Electrical And Electronics Global Market 2024 - Tracking Industry Trends, Share, Size, and Opportunities Leading to 2033

The electrical and electronics market size has grown strongly in recent years. It will grow from $3764.98 billion in 2023 to $4031.77 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to incresed consumer electronics demand, globalization of supply chains, trade policies and tariffs, miniaturization of devices, energy efficiency concerns.

The electrical and electronics market size is expected to see strong growth in the next few years. It will grow to $5194.42 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to renewable energy integration, environmental sustainability, cybersecurity concerns, e-waste management, flexible electronics, quantum computing. Major trends in the forecast period include internet of things (iot) integration, edge computing, robotics and automation, artificial intelligence (ai), smart manufacturing.

Market Overview -
Electrical and electronics produce products that generate, distribute and use electrical power, or electronic products such as audio, video, and semiconductors. This market does not include computers, computer peripherals, and telecommunications equipment.

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Innovations In Electronics Technology Fueling Demand And Growth In The Electrical And Electronics Market
The rapid pace of innovations in electronics technology is stimulating consistent demand for newer and faster electrical and electronics products. Technological development is a key to attracting both consumers and business users for either replacing or upgrading the older products with advanced versions. Digital technologies such as the internet of things (IoT) and the latest communication technologies such as 5G are expected to aid in the development of innovative electronic products. This is expected to increase the demand for electronic products which will ultimately drive the growth of the electronic equipment manufacturing market during the forecast period.

Competitive Landscape -
Major companies operating in the electrical and electronics market report are 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, The Joy Mangano Company, Sunbeam Products Inc., Russell Hobbs Inc., Singer Corporation, Kenmore Group Ltd., Oster Manufacturing Company, Applica Consumer Products Inc., Robert Weintraub GmbH & Co. KG, Jarden Corporation

Increasing Focus On Virtual Reality Technology To Provide Reliable Services To Their Customers
Virtual reality technology is being adopted by electronic manufacturing companies to improve manufacturing efficiency. This technology in the electronic manufacturing industry is often referred to as digital design, simulation, and integration. Virtual reality minimizes the scope for product defects in the design phase. For instance, virtual reality technology enables companies to inspect design objects at all conceivable scales, thereby eliminating defects in the product in the design stage. For instance, some of the major companies adopting virtual reality include Integrated Microelectronics, Inc., Flextronics International Ltd., Benchmark Electronics, Inc., and Kimball International.

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Key Segments -
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, Aftermarket
4) By End-Use: B2B, B2C

Subsegments Covered: Electric Lighting Equipment, Household Appliances, Power Generation, Transmission And Control Equipment, Batteries, Wires And Cables, Other Electrical Equipment, Electronic Products And Components, Navigational, Measuring, Electro medical And Control Instruments, Audio And Video Equipment, Semiconductor And Other Electronic Component

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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