"Transformative Trends and Opportunities in the Global Electronics and Electrical Market (2024 Market Size: USD 3.5 trillion)"!
In recent years, the Electronics & Electrical industry has experienced substantial development, which has been driven by the widespread adoption of electronic devices in a variety of sectors and technological advancements. According to cognitive market research, the global electronics market size was USD 3 trillion in 2023 and will be USD 3.5 trillion in 2024. Consumer electronics, automotive, telecommunications, and healthcare are among the industries that are contributing to this robust growth. Revenue from smartphones, laptops, and wearable devices is substantial, and consumer electronics continue to be a fundamental component of this industry. The global smartphone market alone generated over USD 450 billion in 2023, with shipments eclipsing 1.4 billion units. This market will reach to USD 500 billion by 2024 as emerging markets, including India and Southeast Asia, continue to accelerate the adoption of smartphones.
The automotive industry has become a critical contributor to the electronics sector, primarily as a result of the proliferation of advanced driver-assistance systems (ADAS) and electric vehicles (EVs). The EV market size was valued at USD 250 billion in 2023 and it will be USD 300 billion in 2024. Automakers are investing significantly in electronic components, such as batteries, sensors, and control units, in response to the growing emphasis on sustainability and stringent emission regulations. It is anticipated that this trend will persist, with the global EV market expected to represent 25% of total vehicle sales by 2025.
The implementation of 5G technology is a significant growth catalyst, and telecommunications is another critical sector. Approximately USD 100 billion was invested in global 5G infrastructure in 2023, and it will increase to USD 120 billion by 2024. It is anticipated that the ubiquitous deployment of 5G networks will improve connectivity, thereby facilitating advancements in industrial automation, smart cities, and the Internet of Things (IoT). The demand for electronic components and systems is expected to be further fueled by the fact that the IoT market is expected to increase from USD 250 billion in 2023 to USD 300 billion in 2024.
China is the largest consumer of the Electronics & Electrical industry. The china electronics and electrical market size USD 1.2 trillion in 2023 and it will be USD 1.4 trillion in 2024. This represents china holds 35% of the global market share. Consumer electronics is one of the key segments that is driving development. China is the leader in the production and consumption of smartphones, which contributes to over USD 450 billion in sales. In 2023, the automotive sector, particularly electric vehicles (EVs), experienced significant development, with EV sales surpassing three million units. The telecommunications sector is further stimulated by the rapid 5G rollout, which is expected to reach over 500 million consumers by 2024. Furthermore, the market's expansion is substantially influenced by China's advocacy for renewable energy, which encompasses extensive solar panel installations. The country's dominance in the electronics and electrical market is significantly influenced by major companies such as Huawei, Xiaomi, and BYD.
According to cognitive market research, the United Stated market size is USD 500 billion in 2023 and it will be USD 550 billion in 2024. The United States electronics and electrical market holds 14% global market share. The 5G network covers 85% of the population by 2024, with the telecommunications sector serving as a significant driver. In 2023, the smart home market size was USD 45 billion, with consumer electronics, particularly wearable technology and smart home devices, making a substantial contribution. The automotive sector, which concentrates on electric and autonomous vehicles, contributes to market expansion, with EV sales surpassing 500,000 units in 2023. Growth is additionally bolstered by the healthcare technology sector, which prioritizes diagnostic apparatus and medical devices. Companies such as Apple, Intel, and Tesla are essential for the preservation of the United States' dominant market position.
The Japan electronics and electrical market size will be USD 240 billion in 2024 By 2024, representing a 6% global market share. In 2023, the market size was USD 220 billion. Consumer electronics are a substantial growth driver, and Japan is renowned for its high-quality electronic products, such as gaming consoles, domestic appliances, and cameras. The automotive sector, primarily hybrid and electric vehicles, also makes a significant contribution, with EV sales exceeding 150,000 units in 2023. The electronics industry is further supported by Japan's extensive research and development in robotics and automation. The country's semiconductor manufacturing advancements are crucial in the support of a variety of technology sectors. Japan's market strength is largely attributed to the presence of prominent companies such as Sony, Panasonic, and Toyota.
