Electrical Equipment Market Report 2025

The electrical equipment market size has grown strongly in recent years. It will grow from $1.71 trillion in 2024 to $1.83 trillion in 2025 at a compound annual growth rate (CAGR) of 7.2%. 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 $2.33 trillion in 2029 at a compound annual growth rate (CAGR) of 6.2%. 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.

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 growth of the manufacturing industry is anticipated to boost the electrical equipment market in the coming years. The manufacturing industry encompasses the sector of the economy that converts raw materials into finished products through various processes, often utilizing machinery, labor, and technology. This sector is experiencing growth due to rising global demand for products, technological advancements, automation, and an increased focus on efficiency and sustainability in production methods. Electrical equipment plays a crucial role in manufacturing by powering machinery, controlling production processes, ensuring safety, and improving efficiency and automation in operations. For example, in September 2024, a report from the National Association of Manufacturers (NAM), a U.S.-based advocacy group, indicated that the value-added output in manufacturing increased from an annual rate of $2.881 trillion in Q1 to $2.91 trillion in Q2 of 2024. In Q2, manufacturing accounted for 10% of the total value-added output in the U.S. economy. Additionally, the real value-added output in the manufacturing sector grew from $2.337 trillion at an annual rate in Q1 to $2.384 trillion in Q2. Thus, the expanding manufacturing industry is propelling the growth 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.

Leading companies in the electrical equipment market are focusing on the development of advanced products, such as wiring devices, to ensure safe and reliable electrical connections. Wiring devices are essential electrical components that connect, control, or distribute electrical power within a system. This category includes switches, outlets, plugs, and connectors, all designed to ensure safe and efficient electrical operations in residential, commercial, and industrial environments. For example, in March 2023, Honeywell International Inc., a U.S.-based industrial goods and machinery company, introduced the Blenze Pro Wiring Devices specifically for the Indian market. The Blenze Pro range is designed to fulfill the premium wiring requirements of architects, interior designers, builders, and developers involved in residential, commercial, and hospitality projects. Featuring front plates made from high-quality materials like metal and glass, these wiring devices offer a unique and sophisticated look. Furthermore, they incorporate silent and soft-switch operation along with optimal illumination, enhancing both functionality and aesthetics.

Major companies operating in the electrical equipment market include Panasonic Corporation, Samsung Electronics Co Ltd, Whirlpool Corporation, Schneider Electric, Siemens AG, 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, Industrial Group Mida (Microelectronic Sensors), Serdia Eletrônica Industrial, Liebherr, J.J. Consultancies S.A, Suyuanyineng Electricity Machinery Equipment (Wuxi) Company Ltd, 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, 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 2024. 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. 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.

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 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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