Navigating the Challenges of a Presidential Election Cycle
IRVINE, California, December 19, 2023 – Raiven, the leader in purchasing and supply chain management for contractors and multifamily clients, today released its Q4 2023 Electrical Supply Chain Outlook, shedding light on crucial market trends, pricing dynamics, and global uncertainty that influence the market. Also detailed are strategies for electrical contractors to succeed in 2024 despite the challenges presented.
With detailed and exclusive research from Raiven, the Q4 2023 Electrical Supply Chain Outlook reports that in line with previous projections, the third quarter witnessed a modest increase in overall index pricing, followed by declines entering the fourth quarter. Noteworthy product pricing shifts include a 14% increase in power wire and cable prices over the quarter, now up 40% year-over-year. Power wire and cable constitute a substantial 65% of the entire wire and cable market, projected to grow at an annualized rate of 9% through 2032. The regulatory push for clean energy sources is expected to drive further demand and pricing in this sector.
The Raiven Electrical Supply Index, incorporating 24 product categories and leveraging regression analysis, offers insights into future market movements. Raiven's projections, illustrated in accompanying graphs, provide a comprehensive view as we move into the first quarter of 2024. The outlook covers:
- How does the Presidential election cycle influence the market?
- What influences the price of raw materials and what does that tell us about 2024?
- Have material lead times improved?
- How to prepare for success in 2024.
The Q4 2023 Electrical Supply Chain Outlook from Raiven is available to download at no cost. And sign up with Raiven for more great information on the electrical supply chain and how to grow and optimize your electrical contractor business.
About Raiven
Raiven is a leading purchasing and supply chain management platform empowering contractors and facility managers to digitally transform their procurement processes. The cloud-based procurement platform utilizes patent-pending AI algorithms to enable businesses to purchase smarter and more efficiently, securing significant discounts on common purchases.
For media inquiries, please contact:
Jeff Golden
Raiven
+1 503-709-0286
jeff.golden@raiven.com
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