Hardware Market Definition And Segments
Hardware refers to the external components of any devices and instruments used to create apparatus, including metal hinges, metal handles, keys, locks, and other machinery, and helps companies avoid unforeseen problems like hardware damage and serious data loss to reduce maintenance cost and improve business operations.
The main types of hardware are furniture hardware, motor vehicle hardware, builder's hardware, and other types. Furniture hardware refers to the hardware that includes furniture fittings, fixings, and pieces that are used to make furniture. The sales channels are OEM, and aftermarket These are used in B2B and B2C.
The hardware market covered in this report is segmented –
1) By Type: Furniture Hardware, Motor Vehicle Hardware, Builder's Hardware, Other Hardware
2) By End User: B2B, B2C
3) By Sales Channel: OEM, Aftermarket
The hardware market size has grown strongly in recent years. It will grow from $118.29 billion in 2023 to $126.52 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to strong economic growth in emerging markets, rapid growth in the automotive industry, rise in construction activity and the increasing infrastructure development.
The hardware market size is expected to see strong growth in the next few years. It will grow to $160.38 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to rapid urbanization, the rising government support, the increasing metal consumption by aerospace sector and automotive industry evolution. Major trends in the forecast period include launch of metal additive for manufacturing products, focus on new design innovations, strategic collaborations and acquisitions among market players, focus on net zero carbon products and use of recycled metals.
Surging Metal Consumption In Aerospace Industry Propels Hardware Manufacturing Market
Metal consumption by the aerospace sector is expected to increase during the forecast period, thus driving the hardware manufacturing market. This is mainly due to the rise in air travel leading to increased demand for commercial airplanes. According to the International Air Transport Association (IATA), there were around 3.8 billion air travelers, and this number is expected to rise to 7.2 billion by 2035. Similarly, according to Boeing, approximately 42,730 new jets, valued at $6.3 trillion, will be required over the next 20 years, to meet rising passenger traffic and upcoming airplane retirements. This will require significant metal consumption, especially aluminum, which will drive the hardware manufacturing market in the forecast period.
Geopolitical Tensions Cast A Shadow On The Hardware Manufacturing Market
Geopolitical tensions are expected to hurt the hardware manufacturing market during the forecast period. Repercussions of geopolitical tensions include sanctions on Russia, trade protectionism, and heightened military tensions in the Middle East. For instance, in March 2022, the U.S. Department of State and The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) intensified pressure on Russia by sanctioning a huge number of Russian elites and their family members such that identifying certain properties of those persons as blocked and sanctioning Russian intelligence-directed disinformation outlets. This action follows OFAC’s imposition of sanctions on January 20, 2022, that identified Russian agents that took part in activities that attempt to destabilize the Ukrainian government, and builds on sanctions imposed on April 2021, for Russian-backed efforts to attempt to influence U.S. elections.
Major companies operating in the hardware market report are Assa Abloy AB, Allegion PLC, Blum Inc., Hafele GmbH & Co KG, Dormakaba Holding AG, Hindalco Industries Limited, Vintron Informatics Ltd., Siemens AG, Hakimi Traders L.L.C, Mitsubishi Electric Corporation, Hettich Holding GmbH & Co. oHG, Guangdong KinLong Hardware Products Co. Ltd., Intex Technologies India Ltd., China Northern Heavy Industries Group Corporation, China National Building Material Group Corporation, The Process Enterprise, Bharat Heavy Electricals Limited, Hyundai Heavy Industries Co., Ltd., D-Link India Ltd., Cerebra Integrated Technologies Limited, Johnson Bros. Roll Forming Co, WASEEM TRADERS, PPC Ltd., OAO Vyksa Steel Works (VSW), PJSC Magnitogorsk Iron and Steel Works, SACO, Routebr Trading Company, Amerock, Emtek, Atlas homewares, Godrej, Jonathan Goulart, Gem Manufacturing Co, Bolt Depot, Rockwell Automation Incorporation, Midex General Trading LLC, Kinter, Tata Steel Limited, Tyman PLC, Strybuc Industries, Argos Puxadores LTDA, Express Micro Informatica, Rusal, Curacao Do Brazil Ltda, Wisersoft, Cabos Weis, KFH Metal Stamping, Albatroz Comercio e Servicos Eireli ME, Schlage Lock Company LLC, Zoomlion Heavy Industry Science and Technology Co., Ltd., QCMI Corp, MISUMI Group Inc., Hangzhou Hardware Products Co., Ltd., CREATIVE SHELF, Saturno Tecnologia, Schneider Electric SE, ABB Ltd., Eaton Corporation PLC, Emerson Electric Co, NETCONFIG, Spix Trade-Alexandre Medeiros Rolim, Sephaku Holdings Ltd., Rostec, Novolipetsk Steel (NLMK), Tshu Trading Co., Ltd., Afrimat Ltd., Proteck Electronic Trading LLC, Siegenia-Aubi KG, DOUBLE METAL NIGERIA Ltd., Afeb Brass and building material Supplier
Transforming Hardware Manufacturing Market With Robotics, Automation, And Sensor Technology
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 efficiency and reducing potential breakdowns. For instance, in November 2021, according to a report published by the Association for Advancing Automation, a US-based automation trade association, the need for automation pre-COVID-19 pandemic was seen in the second quarter of 2021, when robot orders increased by 67%. In Q2 2021, businesses in North America placed orders for 9,853 robots worth $501 million. Examples of companies offering industrial robots to metals companies include FANUC, KUKA, ABB, and Motoman.
Development Of Products To Drive The Revenues Of Hardware Market
Major companies operating in the hardware market are developing new products such as specialty hardware products to meet larger customer bases, more sales, and increase revenue. Specialty hardware products refer to a category of specialized and often unique hardware items or components designed for specific applications or purposes. For instance, in February 2021, Hardware Hut, a US-based provider of furniture hardware, launched 13 new cabinet hardware designs. The large pulls and mixed-finish trends are both incorporated into these new collections. These new cabinet hardware designs are available in a variety of finishes and styles and are designed to add a touch of elegance and functionality to any kitchen or bathroom.
Development Of Products To Drive The Revenues Of Hardware Market
Major companies operating in the hardware market are developing new products such as customizable hardware finishes to meet larger customer bases, more sales, and increase revenue. customizable hardware finishes refer to the ability to personalize the surface appearance of hardware products, such as metal fixtures, fasteners, or other components, to match the desired aesthetic or functional requirements of a particular project or application. For instance, in January 2023, Cafe Appliances, a US-based appliance provider, launched Brushed Brass and Flat Black, two new hardware finishes that will help the kitchen have a more individualized design look. This product's distinguishing feature is that it delivers striking new kitchen accessories that transform the space with the newest design trends while adding refinement and flair to the home. In contrast to the Flat Black finish, which is chic and enticing and adds flair to kitchens with a strong sense of style, the Brushed Brass finish is vivid, and striking, and gives the appliances a rich accent.
The Asia-Pacific was the largest region in the hardware market in 2023. Western Europe was the second-largest region in the hardware market. The regions covered in the hardware market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the 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
The hardware market consists of sales of electronical hardware, computer hardware, and device hardware. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The hardware market research report is one of a series of new reports from The Business Research Company that provides hardware market statistics, including hardware industry global market size, regional shares, competitors with a hardware market share, detailed hardware market segments, market trends and opportunities, and any further data you may need to thrive in the hardware industry. This hardware market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.