How Has the Electrical And Electronics Market Size Evolved in Recent Years?
The electrical and electronics market has seen considerable growth due to a variety of factors.
• The market size of the electrical and electronics sector has witnessed a robust expansion in the past few years. It is projected to rise from $3951.27 billion in 2024 to $4262.41 billion in 2025, reflecting a compound annual growth rate (CAGR) of 7.9%.
The significant growth during the historic period is due to the escalated demand for consumer electronics, the global outreach of supply chains, trade legislations and tariffs, downsizing of devices, and concerns associated with energy efficiency.
What is the Forecasted Market Size and CAGR for the Electrical And Electronics Market?
The electrical and electronics market is expected to maintain its strong growth trajectory in upcoming years.
• Anticipations are high for the electrical and electronics market to experience significant expansion in the years to come. Projections estimate that the market will reach a value of $5584.89 billion by 2029, sustaining a compound annual growth rate (CAGR) of 7.0%.
This predicted growth during the forecasted period is predominantly due to advancements in renewable energy integration, efforts towards environmental sustainability, increasing cybersecurity concerns, efficient e-waste management, the rise in flexible electronics, and quantum computing. Other influential trends for the projected period include the integration of the internet of things (IoT), advancements in edge computing, robotics and automation, artificial intelligence (AI), and the growth of smart manufacturing.
What Main Forces Are Fueling Expansion In The Electrical And Electronics Market?
The swift rate of technological advancements in the electronics field is continually sparking interest for novel and enhanced electrical and electronic products. This progress in technology is crucial in attracting both regular buyers and commercial users to either replace or upgrade their outdated products with more sophisticated models. Emerging digital technologies like the Internet of Things (IoT) and cutting-edge communication technologies such as 5G are predicted to facilitate the creation of innovative electronic items. Consequently, this is likely to amplify the demand for electronic goods, which in turn will spur the growth of the electronic equipment manufacturing market in the projected period.
What Are The Principal Market Segments In The Global Electrical And Electronics Healthcare Industry?
The electrical and electronics market covered in this report is segmented –
1) By Type: Electrical Equipment, Measuring And Control Instruments, Electronic Products
2) By Mode: Online, Offline
3) By Sales Channel: OEM, After market
4) By End-Use: B2B, B2C
Subsegments:
1) By Electrical Equipment: Switchgear, Transformers, Circuit Breakers, Relays, Distribution Boards
2) By Measuring And Control Instruments: Multimeters, Oscilloscopes, Analyzers, Pressure Sensors, Temperature Sensors
3) By Electronic Products: Consumer Electronics, Industrial Electronics, Communication Equipment, Medical Electronics
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Which Emerging Market Trends Are Altering The Electrical And Electronics
The adoption of virtual reality technology by organizations that focus on electronic manufacturing aims to enhance production efficiency. Often referred to as digital design, simulation, and integration, this technology is proving beneficial in the electronic manufacturing sector. By minimizing the possibility of faults during the design phase, virtual reality is an efficient tool to maintain product integrity. For example, this technology allows businesses to scrutinize design components at every possible scale, consequently removing flaws at the design level. Companies such as Integrated Microelectronics, Inc., Flextronics International Ltd., Benchmark Electronics, Inc., and Kimball International are among the significant firms utilizing virtual reality.
Who Are the Key Players in the Electrical And Electronics Market?
Major companies operating in the electrical and electronics market include:
• General Electric Company
• LG Electronics Inc.
• Panasonic Corporation
• Haier Group Corporation
• Koninklijke Philips N.V.
• Black & Decker Corporation
• Electrolux AB
• Tefal S.A.S.
• Maytag Corporation
• SharkNinja Operating LLC
• De'Longhi SpA
• Conair Corporation
• Morphy Richards Ltd.
• Breville Group Limited
• Crompton Greaves Consumer Electricals Limited
• Bajaj Electricals Ltd.
• Hamilton Beach Brands Inc.
• BCL Electronics Pvt. Ltd.
• Flyco Electrical Appliance Co. Ltd.
• Eveready Industries India Ltd.
• Vornado Air LLC
• Braun GmbH
• Sunbeam Products Inc.
• Russell Hobbs Inc.
• Singer Corporation
• Kenmore Group Ltd.
• Oster Manufacturing Company
• Applica Consumer Products Inc.
• Jarden Corporation
What are the Regional Insights into the Electrical And Electronics Market?
Asia-Pacific was the largest region in the electrical and electronics market in 2024. North America was the second largest region in the electrical and electronics market. The regions covered in the electrical and electronics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
