Press release
Evolving Market Trends In The Hardware Industry: Transforming Hardware Manufacturing Market With Robotics, Automation, And Sensor Technology
Hardware
What Is the Expected Hardware Market Size During the Forecast Period?
The size of the hardware market has seen significant expansion in the past few years. It is projected to rise from $127.14 billion in 2024 to $135.43 billion in 2025, an increase reflected by a compound annual growth rate (CAGR) of 6.5%. This growth during the historic period was influenced by the robust economic growth in developing markets, acceleration in the automotive sector, increased construction activities, and enhanced infrastructure development.
Predictions indicate a steady growth in the hardware market in the coming years, with an anticipated value of $164.56 billion by 2029, equating to a compound annual growth rate (CAGR) of 5.0%. The expected growth during the forecast period is linked to several factors, including rapid urbanization, enhanced government support, increasing metal usage in the aerospace industry and the evolution of the automotive sector. Key predicted trends for the forecast period are the introduction of metal additive for manufacturing products, a focus on innovative designs, strategic partnerships and mergers among market stakeholders, a shift towards zero-carbon products, and an increased use of recycled metals.
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What Are the High-Growth Segments in the Hardware Market?
The hardware market covered in this report is segmented -
1) By Type: Furniture Hardware, Motor Vehicle Hardware, Builder's Hardware, Other Hardware
2) By End User: B2B, B2C
3) By Sales Channel: OEM, Aftermarket
Subsegments:
1) By Furniture Hardware: Cabinet Hardware, Furniture Fasteners, Sofa And Chair Mechanisms, Decorative Hardware
2) By Motor Vehicle Hardware: Engine Components, Chassis And Suspension Hardware, Body Hardware, Electrical Hardware
3) By Builder's Hardware: Doors And Windows Hardware, Fasteners, Brackets And Supports, Roofing And Siding Hardware
4) By Other Hardware: Plumbing Hardware, Electrical Hardware, Industrial Hardware, Safety Hardware
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What Key Drivers Are Expected to Influence Future Hardware Market Growth?
The hardware manufacturing market is projected to surge due to increased metal consumption by the aerospace industry during the forecasted period, primarily fueled by a rise in air travel and subsequent surge in demand for commercial airplanes. The International Air Transport Association (IATA) revealed that air passengers numbered around 3.8 billion, a figure predicted to soar to 7.2 billion by 2035. Boeing's estimates align with this, indicating that approximately 42,730 new jets valued at $6.3 trillion will be needed over the coming two decades, to cater to the burgeoning passenger traffic and upcoming airplane retirements. This underlines a substantial need for metal, particularly aluminum, which will significantly stimulate the hardware manufacturing market in the years ahead. Consequently, the increased metal consumption within the aerospace sector is anticipated to propel the hardware manufacturing market.
Which Companies Hold the Largest Share Across Different Hardware Market Segments?
Major 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, Guangdong KinLong Hardware Products Co. Ltd., Intex Technologies India Ltd, China Northern Heavy Industries Group Corporation, China National Building Material Group Corporation, The Process Enterprise, Bharat Heavy Electricals Limited, Hyundai Heavy Industries Co., Ltd., D-Link India Ltd, Cerebra Integrated Technologies Limited, Johnson Bros. Roll Forming Co, WASEEM TRADERS, PPC Ltd, OAO Vyksa Steel Works (VSW), PJSC Magnitogorsk Iron and Steel Works, SACO, Routebr Trading Company, Amerock, Emtek, Atlas homewares, Godrej, Jonathan Goulart, Gem Manufacturing Co, Bolt Depot, Rockwell Automation Incorporation, Midex General Trading LLC, Kinter, Tata Steel Limited, Tyman PLC, Strybuc Industries, Argos Puxadores LTDA, Express Micro Informatica, Rusal, Curacao Do Brazil Ltda, Wisersoft, Cabos Weis, KFH Metal Stamping, Albatroz Comercio e Servicos Eireli ME, Schlage Lock Company LLC, Zoomlion Heavy Industry Science and Technology Co., Ltd., QCMI Corp, MISUMI Group Inc., Hangzhou Hardware Products Co., Ltd., CREATIVE SHELF, Saturno Tecnologia, Schneider Electric SE, ABB Ltd, Eaton Corporation Plc, Emerson Electric Co, NETCONFIG, Spix Trade-Alexandre Medeiros Rolim, Sephaku Holdings Ltd, Rostec, Novolipetsk Steel (NLMK), Tshu Trading Co., Ltd, Afrimat Ltd, Proteck Electronic Trading LLC, Siegenia-Aubi KG, DOUBLE METAL NIGERIA LTD
What Are the Latest Developing Trends in the Hardware Market?
An increasing number of hardware manufacturing entities are integrating robotics and automation into their plant operations to enhance their efficiency and productivity. They are using sensors in various machines to collect crucial data that can enhance operational effectiveness and minimize the risk of potential machine breakdowns. For example, according to data from May 2024, the global robotics market, which was valued at USD 59.7 billion in 2022, is projected to skyrocket to over USD 200 billion by 2030. This translates to a compounded annual growth rate of 16.1% from 2023 to 2030. Some of the companies that provide industrial robots to metals businesses include FANUC, KUKA, ABB, and Motoman.
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What Are the Emerging Geographies for The Hardware Market Growth?
Asia-Pacific was the largest region in the hardware market in 2024. Western Europe was the second-largest region in the hardware market. The regions covered in the hardware 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 Hardware Market?
2. What is the CAGR expected in the Hardware Market?
3. What Are the Key Innovations Transforming the Hardware Industry?
4. Which Region Is Leading the Hardware Market?
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