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

Metal consumption by the aerospace industry is expected to drive innovation in hardware manufacturing, propelling the market during the forecast period.

The global hardware market is expected to grow from $111.44 billion in 2022 to $121.34 billion in 2023 at a compound annual growth rate (CAGR) of 8.9%. The hardware market is expected to grow to $164.21 billion in 2027 at a CAGR of 7.9%.

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Global Hardware Market Segments Include:

• By Type: Furniture Hardware, Motor Vehicle Hardware, Builder’s Hardware, Other Hardware
• By End User: B2B, B2C
• By Sales Channel: OEM, Aftermarket
• 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 hardware market in 2021.

Major Market Players in the hardware market include Assa Abloy AB, Dormakaba Holding AG, Allegion PLC, Hafele GmbH & Co KG, Blum Inc., Tyman PLC, Hettich Holding GmbH & Co. oHG, Spectrum Brands Holdings Inc.

Many hardware manufacturers use robotics and automation to boost plant efficiency and productivity. Sensors are used in a variety of machines to collect valuable data that can be used to improve efficiencies and reduce potential breakdowns. According to a Boston Consulting Group (BCG) report, 1.2 million industrial robots will be deployed by 2025, indicating an increase in automation and robotics technology adoption to improve productivity and reduce production costs. According to the KPMG report, 16% of global metals executives have already invested in robotics for metal manufacturing, 31% have plans to potentially invest in robotics for new technology and opportunities, and 42% are willing to invest in robotics in the near future. According to the report, 63% of metal manufacturing executives are considering investing in automation. FANUC, KUKA, ABB, and Motoman are examples of companies that provide industrial robots to metals companies.

The Hardware Global Market Report 2023  provides a hardware market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The hardware market forecast analyzes hardware market size, hardware 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.

Hardware refers to the external components of any devices and instruments used to create apparatus, such as metal hinges, metal handles, keys, locks, and other machinery, and it assists businesses in avoiding unforeseen problems such as hardware damage and serious data loss in order to lower maintenance costs and improve business operations.

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