Press release
Electrical And Electronics Market Expansion Continues, with Forecast Valuation of $5584.89 Billion by 2029
Electrical And Electronics
What Will the Electrical And Electronics Industry Market Size Be by 2025?
The size of the electrical and electronics market has seen robust expansion in recent times. The market is forecasted to rise from $3951.27 billion in 2024 up to $4262.41 billion in 2025, boasting a compound annual growth rate (CAGR) of 7.9%. The growth experienced in the historical period can be linked to a surge in consumer electronics demand, the globalization of supply chains, trade policies and tariffs, device miniaturization, and concerns about energy efficiency.
What's the Long-Term Growth Forecast for the Electrical And Electronics Market Size Through 2029?
The market size for electrical and electronics is projected to experience a substantial increase in the coming years, growing to approximately $5584.89 billion by the year 2029 with a compound annual growth rate of 7.0%. This projected growth in the forecast duration can be linked to factors such as the integration of renewable energy, focus on environmental sustainability, concerns over cybersecurity, the management of electronic waste, the development of flexible electronics, and advancements in quantum computing. Foreseen trends within this forecast period encompass the integration of the internet of things (IoT), utilization of edge computing, the advancement of robotics and automation, the integration of artificial intelligence (AI), and the progression towards smart manufacturing.
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What Are the Key Growth Drivers Fueling the Electrical And Electronics Market Expansion?
The constant evolution and advancement in electronics technology is fuelling a steady demand for updated, speedier electronic goods. The magnetism of technological progression plays a crucial role in winning over consumers and business users to replace or enhance their existing products with the more cutting-edge versions. The advent of the internet of things (IoT) and the emergence of the latest communication technologies like 5G are anticipated to contribute significantly to the creation of revolutionary electronic products. This will likely boost the need for electronic products, which will, in turn, propel the growth of the electronic equipment manufacturing market in the predicted period.
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What Are the Key Trends Driving Electrical And Electronics Market Growth?
Electronic manufacturing firms are embracing virtual reality technology to enhance their manufacturing proficiency. Within the sector, this innovation is commonly known as digital design, simulation, and integration. The use of virtual reality considerably reduces the possibility of product flaws during the design process. To illustrate, it allows companies to examine design objects on every possible scale, thus ruling out defects at the design level. Major firms integrating virtual reality into their processes include Integrated Microelectronics, Inc., Flextronics International Ltd., Benchmark Electronics, Inc., and Kimball International.
How Is the Electrical And Electronics Market Segmented?
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 Companies Are Leading the Charge in Electrical And Electronics Market Innovation?
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
Which Regions Are Leading the Global Electrical And Electronics Market in Revenue?
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.
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