Electrical Equipment Market
Electrical Equipment Market By Type (Electric Lighting Equipment, Household Appliances, Power Generation, Transmission And Control Equipment, Batteries, Wires And Cables), By End-Use (Business To Business (B2B) And Business To Customer (B2C)), By Sales Channel (OEM And Aftermarket), By Mode (Online And Offline) And By Region, Opportunities And Strategies Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2031
The global electrical equipment market reached a value of nearly $1,380.0 billion in 2022, having increased at a compound annual growth rate is expected to reach $3,248.2 billion in 2031, at a CAGR of 10.2%.
Electrical Equipment Market Overview
Electrical equipment is a machine or product powered by electricity and consists of stockades, electrical components, and power switches. Electrical equipment is also used in the generation and distribution of electrical power or to convert electrical energy to mechanical energy for carrying out activities domestically and industrially. Major electrical equipment used domestically and industrially includes electric lighting equipment, household appliances, batteries, wires and cables, and others.
The global electrical equipment market is segmented on the basis of various characteristics, including by product type, the market is segmented into wiring devices, batteries and accumulators, electronic and electrical wires, and cables. The demand for energy is increasing from residential and nonresidential users; both segments contribute largely to the growth of the electrical equipment market. Installation of electrical devices such as ventilators, lighting systems, air conditioners, and fire protection systems majorly augmented the growth of the market. Furthermore, rapid modernization of the electric grid is fueling demand for electrical equipment. By region, North America, Europe, Asia-Pacific, Latin America, and the Middle East, and Africa contribute largely to the growth of the electrical equipment market.
Market Growth
The growth of the Electrical Equipment Market in the historic period resulted from economic growth in emerging markets, favourable government initiatives, and technological advances. Factors that negatively affected growth in the historic period were political uncertainties, geopolitical tensions, and volatile metal prices. Going forward, innovations in electrical equipment, rising investments in energy efficient infrastructure, and favourable government initiatives will drive growth. Factors that could hinder the growth of the electrical equipment market in the future include a coronavirus pandemic, changing regulations.
Market Drivers
The rapid pace of innovations in electrical equipment technologies is stimulating consistent demand for newer and faster electrical equipment markets and applications. Technological developments are key to attracting both consumers and business users to either replace or upgrade older products with advanced versions. Innovative technologies such as the Internet of Things (IoT), the smart grid, and energy-efficient lighting technologies are expected to aid in the development of advanced electronic equipment. This is expected to increase the demand for electrical equipment, which will ultimately drive the market during the forecast period.
Market Restraints
The key restraints on the electrical equipment market include: Changing Regulations Rising sustainability issues and stringent new regulatory standards are compelling electrical equipment manufacturers to review the entire environmental impact of their products, from the use of harmful chemicals in manufacturing, energy consumption during consumer use to waste disposal at the end of the product's life. These rising new regulatory standards are likely to be a major hindrance for electrical equipment manufacturers, especially for multinational organisations that have to keep up with different regulatory standards across different regions.
COVID-19 impact analysis
The electrical equipment market suffered as a result of COVID-19. The outbreak began in China, prompting the country's government to impose strict lockdown measures. China is a major supplier of electrical components and raw materials. As a result, the pandemic's outbreak in China had a significant impact on the electrical device supply chain. Globally, social alienation and stay-at-home orders have severely harmed electronic sales. Factors such as the relaxation of lockdown restrictions, the reopening of retail outlets, and the ongoing trend of online retailing will accelerate the development of the consumer electronics industry in the near future. Companies, on the other hand, are reorganising their operations and recovering from the COVID-19 impact, which had previously resulted in operational issues due to tight confinement measures such as social separation, remote working, and commercial activity termination.
REPORT SCOPE & SEGMENTATION:
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Report Attribute |
Details |
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Projected Market Value (2031) |
1380 Billion |
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Estimated Market Value (2022) |
3248.2 Billion |
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Base Year |
2022 |
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Forecast Years |
2023 - 2031 |
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Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Product, End-user, Application, Region |
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Segments Covered |
By Product, By End-User, By Application, and Region |
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Forecast Units |
Value (USD Billion), and Volume (Units) |
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Quantitative Units |
Revenue in USD million/billion and CAGR from 2023 to 2031 |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
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Countries Covered |
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
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Report Coverage |
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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Delivery Format |
Delivered as an attached PDF and Excel through email, according to the purchase option. |
Segment Analysis
The electrical equipment market is segmented on the basis of type, end-use, sales channel, mode, and region. The electrical equipment market is segmented on the basis of type, end-use, sales channel, mode, and region. Based on the mode of market, offline mode dominates the market share because specialist electronic stores allow buyers to see and feel the benefits of the item in person. The offline segment is projected to hold a significant market share. This feature allows customers to compare and select from a wide selection of available brands, resulting in increased foot traffic at these stores.
Regional Analysis
The Electrical Equipment Market Report provides a study of more than 20 countries and their market players. The report covers a regional and country-level analysis that covers North America, South America, Europe, Asia Pacific (APAC), Africa, and the Middle East. The market is deeply analysed for each region, which helps in identifying the market trends for each region, growth opportunities, and restraining factors.
Market Players
The report provides a competitive landscape on both the quantitative and qualitative research of the electrical equipment market. The report also provides detailed insights on the development methods used by the key market players. The report offers deep research on the key market players and details on the competitiveness of these players. The main business strategies used by these players, such as mergers and acquisitions (M&A), collaborations, affiliations, and contracts, are also discussed and analysed in the report. For each competitor, the report studies their global presence, service offerings, competitors, and specifications. The main players covered by the study on the global electrical equipment market are:
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- Whirlpool Corporation
- Schneider Electric
- Siemens AG
- Samsung Electronics Co Ltd
- Panasonic Corporation
- Cisco Corporation
- ABB Ltd.
- Sumitomo Electric Industries Ltd
- Eaton Corporation
- Nexans
- Hitachi
- ABB Ltd
- Toshiba
- Glen Dimplex Group
- Grand Tech Group Ltd.
- Whirlpool
- Electrolux
- Haier
- LG
- Bosch
Segments Covered in the Report
By Product
- Wiring devices
- Batteries and accumulators
- Electronic and electrical wires and cables
- Others
By End User
- Residential
- Commercial
- industrial
By Applications
- Transformers
- Electricity meter
- Distribution boards
- Circuit Breakers
- Others
Regional Outlook
Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
Europe
- Norway
- Netherlands
- Sweden
- United Kingdom
- France
- Germany
- Others
North America
- United States
- Canada
Middle East and Africa
- Turkey
- Saudi Arabia
- Iran
- United Arab Emirates
- Others
Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Others
Research Methodology
Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region. The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.
Data Collection
Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.
Primary Research
After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market.
Secondary Research
A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.
Top-Down Approach & Bottom-Up Approach
In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.
In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.
This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.
Market Analysis & size Estimation
Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.
Quality Checking & Final Review
The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.
