Hardware Global Market Report 2024

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 expansion observed in the historical period can be credited to robust economic growth in emerging markets, swift advancement in the automotive industry, an increase in construction activity, and the ongoing development of infrastructure.

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 anticipated expansion in the forecast period can be ascribed to accelerated urbanization, growing government support, increased metal consumption by the aerospace sector, and the ongoing evolution of the automotive industry. Notable trends expected in the forecast period encompass the introduction of metal additives for manufacturing products, an emphasis on innovative new designs, strategic collaborations and acquisitions among market players, a focus on net-zero carbon products, and the utilization of recycled metals.

The forecast period is expected to see an increase in metal consumption by the aerospace sector, thereby propelling the hardware manufacturing market. This surge is primarily driven by the growing demand for commercial airplanes due to the rise in air travel. The International Air Transport Association (IATA) reported approximately 3.8 billion air travelers, a number projected to reach 7.2 billion by 2035. Boeing estimates a demand for around 42,730 new jets valued at $6.3 trillion over the next two decades to accommodate the increasing passenger traffic and upcoming retirements of airplanes. This heightened demand, especially for aluminum, is anticipated to drive the hardware manufacturing market in the forecast period.

Geopolitical tensions are expected to have a negative impact on the hardware manufacturing market during the forecast period. Consequences of such tensions include sanctions on Russia, trade protectionism, and increased military tensions in the Middle East. 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 imposing sanctions on numerous Russian elites and their family members. These sanctions involved identifying certain properties of these individuals as blocked and targeting Russian intelligence-directed disinformation outlets. This action followed OFAC's sanctions in January 2022, which identified Russian agents involved in activities attempting to destabilize the Ukrainian government. The situation builds upon sanctions imposed in April 2021 for Russian-backed efforts to influence U.S. elections.

Major companies in the hardware market are introducing new products, such as specialty hardware items, to cater to broader customer bases, drive increased sales, and boost overall revenue. Specialty hardware products refer to a distinct category of specialized and often unique hardware components tailored for specific applications or purposes. For example, in February 2021, Hardware Hut, a U.S.-based furniture hardware provider, unveiled 13 new designs for cabinet hardware. These collections incorporate trends such as large pulls and mixed finishes, offering a variety of styles and finishes to add both elegance and functionality to kitchens or bathrooms.

Major companies in the hardware market are also launching new products, including customizable hardware finishes, to expand their customer reach, drive more sales, and enhance revenue. Customizable hardware finishes involve the ability to personalize the surface appearance of hardware products, such as metal fixtures or fasteners, to align with specific aesthetic or functional requirements for a particular project or application. In January 2023, Cafe Appliances, a U.S.-based appliance provider, introduced two new hardware finishes, Brushed Brass and Flat Black. These finishes enable customers to achieve a more personalized design look in their kitchens. The Brushed Brass finish is vibrant and striking, adding a rich accent to appliances, while the Flat Black finish is chic and enticing, enhancing kitchens with a strong sense of style. This product stands out by delivering fresh kitchen accessories that follow the latest design trends while bringing refinement and flair to homes.


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 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 primary categories of hardware include furniture hardware, motor vehicle hardware, builder's hardware, and various other types. Furniture hardware specifically pertains to fittings, fixings, and pieces utilized in the construction of furniture. Sales channels for hardware include OEM and aftermarket, catering to both business-to-business (B2B) and business-to-consumer (B2C) markets.

The hardware market research report is one of a series of new reports 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.

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.


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