%22%11%39%33%53%44%56%39%39%61%50%50%6%17%17%28%33%22%28%39%Material costsLabor costsI
13、nventory available to your customersInventory available to you from your suppliersBacklogsShipmentsCapacity UtilizationEase of recruiting/finding skilled talentOrdersProfit marginsRisingRemaining Flat/No ChangeDecliningThe View From Companies Primarily Operating in APAC6Current Direction of Key Busi
14、ness Indicators-Primary Region:APAC-Diffusion IndexA diffusion index is a statistical measure used to detect economic turning points.ExpandingContractingExpandingContractingThe View From Companies Primarily Operating Globally7Current Direction of Key Business Indicators-Primary Region:Global-A diffu
15、sion index is a statistical measure used to detect economic turning points.7Diffusion Index53%53%50%50%26%37%32%26%21%28%47%42%44%39%58%32%37%47%53%39%5%6%11%16%32%32%26%26%33%Labor costsMaterial costsInventory available to you from your suppliersInventory available to your customersCapacity Utiliza
16、tionBacklogsOrdersEase of recruiting/finding skilled talentShipmentsProfit marginsRisingRemaining Flat/No ChangeDeclining909797ExpandingContractingThe Outlook for the Next 6 Months8Diffusion IndexAnticipated Direction of Key Business Indicators Next Six Months-Total-A diffusion
17、 index is a statistical measure used to detect economic turning points.Over the next six months,electronics manufacturers expect to see continued increase in both labor and material costs,although to a somewhat lesser extent vs.current conditions.Meanwhile,backlogs,ease of recruitment,and profit mar
18、gins are expected remain challenging.4959352%50%46%37%37%43%34%20%14%19%45%44%43%54%53%35%54%57%62%50%3%6%10%8%10%22%13%23%24%32%Labor costsMaterial costsShipmentsInventory available to your customersInventory available to you from your suppliersOrdersCapacity UtilizationProfit
19、 marginsEase of recruiting/finding skilled talentBacklogsRiseRemain Flat/No ChangeDeclineOrders are expected to decline more so for firms operating in North America vs.those in Europe,who instead are more likely expecting orders to remain stable.Three in ten(29%)North American firms expect orders to
20、 decline in the next six months,while only 4%of European manufacturers share in the same outlook.At the same time,two-thirds(65%)of firms in Europe indicate orders are likely to remain steady,whereas a quarter(26%)of North American firms are expecting the same.9Regional Differences in The Outlook55%
21、52%54%45%42%33%44%23%25%13%42%45%38%45%48%52%26%58%47%62%3%3%9%10%10%14%29%19%28%25%Labor costsMaterial costsShipmentsInventory available to your customersInventory available to you from your suppliersCapacity UtilizationOrdersProfit marginsBacklogsEase of recruiting/finding skilled talentRiseRemain
22、 Flat/No ChangeDeclineAnticipated Direction of Key Business Indicators Next Six Months-Primary Region:North America-10The View From Companies Primarily Operating in North AmericaDiffusion IndexExpandingContractingA diffusion index is a statistical measure used to detect economic turning points.12612
23、592%35%31%27%35%38%19%15%12%4%54%62%65%73%58%46%69%62%69%62%4%4%4%8%15%12%23%19%35%Labor costsShipmentsOrdersInventory available to your customersInventory available to you from your suppliersMaterial costsCapacity UtilizationEase of recruiting/finding skilled talentProfit marg
24、insBacklogsRiseRemain Flat/No ChangeDecline3968511Anticipated Direction of Key Business Indicators Next Six Months-Primary Region:Europe-The View From Companies Primarily Operating in EuropeDiffusion IndexA diffusion index is a statistical measure used to detect economic turnin
25、g points.ExpandingContracting58%56%47%42%32%32%42%16%17%16%37%33%47%47%63%63%42%63%56%53%5%11%5%11%5%5%16%21%28%32%Labor costsOrdersMaterial costsCapacity UtilizationInventory available to you from your suppliersInventory available to your customersShipmentsEase of recruiting/finding skilled talentP
26、rofit marginsBacklogsRiseRemain Flat/No ChangeDecline69492ExpandingContractingAnticipated Direction of Key Business Indicators Next Six Months-Primary Region:APAC-12The View From Companies Primarily Operating in APACDiffusion IndexA diffusion index is a statistical measure used
27、 to detect economic turning points.Anticipated Direction of Key Business Indicators Next Six Months-Primary Region:Global-13The View From Companies Primarily Operating GloballyDiffusion IndexA diffusion index is a statistical measure used to detect economic turning points.ExpandingContracting1191191
28、39%44%47%42%39%33%47%21%26%26%61%50%42%53%56%61%32%63%47%37%6%11%5%6%6%21%16%26%37%Labor costsMaterial costsShipmentsInventory available to you from your suppliersInventory available to your customersCapacity UtilizationOrdersEase of recruiting/finding skilled talentProfit marg
