A Comprehensive Global Electrical And Electronics Industry Overview: Major Leaders, Market Size, Growth Trends, Regional Analysis, and Forecast
LONDON, Aug. 22, 2023 /PRNewswire/ -- Amidst encountering specific economic challenges, the present outlook for the electrical and electronics sector remains relatively steadfast when compared to the prior year-end 2022 projection. Our team has painstakingly taken into account variables such as the ramifications of the Russia-Ukraine conflict and constrained consumer expenditure due to inflation and the impact of the economic downturn in the previous forecast revision. Additionally, the disruptions in supply chains affecting semiconductor and chip components, which consequently led to transient price hikes for these products, were meticulously integrated into our prior update. As a result, our projections for this industry remain stable throughout this update cycle.
Electrical and Electronics Industry Value
The global electrical and electronics market demonstrated an impressive valuation of $3497.3 billion in 2022, contributing to a significant 3.5% of the total global Gross Domestic Product (GDP). On an individual basis, per capita spending within this sector amounted to $447.3.
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Growth Projections for the Forecasted Period
Poised to undergo substantial expansion, the electrical and electronics market is projected to attain a noteworthy Compound Annual Growth Rate (CAGR) of 6.7% during the span from 2022 to 2032. The proliferation of technological breakthroughs, including the Internet of Things (IoT), advancements in virtual reality technology, sophisticated sensor technologies, and the transformative capabilities of 5G communication, will serve as pivotal factors propelling the market's growth over the forecasted period.
Leading Segments and Geographic Regions for Electronics Industry Companies
Among the assorted segments within the electrical and electronics market, the electrical equipment segment took precedence, commanding a considerable 43.1% portion of the total in 2022. China, a global economic powerhouse, spearheaded the industry as the preeminent market in the electrical and electronics sector, securing a substantial 24.2% share of the overall market in 2022.
Armed with these invaluable insights, the Global Market Model empowers companies operating in the electronics industry with the knowledge required to make well-informed decisions and capitalize on emerging prospects in this swiftly evolving market landscape.
Moreover, the Global Market Model extends its insights to encompass key industry indicators pertinent to the electrical and electronics sector, including:
- Quantity of enterprises
- Quantity of employees
The Global Market Model stands as an invaluable resource, offering comprehensive data on the electrical and electronics sector. Share your requirements with us at - https://www.thebusinessresearchcompany.com/global-market-model/demo-request
Continuously updated on a quarterly basis, the Global Market Model is the most extensive repository of market forecasts, incorporating over 7000 markets. These updates are grounded in economic, geopolitical, and sector-specific considerations. The latest projection, conducted in June 2023, has revisited earlier forecasts made in December 2022.
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