Germany's electronics and electrical market, which accounts for 5% of the global market share, was valued at USD 180 billion in 2023 and it will increase to USD 200 billion by 2024. Germany is the leader in the production of automotive electronics and electric vehicles, with EV sales exceeding 400,000 units in 2023. The automotive sector is a significant contributor to this growth. The industrial automation segment also makes a substantial contribution to development by capitalizing on the robust manufacturing base and advanced electronic systems. Investments in sustainable energy solutions are essential for the renewable energy sector, notably wind energy. Siemens, Bosch, and Volkswagen are among the primary companies that are propelling Germany's market expansion.
According to cognitive market research, the South Korea market size is USD 150 billion in 2023 and it will be USD 170 billion in 2024. The South Korea electronics and electrical market holds 4% global market share. South Korean companies are the global leaders in consumer electronics, particularly smartphones and display technology, which are significant growth drivers. In 2023, the semiconductor industry's exports were valued at USD 100 billion, making it another substantial contributor. Additionally, advancements in 5G technology and network infrastructure are essential. South Korea's market dominance is significantly influenced by major corporations such as Samsung, LG, and SK Hynix.
By 2024, the electronics and electrical market in India will be USD 120 billion, with a 3% global market share. In 2023, the India's electronics and electrical market size was USD 100 billion. India is one of the largest smartphone markets globally, with 300 million units sold in 2023, and consumer electronics, particularly smartphones, are critical drivers. The telecommunications sector, which is currently in the process of implementing 5G technology, also makes a substantial contribution to growth. The renewable energy sector, particularly solar energy, is essential, with significant investments in the manufacturing and installation of solar panels. The market growth in India is driven by prominent companies such as Reliance Jio, Tata Electronics, and Infosys.
The United Kingdom market size was USD 90 billion in 2023 and it will be USD 100 billion in 2024. The United Kingdom electronics and electrical market holds 2.5% global market share. The telecommunications sector is a significant contributor, as it is anticipated that the widespread deployment of 5G networks will encompass 70% of the population by 2024. Consumer electronics, particularly wearable technology and smart home devices, make a substantial contribution. Growth is also supported by the healthcare technology sector, which emphasizes medical devices and diagnostic instruments. The electronics industry is further bolstered by the United Kingdom's advocacy for renewable energy, which includes offshore wind farms. Vodafone, Dyson, and ARM Holdings are indispensable to the United Kingdom's market presence.
According to cognitive market research, the france market size was USD 80 billion in 2023 and it will be USD 90 billion in 2024. The france electronics and electrical market holds 2% of the global market share. The automotive sector, notably in the areas of electric vehicles and automotive electronics, is a key growth segment. In 2023, EV sales exceeded 200,000 units. The telecommunications sector, which is currently investing in 5G infrastructure, also makes a substantial contribution to growth. The renewable energy sector, particularly solar and wind energy, is essential. The demand for sophisticated electronic systems is further bolstered by France's emphasis on smart city initiatives. France's market strength is contingent upon the presence of prominent companies such as Thales, Alcatel-Lucent, and Schneider Electric.
In 2024, the Brazil's electronics and electrical market will be USD 70 billion by 2024, accounting for 1.5% global market share. In 2023, the Brazil market size was USD 60 billion. Smartphones and household appliances are significant growth generators in the consumer electronics sector, with 50 million smartphones sold in 2023. The market is also considerably influenced by the telecommunications sector, which has made significant investments in the expansion of 4G and 5G networks. Brazil's favorable climate conditions have facilitated substantial investments in solar panel installations, making the renewable energy sector, particularly solar energy, a critical area. Brazil's market expansion is significantly influenced by major companies such as Embraer, WEG, and Positivo Tecnologia.