29、insBacklogsRiseRemain Flat/No ChangeDecline0959239995Labor costsMaterial costsInventory availableto your customersInventory availableto you from yoursuppliersShipmentsCapacity UtilizationOrdersBacklogsProfit marginsEase ofrecruiting/findingskilled talentCu
30、rrent DirectionExpected Direction-4-6-2+3+9+7+10-6+4+3ExpandingContractingGap:Orders,Shipments,and Capacity Utilization are Expected to Rise in the Next Six Months14Direction of Key Business Indicators Diffusion Index-Total-A diffusion index is a statistical measure used to detect economic turning p
31、oints.At the same time,material costs and backlogs are expected to decline.4893279994Labor costsMaterial costsInventory availableto your customersShipmentsInventory availableto you from yoursuppliersCapacity UtilizationProfit marginsOrdersBacklogsEase ofre
32、cruiting/findingskilled talentCurrent DirectionExpected Direction-2+1+1+8+5+2+3+9+1+1Gap:15Direction of Key Business Indicators Diffusion Index-Primary Region:North America-A diffusion index is a statistical measure used to detect economic turning points.The View From Companies Primarily Operating i
33、n North AmericaExpandingContracting2928738596Material costsLabor costsInventory availableto your customersInventory availableto you from yoursuppliersShipmentsOrdersCapacity UtilizationProfit marginsBacklogsEase ofrecruiting/findingskilled talentCurrent Di
34、rectionExpected Direction-18-10+1+1+5+5+4+/-0-7+9Gap:ExpandingContracting16Direction of Key Business Indicators Diffusion Index-Primary Region:Europe-A diffusion index is a statistical measure used to detect economic turning points.The View From Companies Primarily Operating in Europe1106
35、39294Material costsLabor costsInventory availableto your customersInventory availableto you from yoursuppliersBacklogsShipmentsEase ofrecruiting/findingskilled talentCapacity UtilizationOrdersProfit marginsCurrent DirectionExpected Direction-10-2-11+2-14+10+/-0+19+25
36、+8Gap:17Direction of Key Business Indicators Diffusion Index-Primary Region:APAC-A diffusion index is a statistical measure used to detect economic turning points.The View From Companies Primarily Operating in APACExpandingContracting9097977118100Labor cos
37、tsMaterial costsInventory availableto you from yoursuppliersInventory availableto your customersCapacity UtilizationBacklogsOrdersEase ofrecruiting/findingskilled talentShipmentsProfit marginsCurrent DirectionExpected Direction-7-5-4-2+9-8+13+3+21+3Gap:18Direction of Key Business Indicators Diffusio
38、n Index-Primary Region:Global-A diffusion index is a statistical measure used to detect economic turning points.The View From Companies Primarily Operating GloballyExpandingContractingMay 2023 Special Questions1920Geopolitical Factors,Along with the Continued Impacts of Inflation and Rising Interest
39、 Rates,Lead Manufacturers to Describe the Current Economy as Slow,Uncertain,Challenging,Difficult,Volatile,and UnpredictableDescribing the Current Economy-Verbatim Responses-*Insufficient base size“In turmoil,lead by Russia-Ukraine war,poor US Leadership,China aggression and Middle East oil manipula
40、tion.”Global,PCB“Bifurcated.Some lines are going gangbusters,and others are silent.”North America,WHMA“Hyperinflation affects daily life and business in all segments.Costs are rising day by day.”Europe,OEM“Flat,sluggish and at risk of declining.Customers are weary to spend money on new development d
41、ue to risk.”North America,Other“Mixed.Some indicators suggest a more significant recession is looming.Others indicate potential slow economic growth.”North America,Materials Supplier“The global economy is affected by geopolitical factors,inflation and rise of interest rates in the US.We are noticing
42、 a slow down of some economical regions and some type of products.”North America,WHMA“Extremely unstable.Expecting further market volatility,tightening component availability.Prices rising.”North America,EMS“Volatile and unpredictable.Different activity in different sectors.Quiet in some markets,bus
43、y in others,unpredictable in all.”Europe,PCB“Difficult due to global situation and uncertain future.”Europe,OEM“Volatile and insecure.We are heading into negative territory still some time before the trend in the global economy will reverse.”Europe,PCB“Current economy is slowing down.Orders for prod
44、ucts could be better.”North America,Equipment Supplier“Hesitant.There are as many indicators that the economy is trending in a healthy way as there are that we are heading for recession.It would appear that people are having a hard time deciding what is really going on and therefore what to really b
