News 2009 › 2009-11-17
Nokia second-biggest European spender on R&D
Spending on corporate R&D increased by 6.9% worldwide in 2008, according to the latest EU Industrial R&D Investment Scoreboard, and by 8.1% for companies headquartered in the EU.
Two European companies featured in the Top 10 – Volkswagen and Nokia – with the former placing third overall worldwide and the latter eighth. Toyota topped the table, spending €7.61 billion.
Nokia was credited with spending €5.32 billion on R&D in 2008, by far the largest amount of any company based in Finland and a much larger sum than many entire European countries spend.
The second-largest Finnish company in terms of R&D expenditure last year was Metso, with an R&D budget of €129 million, and the third-largest, Wärtsilä, which spent €121 million.
American companies accounted for half of the Top 10 spots, while Swiss companies occupied two places. Companies based in emerging economies continued to show the highest growth in R&D growth, led by China, up 40%, and India, up 27%.
While R&D growth in the US is dominated by pharmaceuticals, biotechnology, and IT, that in the EU is more evenly spread. EU companies lead the way in areas with a medium level of R&D intensity, such as automotive parts, electrical equipment, and chemicals.
R&D activity by EU companies in renewable energy technologies is on the increase, and the six European companies in this area featured in the latest Scorecard have seen impressive growth in R&D investment over the last three years.