Electrical And Electronics
What industry-specific factors are fueling the growth of the electrical and electronics market?
The swift advancement in electronic technologies is continually fueling the need for updated and speedy electrical and electronic goods. The appeal to both individual consumers and business users for replacement or enhancement of older items with developed versions lies primarily in tech development. The emergence of digital technology, including internet of things (IoT), and the introduction of the latest communication developments such as 5G is expected to assist in creating unique electronic goods. As a result, it is predicted to enhance electronic product demand, thereby propelling the growth of the electronic equipment manufacturing market within the forecasted duration.
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What Is the projected market size and growth rate for the electrical and electronics market?
Recent years have witnessed substantial growth in the size of the electrical and electronics market. The market, currently valued at $3951.27 billion in 2024, is projected to expand to $4262.41 billion in 2025, recording a compound annual growth rate (CAGR) of 7.9%. This growth during the historic period is primarily due to factors such as heightened demand for consumer electronics, the globalization of supply chains, the implementation of trade policies and tariffs, the miniaturization of devices, and concerns surrounding energy efficiency.
In the coming years, the electrical and electronics market is projected to experience robust expansion. By 2029, it is predicted to balloon to a value of $5584.89 billion, representing a compound annual growth rate (CAGR) of 7.0%. Factors such as the incorporation of renewable energy, environmental sustainability, worries about cybersecurity, e-waste management, adaptable electronics, and quantum computing could be driving this forecasted growth. Looking ahead, key trends to watch include the integration of internet of things (IoT), advancements in edge computing, robotics and automation, artificial intelligence (AI), and smart manufacturing.
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What new trends are reshaping the electrical and electronics market and its opportunities?
Virtual reality technology has found a place within the operations of electronic manufacturing companies as a tool to increase the efficiency of their manufacturing processes. This inclusion of virtual reality in the electronic manufacturing sector is frequently referred to as digital design, simulation, and integration. It aids in reducing chances of product flaws right at the design stage. For example, utilizing virtual reality technology permits businesses to evaluate design aspects at all possible scales, thus eliminating potential design flaws in the initial stages itself. Major corporations implementing virtual reality in their operations include Integrated Microelectronics, Inc., Flextronics International Ltd., Benchmark Electronics, Inc., and Kimball International.
What major market segments define the scope and growth of the electrical and electronics market?
The electrical and electronics market covered in this report is segmented –
1) By Type: Electrical Equipment, Measuring And Control Instruments, Electronic Products
2) By Mode: Online, Offline
3) By Sales Channel: OEM, After market
4) By End-Use: B2B, B2C
Subsegments:
1) By Electrical Equipment: Switchgear, Transformers, Circuit Breakers, Relays, Distribution Boards
2) By Measuring And Control Instruments: Multimeters, Oscilloscopes, Analyzers, Pressure Sensors, Temperature Sensors
3) By Electronic Products: Consumer Electronics, Industrial Electronics, Communication Equipment, Medical Electronics
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Which region dominates the electrical and electronics market?
Asia-Pacific was the largest region in the electrical and electronics market in 2024. North America was the second largest region in the electrical and electronics market. The regions covered in the electrical and electronics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the electrical and electronics industry growth?
Major companies operating in the electrical and electronics market include General Electric Company, LG Electronics Inc., Panasonic Corporation, Haier Group Corporation, Koninklijke Philips N.V., Black & Decker Corporation, Electrolux AB, Tefal S.A.S., Maytag Corporation, SharkNinja Operating LLC, De’Longhi SpA, Conair Corporation, Morphy Richards Ltd., Breville Group Limited, Crompton Greaves Consumer Electricals Limited, Bajaj Electricals Ltd., Hamilton Beach Brands Inc., BCL Electronics Pvt. Ltd., Flyco Electrical Appliance Co. Ltd., Eveready Industries India Ltd., Vornado Air LLC, Braun GmbH, Sunbeam Products Inc., Russell Hobbs Inc., Singer Corporation, Kenmore Group Ltd., Oster Manufacturing Company, Applica Consumer Products Inc., Jarden Corporation
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What Is Covered In The Electrical And Electronics Global Market Report?
•Market Size Forecast: Examine the electrical and electronics market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the electrical and electronics market for a structured understanding.
•Key Players Overview: Analyze major players in the electrical and electronics market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the electrical and electronics market.
•Segment Contributions: Evaluate how different segments drive overall growth in the electrical and electronics market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the electrical and electronics market.
•Industry Challenges: Identify potential risks and obstacles affecting the electrical and electronics market.
•Competitive Landscape: Review strategic developments in the electrical and electronics market, including expansions, agreements, and new product launches.
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