The electronics and electrical market size was USD 55 billion in 2023 and it will be USD 65 billion in 2024. The Canada electronics and electrical market holds 1.4% of the global market share. The telecommunications sector is a significant contributor, as it is anticipated that ongoing investments in 5G infrastructure will reach 60% of the population by 2024. Consumer electronics, particularly wearable technology and smart home devices, make a substantial contribution. Canada is a major investor in sustainable energy solutions, with a particular emphasis on wind and solar energy, which are essential to the electronics industry. Market expansion is additionally bolstered by the healthcare technology sector, which prioritizes diagnostic instruments and medical devices. Bombardier, Celestica, and Nortel Networks are among the foremost organizations that propel Canada's market expansion.
The electronics and electrical market is substantially influenced by the political landscape, which includes government policies, regulations, and international relations. The supply chain and cost structures can be significantly influenced by trade policies and tariffs, particularly those between key economies such as the United States and China. For example, the trade tensions and tariffs that have arisen between these two nations in recent years have resulted in heightened costs for raw materials and components, which have had a global impact on manufacturers. In addition, government regulations concerning data privacy and security are of crucial importance. The manner in which companies manage consumer data is influenced by the implementation of laws such as the General Data Protection Regulation (GDPR) in the European Union. This necessitates that they invest in secure systems and compliance measures. Furthermore, manufacturing centers must maintain political stability. The political stability of countries such as China, South Korea, and Vietnam, which are significant producers of electronic components, guarantees the uninterrupted supply and production of these components. In contrast, the global supply chain can be disrupted by political unrest in these regions, resulting in increased costs and delays.
Economic factors are of the utmost importance in the development of the electronics and electrical market, as they influence both production and consumption. Global economic conditions, including inflation rates, GDP growth, and consumer expenditure, directly influence market demand. Consumer electronics, including smartphones, laptops, and residential appliances, are more expensive during periods of economic expansion due to the increased disposable income. In contrast, economic downturns can lead to decreased consumer expenditure, which can have an impact on sales volumes and revenues. Additionally, exchange rates are of paramount importance to organizations that engage in international commerce. Profit margins can be influenced by fluctuations in currency values, which can affect the cost of importing raw materials and exporting finished products. For example, a robust U.S. dollar may result in an increase in the cost of American electronic products in foreign markets, which could potentially decrease demand. Interest rates influence the cost of financing for companies. Investment in new technologies and the expansion of manufacturing capacities are stimulated by lower interest rates, which reduce the cost of capital. This is essential for the electronics industry, which is capital-intensive as a result of the ongoing need for innovation and the upgrading of production facilities.
In the electronics and electrical market, consumer preferences and behaviors are influenced by social factors. Key determinants of market demand include demographic shifts, lifestyle changes, and cultural trends. The demand for consumer electronics, including smartphones, tablets, and wearable devices, is driven by the younger generation's affinity for technology, which is resulting in an increasing digitalization of lifestyles. This demographic is technologically adept and prioritizes the most recent developments, which promotes frequent product enhancements and ongoing innovation. Urbanization and the proliferation of smart cities are also substantial social trends that influence the market. Smart home devices, such as smart thermostats, lighting, and security systems, are in increasing demand as more individuals relocate to urban areas. The Internet of Things (IoT) and related electronic products are being driven by this trend toward connected living spaces. The adoption of medical devices and ubiquitous technology has been on the rise as a result of health and wellness trends. Smartwatches, fitness monitors, and health monitoring devices are increasingly important components of individuals' lives, indicating a growing awareness of personal health and fitness. Social factors also influence corporate social responsibility (CSR) initiatives within the industry.
