Issue link: https://iconnect007.uberflip.com/i/1496178
32 SMT007 MAGAZINE I APRIL 2023 multiplied, and that will have a huge impact on the industry. When you look at the support infrastructure it will take to manage the number of electric vehicles by 2025, we are nowhere near where we should be. We must get to a point where EVs are convenient to charge and a part of our everyday lives. Of those three market drivers you mentioned, which is the most significant? They're all significant in their own way. Specific to Digi-Key, our industrial customer base is probably at the center of what we do and will be key for us in the long term because that sector represents most of our customer base. We certainly touch the EV market and the EV connectivity and infrastructure—we touch virtually every customer but at different levels. For us, it's the industrial and internet of things applications that will affect our customers. In your presentation at the leadership summit, you looked ahead in the next decade. What was your analysis? We believe there will be a short-term correction in the market, something that's already started. In the past two years, there has been exponential growth across many businesses. At Digi-Key, we are up more than 80% over the past two years. We are seeing a leveling off in the market, but we expected it, and think it's a short-term dynamic. The market was roughly $600 billion in semiconductor sales in 2022 and is expected to be $1 trillion by 2030, so we still see the long- term growth above average for the next decade. When I mentioned 6–7% annual growth for the past 20 years, we think it will be closer to 8–10% for the current decade. What are the implications for EMS providers as they weather that short-term correction before returning to a healthy growth rate?