Electrical Equipment Global Market To Reach Value Of About $1.57 Trillion In 2023
The global electrical equipment market is expected to decline from $1293.8 billion in 2019 to $1266.8 billion in 2020 at a compound annual growth rate (CAGR) of -2.1%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 8% from 2021 and reach $1572.5 billion in 2023.
The electrical equipment market consists of sales of products that generate, distribute and use electrical power by entities (organizations, sole traders and partnerships) that produce products that generate, distribute and use electrical power.
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The global electrical equipment market is further segmented based on type and geography.
By Type: Electric Lighting Equipment, Household Appliances, Power Generation, Transmission And Control, Batteries, Wires And Cables
By End-Use: B2B, B2C
By Sales Channel: OEM, Aftermarket
By Mode: Online, Offline.
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, Motor And Generator, Switchgear And Switchboard Apparatus, Relay And Industrial Control, Secondary Batteries, Primary Batteries, Other Cables, Coaxial Cables, Fiber Optical Cable.
By Geography: The global electrical equipment market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia-Pacific has the largest share, accounting for 45% of the global electrical equipment market.
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Trends In The Electrical Equipment Market
Major lighting equipment companies are integrating lighting fixtures with IoT technology to enable remote user control and analyze the data in the environment. IoT technology allows tracking of non-lighting metrics, such as the building performance, physical assets and human activity. Beacons, which are small Bluetooth radio transmitters that give signals to other devices, are used to enable wireless lighting control and broadcast the location of the fixtures.
Electrical Equipment Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides electrical equipment market overviews, analyzes and forecasts market size and growth for the global electrical equipment market, electrical equipment market share, electrical equipment market players, electrical equipment market segments and geographies, electrical equipment market’s leading competitors’ revenues, profiles and market shares. The electrical equipment market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.