Press release
Exploring the Global Hardware Market: Significant Growth, Key Players, and Emerging Trends
Exploring the Global Hardware Market
The Hardware Market is witnessing a robust increase with promising growth rates over the past years and projections for future market size.
What Is The Projected Market Size Of The Global Hardware Market And Its Growth Rate?
• The hardware market showed robust growth, rising from $127.14 billion in 2024 to $135.43 billion in 2025 with a Compound Annual Growth Rate (CAGR) of 6.5%.
• Major factors driving the historic period growth can be attributed to economic expansion in developing markets, vigorous growth in the automotive industry, surge in construction and infrastructure development activities.
• In the upcoming years, the market size is expected to continue its steady growth, reaching at $164.56 billion in 2029 at a CAGR of 5.0%.
• The forecast period growth will be driven by fast-paced urbanization, government support, increasing metal consumption by the aerospace sector, and the evolution in the automotive industry.
What Is Driving The Growth In The Hardware Market?
Increased metal consumption by the aerospace sector is set to propel the hardware manufacturing market. The rise in air travel demand, leading to the requirement for more commercial planes, is a prime reason. As per International Air Transport Association (IATA), air traveler numbers were around 3.8 billion, and it will surge to 7.2 billion by 2035. Around 42,730 new jets, priced at $6.3 trillion, will be needed over the next 20 years - an assertion made by Boeing, that will necessitate significant metal consumption, primarily aluminum. Thus the increase in travelers and plane retirements mandate high metal consumption, driving the hardware manufacturing market.
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Who Are the Key Players Driving Hardware Market Growth?
Notable companies operating in the hardware market include:
• 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.
What Are The Key Trends In The Hardware Market?
Key trends in the forecast period include:
• Launch of metal additive for manufacturing products
• Focus on new design innovations
• Strategic collaborations and acquisitions among market players
• Emphasis on Zero Carbon products
• Use of recycled metals
What Are The Segments Of The Global Hardware Market?
• By Type: Furniture Hardware, Motor Vehicle Hardware, Builder's Hardware, Other Hardware
• By End User: B2B, B2C,
• By Sales Channel: OEM, Aftermarket
Which Region Leads The Hardware Market?
Asia-Pacific was leading the hardware market in 2024, followed closely by Western Europe. The markets in North America, South America, Middle East, and Africa also made significant contributions.
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What Is Covered In The Hardware Market Global Market Report?
- Market Size Analysis: Analyze the Hardware Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Hardware Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Hardware Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Hardware Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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