The computer hardware market has shown strong growth, increasing from $674.44 billion in 2023 to $710.32 billion in 2024, representing a compound annual growth rate (CAGR) of 5.3%. This historical growth is attributed to the personal computing revolution, globalization of supply chains, the rise of the internet, data center expansion, and operating system developments. Looking forward, the market is projected to continue growing strongly, reaching $914.55 billion by 2028 at a CAGR of 6.5%. This growth is driven by the expansion of remote work infrastructure, sustainable hardware practices, smart cities development, digital transformation initiatives, and the rise of remote work. Key trends in the forecast period include edge computing, AI and machine learning integration, modular and upgradeable systems, biometric security integration, and hybrid and multi-cloud environments.
Major Driver In The Computer Hardware Market
The computer hardware market is expected to be aided by rapid growth in investments in smart city projects in many countries globally. Smart city technologies use information and communication technologies to efficiently manage and operate urban services, including transportation systems, water supply, and law and order. These technologies are enabled through IoT technology. IoT is a convergence of computing devices, and mechanical and digital objects. This system facilitates the transfer of data over a network without human interaction and minimal human-to-computer interaction. Smart cities use computers and related hardware, thereby benefitting the companies operating in this market. APG Algemene Pensioen Groep N.V. in 2021, announced an additional €500 million ($585 million) to ‘’Smart City Infrastructure Fund’’, for the development of smart city projects across North America, Europe, Australia, and other major urban areas in the world. The concept of smart cities is becoming more popular in developing nations too. For instance, more than 1,000 smart city pilot projects are either ready for or are under construction globally, and around 500 of these projects are in China. The computer hardware market is estimated to be $356.8 billion in 2023, with a forecasted growth to $398.5 billion in 2024. By 2028, the market is anticipated to reach $487.2 billion.
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Computer Hardware Market Competitive Landscape
Amazon.com Inc., Apple Inc., Alphabet Inc., Samsung Electronics Co. Ltd., Hon Hai Precision Industry, Microsoft Corporation, Dell Technologies Inc., Hitachi Ltd., Sony Corporation, Lenovo Group Limited, LG Electronics Inc., Intel Corporation, HP Inc., Qualcomm Incorporated, Pegatron Corp., Quanta Computer Inc., Broadcom Inc., Canon Inc., Fujitsu Limited, NVIDIA Corporation, NEC Corporation, Advanced Micro Devices Inc., Toshiba Corporation, Texas Instruments Incorporated, Western Digital Corporation, Inventec Corp., Seagate Technology Holdings plc, Acer Inc., NetApp Inc., ASUSTeK Computer Inc., Micron Technology Inc., Applied Materials Inc., Lam Research Corporation
Computer Hardware Market Segmentation
The computer hardware market covered in this report is segmented –
1) By Type: Computer Peripheral Equipment, Computer Storage Devices And Servers, Computers
2) By Distribution Channel: Online, Offline
3) By End-User: Household, Commercial
Subsegments Covered: Mouse, Keyboard, Monitor, Printer, Scanner, Computer Storage Devices, Computer Servers, PCs, Laptops, Tablets, Other Computers
By Geography:The regions covered in the computer hardware 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.
North America was the largest region in the computer hardware market in 2023.
The Computer Hardware Global Market Report 2024 furnishes information about the global computer hardware market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
