Global General Electrical Equipment And Components Market
Electrical And Electronics Manufacturing

The General Electrical Equipment And Components Market Is Estimated To Reach $120.33 Billion By 2027 At A CAGR Of 8.3% – Includes General Electrical Equipment And Components Market Driver

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

 

IoT is positively impacting the sales of electrical equipment are expected to drive innovation in general electrical equipment and components manufacturing, thus driving the market during the forecast period.

 

The global general electrical equipment and components market is expected to grow from $80.21 billion in 2022 to $87.51 billion in 2023 at a compound annual growth rate (CAGR) of 9.1%. The global general electrical equipment and component market size is expected to grow to $120.33 billion in 2027 at a CAGR of 8.3%.

 

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Global General Electrical Equipment And Components Market Segments Include:

  • By Mode:Online, Offline
  • By Sales Channel:OEM, Aftermarket
  • By End User:Commercial, Residential
  • By Geography:The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global general electrical equipment and components market in 2021.

 

Major Market Players in the general electrical equipment and components market include Panasonic Corporation, Samsung Electronics Co Ltd., ABB Ltd., Sumitomo Electric Industries Ltd., Toshiba Corporation, Eaton.

 

Consumers are increasingly adopting tools and devices equipped with smart technology as they maximize security, increase energy efficiency, improve appliance functionality, and are more convenient and flexible. The demand for smart homes and office spaces is increasing by the day. Innovation, adoption, and deployment of new technologies in various electrical equipment are making the world smarter. High-end technology devices are easy to use and help in the smooth flow of regular activities, encouraging companies to cater to such needs. For example, Philips has developed a personal wireless lighting system for smart homes that is easy to control and creates the perfect ambiance. Moreover, in August 2021, according to TradingPlatforms, a UK-based online media company, smart home users in the US amounted to 47.4 million in the year 2021, with the highest penetration rate of 40.1% and a penetration rate of 37.4%, respectively. The UK is the country with the second-highest number of smart homes worldwide. Thus, the adoption of high-end technologies directly impacts sales in the general electrical equipment and components market.

 

The General Electrical Equipment And Components Global Market Report 2023  provides a general electrical equipment and components market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The general electrical equipment and components market forecast analyzes general electrical equipment and components market size, general electrical equipment and components market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

 

General electrical equipment is defined as an electronic device that generates, distributes, and uses electrical power.

 

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