In the Japanese electronics sector, major component manufacturers have seen a slowdown in order growth. In the fourth quarter of 2015, the total orders for six leading companies, including Kyocera and TDK, remained flat compared to the same period the previous year—marking a sharp contrast to the consistent two-digit growth that had persisted for nearly three years. This decline was largely influenced by China, the largest market for Japanese electronic components, where the production momentum of consumer electronics has slowed down.
Japan’s electronic components are among its top exports, and this recent slowdown in order growth is now posing a challenge to the country's economic performance. According to independent statistics from Japan Economic News (Nikkei Chinese), the total order value for key companies like Murata Manufacturing, Nidec, Nitto Denko, and Alps Electric between October and December 2015 rose by only about 1% compared to the same period in 2014, totaling less than 1.4 trillion yen. Although this remains a record high, it represents the lowest growth rate in over four years, significantly impacted by events such as the 2011 earthquake and Thailand’s floods.
Despite the continued growth in demand for electronic parts driven by smartphones and automotive industries, global economic slowdowns have weakened the momentum of Chinese manufacturing. As a result, even sectors once considered strong are now experiencing challenges. For example, Kyocera saw a drop of more than 6% in orders due to reduced supply of semiconductor protection parts for communication base stations. The construction of high-speed mobile communication infrastructure has also slowed down.
Additionally, Nitto Denko faced a decline in liquid crystal-related parts due to a slowdown in the smartphone market. Meanwhile, Murata managed to maintain an order growth of 7–9%, though this is much slower than the previous 20–30% growth rates. The increased functionality of smartphones and rising demand for automotive components have helped sustain this growth.
On the other hand, the air conditioning market in China is facing difficulties. With oversupply and stalled construction of high-end residential and commercial buildings, inventory levels have reached tens of millions of units, and sales recovery is expected to take time. This situation has negatively affected Japanese air-conditioning manufacturers.
Apple’s new product launches in early 2016 also contributed to the uncertainty. While the iPhone 6 with its larger screen dominated the Chinese market, the iPhone 6s was perceived as offering little improvement, leading to a reported 20% drop in sales. Analysts predict that orders for Japanese electronics components may remain flat or even decline in the first quarter of 2016.
According to Nan Chuanming, chief analyst at IHS Global, while smartphone supply is expected to improve after the summer of new models, the outlook for other equipment remains challenging throughout 2016. Given that cars and electronic components make up a large portion of Japan’s exports, any further slowdown in this sector could significantly impact Japan’s already stagnant economy.
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