Global Hardware Market Trends And Strategies Of Major Players In The Hardware Market 2021-2030
17 Jun, 2021
The hardware market consists of the sales of metal hardware by entities (organizations, sole traders or partnerships) that produce metal hardware, such as metal hinges, metal handles, keys, and locks (except coin-operated, time locks).
Global Hardware Market Size And Drivers:
The global hardware market is expected to grow from $90.37 billion in 2020 to $107.03 billion in 2021 at a compound annual growth rate (CAGR) of 18.4%. 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 $142.76 billion in 2025 at a CAGR of 7%. Metal consumption by the aerospace sector is expected to increase during the forecast period, thus driving the hardware manufacturing market.
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Trends In The Global Hardware Market
Many hardware manufacturing companies are using robotics and automation to improve plant efficiency and productivity. Sensors are being used in various machines to access invaluable data for improving efficiencies and reduce potential breakdowns. For instance, according to a report by Boston Consulting Group (BCG), 1.2 million industrial robots are expected to be deployed by 2025, thus indicating rise in automation and robotics technology adoption to improve productivity and reduce production costs.
Global Hardware Market Segments:
The global hardware market is further segmented based on type, end user and geography.
By Type: Furniture Hardware, Motor Vehicle Hardware, Builder's Hardware, Other Hardware
By End User: B2B, B2C
By Geography: The global hardware 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 hardware market, accounting for 43% of the market in 2020.
Read More On The Report For The Global Hardware Market At:https://www.thebusinessresearchcompany.com/report/hardware-global-market-report-2020-30-covid-19-impact-and-recovery
Hardware Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides hardware market overviews, analyzes and forecasts market size and growth for the global hardware market, hardware market share, hardware market players, hardware market segments and geographies, hardware market’s leading competitors’ revenues, profiles and market shares. The hardware market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.