Electronic Equipment Market Size to Grow at a CAGR of 5.40% in the Forecast Period of 2023-2028
The ‘Global Electronic Equipment Market Growth, Size, Share, Price, Trends, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global electronic equipment market, assessing the market based on its segments like regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.
Electronic Equipment Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 5.40%
• Forecast Market Size (2028): USD 1,839.83 Billion
Electronic equipment are tools or gadgets and appliances that operate with the use of several small electrical parts. These devices depend on the electromagnetic field and function with the support of small electrical components like, but not limited to, microchips, transistors, or circuits.
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Electronic equipment has numerous applications for example smart grid systems, consumer electronics, image processing, medical applications, industrial electronics, and industrial automation and motion control. In addition, they are utilised for controlled conduction of electrons with the help of rectification and amplification techniques. Such widespread functions are leading to the growth of the global electronic equipment market.
Some of the examples of electronic equipment are mobile phones, computers, printers, laptops, scanners, palm pilots, electronic processing systems, electronic cash registers, word processors, electronic scales, photocopiers, and electronic testing equipment. Among these devices mobile phones are considered to be the most prevalent electronics globally, and consequently, hold a significant share in the electronic equipment market.
Electronic Equipment Industry Definition and Major Segments
Electronic equipment are devices that depend on electromagnetic fields and comprise valves, transistors or silicon chips that control and change the electric current that pass through the device or gadget. Some of the electronic devices that are popularly used by people around the globe are television sets, mobile phones, printers, laptops, and computers, among others
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On the basis of regions, the market is segmented into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Electronic Equipment Market Trends
Many people across the globe are purchasing mobile phones, laptops, headphones, speakers, and desktop computers owing to the advancements in technology, increasing accessibility and convenience, reduced costs of consumer electronics, and rising disposable income, resulting in the progress of the global electronic equipment market.
In addition, the trending work from home culture in the recent years is fuelling the demand for the peripheral and computing devices like laptops and tablets among other electronics. Another factor that is becoming a growing trend in the electronic equipment market is of connected homes. In this, a variety of electronic devices or gadgets such as, smartphone and laptop are used to stay connected to each other by using a single access point.
Additionally, increasing awareness towards health and fitness together with growing prevalence of obesity and chronic health ailments are pushing consumers to invest in fitness trackers and using devices to monitor and enhance their health.
The Asia Pacific is expected to witness a rapid growth over the forecast period owing to the rapid growth of the electrical and electronics sector and the favourable government initiatives towards the rollout of 5G technology. The development of 5G enabled ecosystem is likely to support the demand for electronic equipment further.
Key Market Players
The report covers capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments, of the major players operating in the electronic equipment market.
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