Innovation and growth are propelled by technological advancements, which are the foundation of the electronics and electrical market. The market is constantly being reshaped by the rapid advancements in technology, which result in the development of new products and the improvement of existing ones. The Internet of Things (IoT), artificial intelligence (AI), machine learning, and 5G technology are among the most significant technological influencers. AI and machine learning are revolutionizing a variety of industries, including consumer electronics and industrial applications. These technologies facilitate the implementation of intelligent functions in devices, including predictive maintenance in industrial apparatus and voice recognition in smartphones. The automotive electronics sector is being substantially impacted by the development of autonomous vehicles, which is also being driven by AI-driven innovations. The introduction of 5G technology is a significant technological advancement that facilitates quicker data transfer rates and improves connectivity. This development facilitates the proliferation of IoT devices, thereby enabling the automation of industrial processes, smart cities, and residences. It is anticipated that the enhanced connectivity and speed of 5G networks will revolutionize sectors such as healthcare and manufacturing through telemedicine and remote monitoring, and through real-time data analytics and enhanced automation.
It is becoming increasingly evident that environmental factors are influencing the electronics and electrical market, as both consumers and manufacturers prioritize sustainability and eco-friendliness. Regulatory mandates and consumer preferences for environmentally friendly products exert substantial pressure on the industry to diminish its environmental impact. E-waste management is a critical environmental concern. The substantial e-waste generated by the accelerated obsolescence of electronic devices poses significant environmental hazards. Manufacturers are currently emphasizing the development of products that are more easily recyclable and disposed of, as well as the implementation of recycling and take-back programs, in order to address this issue. Another critical environmental factor is energy efficiency. There is an increasing demand for energy-efficient products, which is being driven by consumer awareness and regulatory standards. Manufacturers are increasingly relying on energy-efficient technologies, including low-power semiconductors, energy-efficient appliances, and LED lighting, to remain competitive and in compliance with environmental regulations. The industry is also being affected by the adoption of renewable energy sources. Companies are progressively utilizing renewable energy to power their manufacturing operations, thereby reducing their carbon footprint.
The electronics and electrical market is required to adhere to a diverse array of regulations and standards, which impact product design, manufacturing processes, and market entry strategies. These factors are referred to as legal factors. The industry is heavily dependent on innovation and proprietary technologies, which is why intellectual property (IP) laws are of particular importance. In order to safeguard their innovations and prevent infringement, companies must navigate intricate patent landscapes, which can be both time-consuming and expensive. In the electronics industry, product safety regulations are rigorous, necessitating that manufacturers comply with standards that guarantee consumer protection. In order to prevent legal repercussions and market withdrawals, it is imperative to adhere to these regulations, including those established by the Consumer Product Safety Commission (CPSC) in the United States and the European Union's CE marking. Additionally, environmental regulations are indispensable. Significant modifications to product design and material procurement are necessary to comply with these regulations. Impacting the development and deployment of connected devices are data privacy regulations, including the GDPR in the EU and the California Consumer Privacy Act (CCPA) in the US. In order to prevent substantial penalties and legal complications, manufacturers must guarantee that their products adhere to these regulations.
Samsung Electronics, a global authority in various segments of the electronics and electrical market, is headquartered in South Korea. Samsung's semiconductor and consumer electronics divisions generate the majority of its annual revenue, which amounts USD 250 billion in 2023. Samsung is the world's largest memory device manufacturer, with its semiconductor division alone contributing USD 90 billion in revenue. Samsung's signature product is the Galaxy smartphone series, which accounts for 20% of the global smartphone market. Furthermore, Samsung's display panel segment is of great importance, as it supplies sophisticated OLED screens for a variety of devices, including those from competitors such as Apple. Samsung is a leader in the home appliance market, with a significant market share of 18% in smart appliances, including refrigerators, washing machines, and smart TVs. Samsung's commitment to research and development, which results in an annual R&D expenditure of nearly USD 20 billion, guarantees sustained innovation and leadership across its extensive product line. The company's competitive advantage in both cost efficiency and product quality is bolstered by its vertical integration, which allows it to control a significant portion of its supply chain.
