The electrical and electronics market size has witnessed robust growth in recent years, escalating from $3764.98 billion in 2023 to $4031.77 billion in 2024, demonstrating a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to increased consumer electronics demand, globalization of supply chains, trade policies and tariffs, and the miniaturization of devices, along with energy efficiency concerns. Looking forward, the electrical and electronics market is poised for substantial growth, expected to reach $5194.42 billion in 2028, with a CAGR of 6.5%. The projected expansion can be attributed to renewable energy integration, environmental sustainability, cybersecurity concerns, e-waste management, flexible electronics, and quantum computing. Major trends in the forecast period include internet of things (IoT) integration, edge computing, robotics and automation, artificial intelligence (AI), and smart manufacturing.
Major Driver In The Electrical And Electronics Market
The perpetual evolution of electronics technology, marked by rapid innovations, continues to generate a sustained demand for newer and faster electrical and electronics products. The key to attracting both consumers and business users lies in technological advancements, prompting them to replace or upgrade older products with more advanced versions. Emerging digital technologies like the internet of things (IoT) and the latest communication technologies such as 5G are anticipated to play a pivotal role in fostering the development of innovative electronic products. Consequently, this surge in demand for electronic products is expected to propel the growth of the electronic equipment manufacturing market throughout the forecast period, with market sizes for 2023, 2024, and 2028 shaping the industry's trajectory.
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Electrical And Electronics Market Competitive Landscape
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, The Joy Mangano Company, Sunbeam Products Inc., Russell Hobbs Inc., Singer Corporation, Kenmore Group Ltd., Oster Manufacturing Company, Applica Consumer Products Inc., Robert Weintraub GmbH & Co. KG, Jarden Corporation
Key Electrical And Electronics Market Trend
Virtual reality technology is increasingly being utilized by electronic manufacturing companies to boost manufacturing efficiency. Known as digital design, simulation, and integration, virtual reality helps minimize product defects during the design phase. It allows companies to inspect design objects at various scales, thereby identifying and eliminating defects early. Major adopters of virtual reality include Integrated Microelectronics, Inc., Flextronics International Ltd., Benchmark Electronics, Inc., and Kimball International.
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Electrical And Electronics Market Segmentation
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, Aftermarket
4) By End-Use: B2B, B2C
Subsegments Covered: Electric Lighting Equipment, Household Appliances, Power Generation, Transmission And Control Equipment, Batteries, Wires And Cables, Other Electrical Equipment, Electronic Products And Components, Navigational, Measuring, Electro medical And Control Instruments, Audio And Video Equipment, Semiconductor And Other Electronic Component
By Geography:The regions covered in the electrical and electronics 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 and electronics market in 2023.
The Electrical And Electronics Global Market Report 2024 furnishes information about the global electrical and electronics 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.
