Categories: IT & Communication Technology

Hardware Market Trends, Size, and Forecast 2024-2033

Overview and Scope

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.

Sizing and Forecast

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.

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Segmentation & Regional Insights

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 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

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Major Driver Impacting Market Growth

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.

Key Industry Players

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

The hardware market report table of contents includes:

1. Executive Summary

2. Hardware Storage Market Characteristics

3. Hardware Storage Market Trends And Strategies

4. Hardware Storage Market – Macro Economic Scenario

5. Global Hardware Storage Market Size and Growth

…

32. Global Hardware Storage Market Competitive Benchmarking

33. Global Hardware Storage Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Hardware Storage Market

35. Hardware Storage Market Future Outlook and Potential Analysis

36. Appendix