Hardware Market Growth Trajectory Through 2024-2033

The Hardware by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Hardware, 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.

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 is leading to increased demand for commercial aeroplanes. According to the International Air Transport Association (IATA), there were around 3.8 billion air travellers 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 aeroplane retirements. This will require significant metal consumption, especially aluminium, which will drive the hardware manufacturing market in the forecast period.

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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

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.

The hardware market report table of contents includes:

1. Executive Summary
2.Hardware  Market Characteristics
3. Hardware Market Trends And Strategies
4.Hardware  market analysis
5. Hardware Market Size And Growth
6.Hardware  Segmentation
7.Hardware  Regional And Country Analysis
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27.Hardware  Competitive Landscape And Company Profiles
28.Hardware  Key Mergers And Acquisitions
29.Hardware  Future Outlook and Potential Analysis

TOP MAJOR PLAYERS;

• Assa Abloy AB
• Allegion PLC
• Blum Inc.
• Hafele GmbH & Co KG
• Dormakaba Holding AG

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