Global Electrical Equipment Market Report 2021 - Opportunities And Strategies, Market Forecast And Trends
11 Jun, 2021
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. The electrical equipment market is segmented into electric lighting equipment; household appliances; power generation, transmission and control; batteries and wires and cables.
Global Electrical Equipment Market Size And Drivers:
The global electrical equipment market is expected to grow from $1179.97 billion in 2020 to $1271.11 billion in 2021 at a compound annual growth rate (CAGR) of 7.7%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1661.61 billion in 2025 at a CAGR of 7%. The rapid pace of innovations in electronics technology is stimulating consistent demand for newer and faster electronic equipment.
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Trends In The Global Electrical Equipment Market
Increasing use of portable electronic devices such as smart phones and tablets has led to the development of USB receptacles. USB receptacles offer convenient access to charge any kind of electronic device. The use of USB receptacles also eliminates the need to carry charging adapters. For example, EATON manufactures USB receptacles that have tamper resistant shutters and LED indicator lights and can be used to charge electronic devices such as tablets, mobile phones, cameras and MP3 players. For instance, some of the major companies manufacturing USB receptacles include Eaton, GE and Philips.
Global Electrical Equipment Market Segments:
The global electrical equipment market is further segmented based on type, end use, sales channel, mode and geography.
By Type: Electric Lighting Equipment, Household Appliances, Power Generation, Transmission And Control Equipment, Batteries, Wires And Cables
By End-Use: B2B, B2C
By Sales Channel: OEM, Aftermarket
By Mode: Online, Offline
Sub-segments 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 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 is the largest region in the global electrical equipment market, accounting for 45% of the market in 2020.
Read More On The Report For The Global Electrical Equipment Market At:https://www.thebusinessresearchcompany.com/report/electrical-equipment-global-market-report-2020-30-covid-19-impact-and-recovery
Electrical Equipment Global Market Report 2021 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.