Apple Inc., a consumer electronics giant headquartered in the United States, is renowned for its iPhone, which serves as its flagship product. The iPhone accounted for nearly 50% of Apple's annual revenue USD 400 billion in 2023. Apple's control over the premium smartphone market is considerable, with the iPhone accounting for more than 50% of the global high-end segment. The iPad, Mac computers, and Apple Watch are among Apple's other significant products, each of which contributes substantially to the company's revenue. The iPad occupies 30% of the global tablet market, while the Mac remains a dominant force in the PC market, particularly among students and creative professionals. The services division of Apple, which includes the App Store, Apple Music, iCloud, and other digital services, generates USD 80 billion in revenue, which is indicative of the company's strategic transition to recurring revenue streams. Furthermore, Apple allocates a substantial amount of resources to research and development, with an annual R&D expenditure that surpasses USD 25 billion. This investment is instrumental in the advancement of health technology, artificial intelligence (AI), and augmented reality (AR). The company's strong market performance and brand loyalty are considerably influenced by its stringent focus on user privacy, seamless ecosystem integration, and premium product positioning.
Sony Corporation, which is headquartered in Japan, is a dominant participant in the gaming and entertainment electronics markets. Sony's PlayStation division was a significant contributor to the company's annual revenue USD 85 billion in 2023. By 2023, the PlayStation 5, which was introduced in late 2020, had sold more than 30 million units, thereby gaining a substantial portion of the gaming console market. Sony currently controls 60% of the market. The division's strength is further enhanced by the considerable recurring revenue generated by the company's gaming network services, which include PlayStation Plus and PlayStation Network. Sony's imaging and sensing solutions segment, which manufactures camera sensors utilized in smartphones and other devices, generates USD 10 billion in revenue and maintained a market-leading position in the high-end image sensor market. Sony Bravia TVs maintain a substantial market share in the premium segment, and the company's consumer electronics division, which encompasses high-definition televisions and audio products, remains robust. Furthermore, Sony's entertainment division, which encompasses music, television, and film, makes a substantial contribution to its overall revenue, thereby emphasizing its diversified business model. The company's leadership position in multiple segments is guaranteed by its annual investment of USD 6 billion in research and development, with a particular emphasis on the advancement of technologies in artificial intelligence, imaging, and gaming.
Intel Corporation, which is headquartered in the United States, is a prominent manufacturer of semiconductor components and microprocessors. In 2023, Intel's annual revenue was USD 75 billion, with its client computing division (which includes PC processors) contributing USD 40 billion. Intel dominates both the consumer and enterprise markets, with a global market share of over 80% for PC microprocessors. Intel's data center division, which supplies processors for servers and data centers, generates USD 20 billion in revenue, underscoring its critical role in the foundation of cloud computing and internet infrastructure. Intel has made substantial investments in the development of sophisticated processors for these applications as a result of its recent emphasis on AI and machine learning. In addition, Intel's Mobileye division, which specializes in autonomous driving technology, and its Internet of Things (IoT) segment, which develops processors for embedded devices, are expanding areas of focus. Intel endeavors to preserve its competitive advantage in semiconductor innovation by investing a USD 15 billion annually in research and development. Intel's continued dominance in the semiconductor industry is guaranteed by its strategic investments in emergent technologies and robust product portfolio, despite recent manufacturing delays and pressure from competitors such as AMD.
Siemens AG, a global leader in energy-efficient technologies, digital infrastructure, and industrial automation, is headquartered in Germany. Siemens generates an USD 90 billion in annual revenues in 2023, with its digital industries division contributing about USD 20 billion. Siemens is a market champion in industrial automation, with a substantial presence in sectors including energy, automotive, and manufacturing. The company's smart infrastructure division, which encompasses smart grid solutions and building technologies, generates USD 15 billion in revenue, indicating robust demand for intelligent and energy-efficient infrastructure solutions. Siemens Healthineers, Siemens' healthcare division, is a significant revenue generator, contributing USD 20 billion due to its leadership in imaging and diagnostic instruments. Siemens' dedication to renewable energy and sustainability is readily apparent in its energy division, which concentrates on energy storage systems, smart infrastructure, and wind turbines. Continuous innovation in automation, digitalization, and ecological technologies is guaranteed by the company's substantial investment in research and development, which amounts USD 6 billion annually. Siemens is a dominant force in the global electronics and electrical market due to its strategic focus on digital transformation and sustainability and its diversified portfolio.
