Report Finds 88 Percent of U.K. Electronics Companies Will Recover from Pandemic in Less Than 12 Months
June 10, 2020
Blog
According to the report, 22 percent of respondents are not currently experiencing decreased sales activity, and a remarkable 88 percent estimate that sales benchmarks will recover within a year.
ByteSnap has released “Navigating COVID-19: The New Normal,” a report on how U.K.-based electronics companies have been impacted by the COVID-19 pandemic.
Conducted in May, the research paneled electronics professionals in the automotive, industrial, medical device, and components industries. According to the report, 22 percent of respondents are not currently experiencing decreased sales activity, and a remarkable 88 percent estimate that sales benchmarks will recover within a year. A further 12 percent believe that a return to normal will take between 12 and 24 months. 3 percent do not believe they will recover.
36 percent of respondents expect a drop in demand over the next 18 months, while 18 percent are bracing for supply chain disruption and another 9 percent anticipate onshoring. 13 percent are projecting an increase in opportunities, while 16 percent are uncertain.
In response to changing demand, nearly one-third of respondents are focusing on design innovation, while 21 percent believe that more stringent financial practices are on the horizon.
Download the full report here: https://www.bytsnp.uk/electronics-industry-covid-19-survey-results.
