Press release
Electrical Equipment Industry Report 2025-2034: Market Dynamics, Trends, And Forecasts
Electrical Equipment
What Is the Expected Electrical Equipment Market Size During the Forecast Period?
The market size of electrical equipment has seen robust growth in the past few years. This market is projected to increase from a size of $1712.93 billion in 2024 to $1836.18 billion in 2025, with a compound annual growth rate (CAGR) of 7.2%. The historical growth of this sector is associated with economic advancement in emerging markets, beneficial government policies, and advancements in technology.
The size of the electrical equipment market is slated for significant expansion in the forthcoming years. It is projected to reach a value of $2338.87 billion in 2029, growing at a compound annual growth rate (CAGR) of 6.2%. The anticipated growth within this time frame is due to advancements in electrical gadgetry, increasing contributions towards energy-efficient infrastructure, and beneficial government strategies. Key trends for the projection period involve the upscaling of electrical equipment, development of intelligent devices, the creation of energy-saving products, the establishment and utilization of e-commerce platforms, and strategic partnerships & cooperation to boost developmental endeavors.
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What Are the High-Growth Segments in the Electrical Equipment Market?
The electrical equipment market covered in this report is segmented -
1) By Type: Electric Lighting Equipment, Household Appliances, Power Generation, Transmission And Control Equipment, Batteries, Wires And Cables
2) By Mode: Online, Offline
3) By Sales Channel: OEM, Aftermarket
4) By End-Use: Business To Business (B2B), Business To Customer (B2C)
Subsegments:
1) By Electric Lighting Equipment: LED Lighting, Fluorescent Lighting, Incandescent Lighting, Smart Lighting Solutions, Street Lighting
2) By Household Appliances: Major Appliances, Small Appliances, Heating and Cooling Equipment
3) By Power Generation: Renewable Energy Sources, Conventional Power Generation, Generators
4) By Transmission and Control Equipment: Transformers, Switchgear, Circuit Breakers, Relay Systems, Power Distribution Units (PDUs)
5) By Batteries: Lead-Acid Batteries, Lithium-Ion Batteries, Nickel-Cadmium Batteries, Lithium Polymer Batteries, Flow Batteries
6) By Wires and Cables: Low Voltage Cables, Medium Voltage Cables, High Voltage Cables, Specialty Cables, Conductors
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What Key Drivers Are Expected to Influence Future Electrical Equipment Market Growth?
The accelerated rate of advancements in electronics technology is fostering steady interest for newer and faster electronic devices. A crucial element for drawing in both individual and business users for replacing or upgrading existing products with updated versions is technological progression. Digital technologies like the internet of things (IoT) and the latest communication methods like 5G are anticipated to contribute to the evolution of pioneering electronic products. This is likely to escalate the demand for electronic products, which, in turn, is expected to propel the expansion of the electronic equipment manufacturing market throughout the projected period.
Which Companies Hold the Largest Share Across Different Electrical Equipment Market Segments?
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
What Trends Are Driving Growth in The Electrical Equipment Market?
The rise in the usage of handheld electronic gadgets like smartphones and tablets has spurred the creation of USB receptacles. These outlets provide an accessible route to charge any electronic device, also eradicating the necessity for charging adapters. Take EATON for example, which produces USB receptacles featuring tamper-proof shutters and LED status lights, suitable for charging devices such as tablets, mobiles, cameras, and MP3 players. Other prominent firms involved in producing USB receptacles include Eaton, GE, and Philips.
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What Are the Emerging Geographies for The Electrical Equipment Market Growth?
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
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Electrical Equipment Market?
2. What is the CAGR expected in the Electrical Equipment Market?
3. What Are the Key Innovations Transforming the Electrical Equipment Industry?
4. Which Region Is Leading the Electrical Equipment Market?
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