45、elieve is happening in the short term.”North America,Component Supplier“The macroeconomic environment is slowing in many sectors,but fortunately for our company the verticals we are supporting are continuing to stay strong and are continuing to grow.We are continuing to find material supply challeng
46、ing which is keeping our inventory levels higher than we would traditional like to have them,and in turn is eroding our margins due to the higher cost of money.”North America,WHMA“Greatly uncertain of world market situation in political climate change and investment platform movement for capital fun
47、ding on new projects.Most of the planned projects under development progression are not intended to carrying on.It makes higher pressures on overhead cost payable keeping onwards,ultimately most invested money becomes liability.”APAC,Materials Supplier“Uncertain.Everybody seems to be in a holding pa
48、ttern.”North America,EMS“Cautious.Angst over the direction of interest rates,government policy,taxes,but demand conditions are generally good and seem resilient.”North America,EMS21However,Despite Current Challenging Conditions,the Outlook for 2023 is Relatively Positive,with Manufacturers Expressin
49、g Optimism and Expecting Growth,Especially in the Latter Half of the YearOutlook for 2023-Verbatim Responses-*Insufficient base size“Overall outlook is very positive revenue and profit growth on the rise.Have added numerous automated processes to combat labor challenge.”North America,EMS“Optimistic,
50、we have seen a decline in the Semi industry and the Defense industry,while we have seen gains in the Medical Device and EV markets,one is helping to offset the other.”North America,WHMA“Our expectations are high for the second half of the year.”Europe,Other“Growth will be lower than in 2022,but we s
51、till see a positive outlook.”Europe,EMS“Promising,there is a lot of activity within our existing customer base which must bring opportunities.We anticipate growth of 8%this year,partly funded by product price increases levied from the start of 2023.Energy costs make up 15%of our turn-over,this situa
52、tion is really impacting upon our companys profitability.”Europe,PCB“Challenging,but opportunities exist.”Europe,PCB“Very good.All indicators are up or are consistent with 2022.”North America,OEM“We are bullish on our 2023 and are forecasting growth,but not as high as we experienced in 2022.”North A
53、merica,WHMA“Expect first 3 quarters to be slow.”North America,OEM“Very positive.Revenue and margins are up,prices are stabilizing,demand is persistent,and we are busy.”North America,EMS“Good.Aerospace and Medical both have strong demand.”North America,WHMA“Profit and revenue-wise we expect much bett
54、er results this year compared to 2022.”North America,EMS“Expecting for a higher profitability.High work loads expected.”APAC,Other“Expecting further sales growth.”North America,OEM“Despite of the government and the political scenario,the company will have a good performance.”South&Central America,EM
55、S“Gradual pick up in second half of 2023.”North America,PCB“Challenging,but promising.”North America,OEMAppendix22May2022June 2022July2022August2022September 2022October2022November 2022December 2022January 2023February 2023March 2023April2023May2023Shipments090109Or
56、ders275101Profit margins89858486868987908986909395Backlogs05991011049799Ease of recruiting/finding skilled talent884888784918992Material costs280128Labor costs861128Cap
57、acity utilization055103Inventory available to you from your suppliers798286949699986108110Inventory available to your customers94906Current Conditions Diffusion IndicesPast 12 Month Comparisons(TOTAL)+5 points or more vs.pr
58、evious month-5 points or more vs.previous month24Outlook Diffusion IndicesPast 12 Month Comparisons(TOTAL)May2022June2022July2022August2022September 2022October2022November 2022December 2022January 2023February 2023March2023April2023May2023Shipments728118Orders122119
59、86114118111Profit margins979092959395949897100989899Backlogs499971009593Ease of recruiting/finding skilled talent86908888928690939595939595Material costs626122Labor costs632124Capacity utili
60、zation412110Inventory available to you from your suppliers929283112113113Inventory available to your customers790114+5 points or more vs.previous month-5 points or more vs.previous month Each month,IPC surveys ex
61、ecutives in the electronics manufacturing sector across the globe with the goal of assessing the current state of the industry.The results contained herein are based upon the findings of IPCs The Current State of Electronics Manufacturing Survey,which was fielded between the dates of April 13 and April 30,2023.Methodology25Questions?Please contact:Shawn DuBravac,IPC Chief EconomistShawnDuBravacipc.org26