Electrical and Electronics Global Market Report 2024

The electrical and electronics market size has grown strongly in recent years. It will grow from $3764.98 billion in 2023 to $4031.77 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth observed in the historical period was primarily driven by heightened demand for consumer electronics, the global expansion of supply chains, trade policies, tariff dynamics, the trend toward device miniaturization, and increasing concerns regarding energy efficiency.

The electrical and electronics market size is expected to see strong growth in the next few years. It will grow to $5194.42 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The forecasted growth is driven by renewable energy integration, sustainability efforts, cybersecurity, e-waste management, advancements in flexible electronics, and the emergence of quantum computing. Major trends include IoT integration, edge computing, robotics, AI, and smart manufacturing.

The rapid evolution of electronics technology is fostering a continuous demand for newer and faster electrical and electronic products. Technological advancements play a pivotal role in attracting both consumers and business users, driving the replacement or upgrade of older products with more advanced versions. Innovations in digital technologies such as the Internet of Things (IoT) and the latest communication technologies such as 5G are anticipated to contribute to the development of cutting-edge electronic products. This technological progress is poised to escalate the demand for electronic products, consequently propelling the growth of the electronic equipment manufacturing market throughout the forecast period.

The increasing prevalence of Internet of Things (IoT) devices is expected to be a driving force behind the growth of the electrical and electronics market in the foreseeable future. IoT, referring to a network of interconnected physical objects embedded with sensors, software, and other technologies, facilitates the collection and exchange of data with other devices and systems over the internet. IoT devices play a crucial role in enabling real-time monitoring and management of electrical and electronic systems, ensuring consistent quality in electronic components and devices. As of March 2023, projections from Exploding Topics, a US-based online platform providing insights into emerging trends, suggest an anticipation of 25.4 billion IoT devices by the year 2030. Consequently, the increasing prevalence of IoT devices is propelling the growth of the electrical and electronics market.

The outbreak of the COVID-19 pandemic acted as a significant constraint on the electrical and electronics manufacturing market in 2020. Disruptions in supply chains occurred due to trade restrictions, and a decline in consumption was witnessed as governments globally imposed lockdowns. COVID-19, identified in Wuhan, China, led to a global spread with flu-such as symptoms. Governments implemented measures to curb transmission, resulting in economic activity decline and lockdowns. While the outbreak negatively impacted businesses throughout 2020 and 2021, it is anticipated that the electrical and electronics manufacturing market will recover from this unprecedented event over the forecast period, as it is considered a 'black swan event' unrelated to ongoing market or global economic weaknesses.

The adoption of virtual reality technology by electronic manufacturing companies is aimed at enhancing manufacturing efficiency. Referred to as digital design, simulation, and integration in the electronic manufacturing industry, virtual reality helps minimize product defects during the design phase. Companies employing virtual reality, such as Integrated Microelectronics, Inc., Flextronics International Ltd., Benchmark Electronics, Inc., and Kimball International, benefit from inspecting design objects at various scales, eliminating defects in the product during the design stage.

Major companies in the electrical and electronics market are prioritizing innovative launches, such as cloud-native software, to deliver reliable services to their customers. Cloud-native software for electrical design is designed to operate in cloud computing environments. Siemens AG, a Germany-based electrical and electronics manufacturing company, launched a new cloud-native electrical design software in October 2022. This software, delivered as a service, is tailored for small- to medium-sized firms. It offers flexibility, efficiency, and collaboration capabilities suitable for the dynamic field of electrical and electronic product design. The browser-based solution allows designers and engineers to rapidly develop electrical diagrams using any device, with a modest monthly fee promoting accessibility and ease of use.

Major companies operating in the electrical and electronics market report are 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, The Joy Mangano Company, Sunbeam Products Inc., Russell Hobbs Inc., Singer Corporation, Kenmore Group Ltd., Oster Manufacturing Company, Applica Consumer Products Inc., Robert Weintraub GmbH & Co. KG, Jarden Corporation.

Asia-Pacific was the largest region in the electrical and electronics market in 2023. 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. The countries covered in the electrical and electronics 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.

Key categories comprise electrical equipment, measuring and control instruments, and electronic products. Electrical equipment refers to any apparatus, cable, meter, or material utilized in controlling, generating, supplying, transforming, or transmitting electricity beyond extra-low voltage, or powered by electricity exceeding this threshold. These devices operate via online and offline modes. Sales channels in this industry span OEM and aftermarket avenues catering to both B2B and B2C end users.

The electrical and electronics market research report is one of a series of new reports that provides electrical and electronics market statistics, including electrical and electronics industry global market size, regional shares, competitors with an electrical and electronics market share, detailed electrical and electronics market segments, market trends and opportunities, and any further data you may need to thrive in the electrical and electronics industry. This electrical and electronics 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 electrical and electronics market consists of sales of photoresist and photoresist ancillaries, superconductors, photoelectric sensors, automotive dc-dc converters, surface inspection, temperature sensors, fingerprint sensors, quantum dot, touch screen controllers, torque sensors, pressure sensors, silicon photonics, automotive wiring harness and other electrical and electronics components. 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.