Overview and Scope
Electrical equipment produces products that generate, distribute and use electrical power. Electrical equipment’s primary function is to accomplish work by converting electrical energy and controlling electrical energy, including protecting systems, property, and people.
Sizing and Forecast
The electrical equipment market size has grown strongly in recent years. It will grow from $1619.07 billion in 2023 to $1728.91 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to economic growth in emerging markets, favorable government initiatives, and technological advances.
The electrical equipment market size is expected to see strong growth in the next few years. It will grow to $2193.05 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to innovations in electrical equipment, rising investments in energy efficient infrastructure, and favorable government initiatives. Major trends in the forecast period include premiumization of electrical equipment, developing smart appliances, developing smart appliances, developing energy-efficient products, developing and deploying e-commerce platform, strategic alliances and collaborations in order to expand its development activities.
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Segmentation & Regional Insights
The electrical equipment market covered in this report is segmented –
1) By Type: Electric Lighting Equipment, Household Appliances, Power Generation, Transmission And Control Equipment, Batteries, Wires And Cables
2) By Mode: Online, Offline
3) By Sales Channel: OEM, Aftermarket
4) By End-Use: Business To Business (B2B), Business To Customer (B2C)
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, Electric Motor And Generator, Switchgear And Switchboard Apparatus, Relay And Industrial Controls, Secondary Batteries, Primary Batteries, Other Cables, Coaxial Cables, Fiber Optical Cable
Asia-Pacific was the largest region in the electrical equipment market in 2023. Western Europe was the second largest region in the electrical equipment market. Africa was the smallest region in the global electrical equipment market. The regions covered in the electrical equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The rapid pace of innovations in electronics technology is stimulating consistent demand for newer and faster electronic equipment. Technological development is a key to attracting both consumers and business users for either replacing or upgrading the older products with advanced versions. Digital technologies such as the internet of things (IoT) and the latest communication technologies such as 5G are expected to aid in the development of innovative electronic products. This is expected to increase the demand for electronic products which will ultimately drive the growth of the electronic equipment manufacturing market during the forecast period.
Key Industry Players
Major companies operating in the electrical equipment market report are Panasonic Corporation, Samsung Electronics Co Ltd, Whirlpool Corporation, Schneider Electric, Siemens AG, Cisco Corporation, ABB Ltd., Sumitomo Electric Industries Ltd, Eaton Corporation, Nexans, Iberdrola, Grand Tech Group Ltd, Haier, Electrolux, Hi-mix Eletronicos S.A, Lidertrans Groupe, Bosch, Yago Electronic, Changqinglin Electronic Company Ltd, Transmission Equipment Industry LLC, Makelsan Power Systems, Solaris Technologies Llc, Nicolay GmbH & Co.KG, Arcelik, Daikin, Electrodomesticos Taurus SL, Cata Electrodomesticos SL, Edesa Industrial, NKT Cables Group GmbH, Permanoid, Polystar, British Cables Company, Electricite de France, Enel, Engie, E.ON, Industrial Group Mida (Microelectronic Sensors), Exelon Corp, Serdia Eletrônica Industrial, Liebherr, J.J. Consultancies S.A, Suyuanyineng Electricity Machinery Equipment (Wuxi) Company Ltd, Marcelo Enrique Araya Gaete, SMEG, Zvetlit, Leoni AG, Glen Dimplex Group, Emersion Electric, Wuxi Meida Electro Technical Co. Ltd, Furukawa Electric Industries Ltd, QASA, Amphenol Corp, LG, General Cable Corporation, Belden Inc, Diebold Inc, Sharp, Hisense, Castelo Angel, Electroquil S.A, KCM Trading Co, Comercializadora Mjb Spa, Comercial Autosystem Limitada, Miele, Wesco International, Trojan Power, Alderly FZE, Comeca Middle East Electrical Equipment LLC, Arabian Falcon, Prysmian Group, Elsewedy Electric, Roto Oil, Prime Electrical Manufacturing, Shiandg Der Enterprise Co. Ltd, Hitachi, Fareast Mercantile Co Ltd, First National Battery Pty Ltd
The electrical equipment market report table of contents includes:
1. Executive Summary
2. Electrical Equipment Market Characteristics
3. Electrical Equipment Product/Service Analysis -Product/Service Examples
4. Electrical Equipment Market Trends And Strategies
5. Electrical Equipment Market – Macro Economic Scenario
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68. Global Electrical Equipment Market Competitive Benchmarking
69. Global Electrical Equipment Market Competitive Dashboard
70. Key Mergers And Acquisitions In The Electrical Equipment Market
71. Electrical Equipment Market Future Outlook and Potential Analysis
72. Appendix
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