Global Electrical Equipment Market Size 2024, Forecast To 2033
11 Mar, 2024
The electrical equipment market has witnessed strong growth, increasing from $1619.07 billion in 2023 to $1728.91 billion in 2024, reflecting a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period is attributed to economic expansion in emerging markets, favorable government initiatives, and technological advances. Looking towards 2028, the market is poised for strong growth, targeting a size of $2193.05 billion at a CAGR of 6.1%. The anticipated growth is driven by innovations in electrical equipment, increased investments in energy-efficient infrastructure, and favorable government initiatives. Noteworthy trends in the forecast period encompass the premiumization of electrical equipment, development of smart appliances, creation of energy-efficient products, establishment and deployment of e-commerce platforms, and strategic alliances and collaborations to expand developmental activities.
Global Electrical Equipment Market Key Driver
The rapid pace of innovations in electronics technology is generating a consistent demand for more advanced and faster electronic equipment. Technological advancements play a crucial role in enticing both consumers and business users to either replace or upgrade their existing products with more sophisticated versions. Key digital technologies like the Internet of Things (IoT) and the latest communication technologies such as 5G are expected to facilitate the development of innovative electronic products. This surge in innovation is anticipated to increase the demand for electronic products, consequently driving the growth of the electronic equipment manufacturing market during the forecast period. The 2023, 2024, and 2028 market sizes are integral to understanding the trajectory of growth in the electronic equipment manufacturing market.
Get A Free Sample Of The Global Electrical Equipment Market ReportGlobal Electrical Equipment Market Segments
The electrical equipment market covered in this report is segmented –
1) By Type: Electric Lighting Equipment, Household Appliances, Power Generation, Transmission And Control Equipment, Batteries, Wires And Cables
2) By Mode: Online, Offline
3) By Sales Channel: OEM, Aftermarket
4) By End-Use: Business To Business (B2B), Business To Customer (B2C)
Subsegments Covered: General Lighting, Automotive Lighting, Back Lighting, Small Electrical Appliance, Household Cooking Appliance, Household Refrigerator And Home Freezer, Household Laundry Equipment, Other Major Household Appliance, Transformer, Electric Motor And Generator, Switchgear And Switchboard Apparatus, Relay And Industrial Controls, Secondary Batteries, Primary Batteries, Other Cables, Coaxial Cables, Fiber Optical Cable
By Geography:The regions covered in the electrical equipment market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa
Asia-Pacific was the largest region in the electrical equipment market in 2023. Western Europe was the second largest region in the electrical equipment market. Africa was the smallest region in the global electrical equipment market. The regions covered in the electrical equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Electrical Equipment Industry Players
Panasonic Corporation, Samsung Electronics Co Ltd, Whirlpool Corporation, Schneider Electric, Siemens AG, Cisco Corporation, ABB Ltd., Sumitomo Electric Industries Ltd, Eaton Corporation, Nexans, Iberdrola, Grand Tech Group Ltd, Haier, Electrolux, Hi-mix Eletronicos S.A, Lidertrans Groupe, Bosch, Yago Electronic, Changqinglin Electronic Company Ltd, Transmission Equipment Industry LLC, Makelsan Power Systems, Solaris Technologies Llc, Nicolay GmbH & Co.KG, Arcelik, Daikin, Electrodomesticos Taurus SL, Cata Electrodomesticos SL, Edesa Industrial, NKT Cables Group GmbH, Permanoid, Polystar, British Cables Company, Electricite de France, Enel, Engie, E.ON, Industrial Group Mida (Microelectronic Sensors), Exelon Corp, Serdia Eletrônica Industrial, Liebherr, J.J. Consultancies S.A, Suyuanyineng Electricity Machinery Equipment (Wuxi) Company Ltd, Marcelo Enrique Araya Gaete, SMEG, Zvetlit, Leoni AG, Glen Dimplex Group, Emersion Electric, Wuxi Meida Electro Technical Co. Ltd, Furukawa Electric Industries Ltd, QASA, Amphenol Corp, LG, General Cable Corporation, Belden Inc, Diebold Inc, Sharp, Hisense, Castelo Angel, Electroquil S.A, KCM Trading Co, Comercializadora Mjb Spa, Comercial Autosystem Limitada, Miele, Wesco International, Trojan Power, Alderly FZE, Comeca Middle East Electrical Equipment LLC, Arabian Falcon, Prysmian Group, Elsewedy Electric, Roto Oil, Prime Electrical Manufacturing, Shiandg Der Enterprise Co. Ltd, Hitachi, Fareast Mercantile Co Ltd, First National Battery Pty Ltd
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Electrical Equipment Market Overview
Electrical equipment produces products that generate, distribute and use electrical power. Electrical equipment's primary function is to accomplish work by converting electrical energy and controlling electrical energy, including protecting systems, property, and people.
Electrical Equipment Global Market Report 2023 provides data on the global electrical equipment market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The electrical equipment market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.