Several critical factors are propelling the global electronics and electrical market toward continued growth and innovation. Investments in cutting-edge technologies, including artificial intelligence (AI), machine learning, and the Internet of Things (IoT), are among the most prominent trends. These technologies are revolutionizing industries and generating novel opportunities for electronic devices and components. For example, the proliferation of 5G networks is enabling the incorporation of IoT devices, which is anticipated to contribute to the expansion of smart cities and smart homes. These sectors are anticipated to be valued at over USD 120 billion by 2024.
Furthermore, the industry is increasingly prioritizing sustainable and environmentally favorable practices. The adoption of energy-efficient and recyclable materials in the production of electronic devices is being driven by environmental concerns and regulatory pressures. The market is also experiencing development as a result of advancements in renewable energy technology, including wind turbines and energy-efficient solar panels. Electronic component manufacturers will have the opportunity to capitalize on the market value of over USD 1 trillion in the renewable energy sector by 2026. Another growth driver is the heightened demand for consumer electronics, particularly in emerging markets. The consumption of smartphones, home appliances, and other electronic devices is increasing at a rapid pace in regions such as Southeast Asia, India, and Africa due to the expanding middle class and increasing disposable incomes. According to market analysts, the global smartphone market is expected to surpass 2 billion units in annual shipments by 2025, indicating a compound annual growth rate (CAGR) of 6%.
Source Links:
| Pages:250* | Rating:4.8 | Review:12 | Price (Starts):$4990.00 USD | Formats:PDF, PPT, Excel, Word, Bi and Consultation |
| Pages:250* | Rating:4.8 | Review:6 | Price (Starts):$4990.00 USD | Formats:PDF, PPT, Excel, Word, Bi and Consultation |
| Pages:250* | Rating:4.8 | Review:9 | Price (Starts):$4990.00 USD | Formats:PDF, PPT, Excel, Word, Bi and Consultation |
Market Size 2024 Global: $43514.2 Million USD | CAGR: 6.5% | Market Size 2030 Global: $XX Million USD
| Pages:250* | Rating:4.8 | Review:10 | Price (Starts):$4990.00 USD | Formats:PDF, PPT, Excel, Word, Bi and Consultation |
| Pages:250* | Rating:4.8 | Review:18 | Price (Starts):$4990.00 USD | Formats:PDF, PPT, Excel, Word, Bi and Consultation |
| Pages:250* | Rating:4.8 | Review:9 | Price (Starts):$4990.00 USD | Formats:PDF, PPT, Excel, Word, Bi and Consultation |
Market Size 2024 Global: $2451.2 Million USD | CAGR: 8.8% | Market Size 2030 Global: $XX Million USD
| Pages:250* | Rating:4.8 | Review:9 | Price (Starts):$4990.00 USD | Formats:PDF, PPT, Excel, Word, Bi and Consultation |
| Pages:250* | Rating:4.8 | Review:12 | Price (Starts):$4990.00 USD | Formats:PDF, PPT, Excel, Word, Bi and Consultation |
Market Size 2023 Global: $0 Million USD | CAGR: 14.2% | Market Size 2030 Global: $XX Million USD
| Pages:250* | Rating:4.8 | Review:13 | Price (Starts):$4990.00 USD | Formats:PDF, PPT, Excel, Word, Bi and Consultation |
Market Size 2024 Global: $8152.2 Million USD | CAGR: 11% | Market Size 2030 Global: $XX Million USD
| Pages:250* | Rating:4.8 | Review:21 | Price (Starts):$4990.00 USD | Formats:PDF, PPT, Excel, Word, Bi and Consultation |
