Electrical Equipment Market Report 2024

The electrical equipment market size has grown strongly in recent years. It will grow from $1.61 trillion in 2023 to $1.72 trillion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The historical period's growth can be ascribed to the economic expansion in emerging markets, supportive government initiatives, and advancements in technology.

The electrical equipment market size is expected to see strong growth in the next few years. It will grow to $2.19 trillion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The anticipated growth in the forecast period can be credited to advancements in electrical equipment, increased investments in energy-efficient infrastructure, and favorable government initiatives. Key trends in the forecast period encompass the premiumization of electrical equipment, the creation of smart appliances, the development of energy-efficient products, the establishment and utilization of e-commerce platforms, and strategic alliances and collaborations to expand development activities.

The swift pace of advancements in electronics technology is fostering a consistent demand for more advanced and rapid electronic equipment. Technological progress serves as a crucial factor in attracting both consumers and business users, encouraging the replacement or upgrading of older products with more advanced versions. Digital technologies such as the internet of things (IoT) and cutting-edge communication technologies such as 5G are anticipated to facilitate the development of innovative electronic products, consequently driving the demand for electronic equipment and fostering growth in the electronic equipment manufacturing market during the forecast period.

The rising demand for smartwatches is poised to drive the growth of the electrical equipment market in the future. A smartwatch, a wearable electronic device, combines traditional wristwatch features with computer or smartphone capabilities. Electrical equipment, including smartwatches, provides various benefits, including remote monitoring, navigation services, simplified documentation, and hands-free access to information and communication. For example, in December 2021, according to Kantar Group, a UK-based consulting company, 15% of US citizens owned smartwatches, marking an increase of over 30% from Q3 2021. Consequently, the growing demand for smartwatches is a significant driver for the expansion of the electrical equipment market.

The growing prevalence of portable electronic devices such as smartphones and tablets has given rise to the emergence of USB receptacles. USB receptacles provide convenient access for charging various electronic devices, eliminating the need to carry multiple charging adapters. EATON, for instance, manufactures USB receptacles equipped with tamper-resistant shutters and LED indicator lights, catering to the charging needs of devices such as tablets, mobile phones, cameras, and MP3 players. Notable companies in the USB receptacles manufacturing sector include Eaton, GE, and Philips.

Major players in the electrical equipment market are channeling efforts into introducing innovative products, such as digital multimeters, to bolster their market positions. A digital multimeter is a versatile electronic measuring instrument used for assessing various electrical parameters in electronic circuits or electrical systems. For example, in August 2021, Hioki E.E. Corporation, a Japan-based company specializing in the manufacturing and development of electrical measurement and testing equipment, unveiled the Digital Multimeter DT4261. Capable of measuring AC and DC voltages, conducting harmonic measurements, and performing diode testing, the DT4261 prioritizes safety for test leads through mechanical innovations. With the installation of the Wireless Adapter Z3210, Bluetooth wireless communication becomes feasible, enhancing fieldwork productivity by promptly inputting measured data into Excel templates.

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.

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.

Electrical equipment encompasses products designed for the generation, distribution, and utilization of electrical power. Its primary purpose is to perform tasks by converting and controlling electrical energy, ensuring the protection of systems, property, and individuals.

The key categories of electrical equipment include electric lighting equipment, household appliances, power generation, transmission, and control equipment, as well as batteries, wires, and cables. Home appliances refer to electrical devices facilitating various household functions such as cooking, cleaning, and food storage. These equipment operate through both online and offline modes. Sales channels encompass Original Equipment Manufacturer (OEM) and aftermarket, catering to Business-to-Business (B2B) and Business-to-Consumer (B2C) end users.

The electrical equipment market research report is one of a series of new reports that provides electrical equipment market statistics, including electrical equipment industry global market size, regional shares, competitors with an electrical equipment market share, detailed electrical equipment market segments, market trends and opportunities, and any further data you may need to thrive in the electrical equipment industry. This electrical equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The countries covered in the electrical equipment 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 electrical equipment and component market consists of sales of power converters (i.e., AC to DC and DC to AC), power supplies, surge suppressors, and general electrical equipment. 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.


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