Industry revenue of »manufacture of electric motors, generators« in Croatia 2011-2023
Mirroring the trend in countries such as Hungary, Spain and Denmark, revenues of the electric motors, generators and transformer manufacturing industry in Croatia are projected to grow from 483 million U.S. dollars in 2013 to over 834 million U.S. dollars by 2023. The industry consists of two segments, namely, manufacturing of electric motors, generators and transformers, and manufacturing of electricity distribution and control apparatus, with the former being the larger amongst the two, with revenues amounting to over 630 million U.S. in 2019. Some of the key reasons for the industry’s growth as a whole has been due to the availability of sophisticated manufacturing equipment, low cost production facilities and favorable government initiatives encouraging manufacturing. Additionally, growth in the construction sector has also augured well for the industry.
However, as per the latest forecasts, the industry is expected to witness a slowdown in growth in the short to medium term, as majority of the factory and production operations have come to a virtual standstill owing to the outbreak of the corona virus. According to the Croatian Chamber of Commerce, nearly 80 percent of companies in the country are suffering losses.
However, as per the latest forecasts, the industry is expected to witness a slowdown in growth in the short to medium term, as majority of the factory and production operations have come to a virtual standstill owing to the outbreak of the corona virus. According to the Croatian Chamber of Commerce, nearly 80 percent of companies in the country are suffering losses.
