The electrical equipment market is segmented into electric lighting equipment; household appliances; power generation, transmission and control; batteries and wires and cables.
The global electrical equipment market is expected to grow from $1179.97 billion in 2020 to $1271.11 billion in 2021 at a compound annual growth rate (CAGR) of 7.7%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1661.61 billion in 2025 at a CAGR of 7%. Continue Reading >>>
Asia Pacific was the largest region in the global electrical equipment market, accounting for 45% of the market in 2020. Western Europe was the second largest region accounting for 22% of the global market. Africa was the smallest region in the global electrical equipment market.
The rapid pace of innovations in electronics technology is stimulating consistent demand for newer and faster electronic equipments. Technological development is a key for 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 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 electronic equipment manufacturing market during the forecast period. Advertise Here
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