Segments covered: By Type – Electric Lighting Equipment, Household Appliances, Power Generation, Transmission And Control Equipment, Batteries, Wires And Cables; By End-Use – B2B, B2C; By Sales Channel – OEM, Aftermarket; By Mode – Online, Offline Subsegments covered: General Lighting, Automotive Lighting, Back Lighting, Small Electrical Appliance, Household Cooking Appliance, Household Refrigerator And Home Freezer, Household Laundry Equipment, Other Major Household Appliance, Transformer, Electric Motor And Generator, Switchgear And Switchboard Apparatus, Relay And Industrial Controls, Secondary Batteries, Primary Batteries, Other Cables, Coaxial Cables, Fiber Optical Cable

LONDON, April 22, 2021 (GLOBE NEWSWIRE) --

Our reports have been revised for market size, forecasts, and strategies to take on 2021 after the COVID-19 impact: https://www.thebusinessresearchcompany.com/global-market-reports

According to The Business Research Company’s electrical equipment market report, electrical equipment manufacturers are increasingly producing energy-efficient products to reduce their environmental footprint and enable energy savings for the consumers. The rise of energy-efficient appliances can be attributed to the stringent government regulations on electric home appliances as well as advances in technology. Energy efficient appliances are designed to utilize minimum energy to complete the required task. This results in significant cost savings for consumers. All major appliances such as refrigerators, washing machines, dishwashers, and water heaters are available with energy efficiency ratings. Currently, over 80 countries have standards and labels for energy efficient appliances. Most appliances in the USA, for example, are Energy Star certified, which means they use 10 to 50% less energy each year as compared to a non-energy-efficient equivalent.

Electrical equipment market trends also include electrical equipment manufacturers increasingly offering premium appliances to cater to the growing demand for these product categories and increase revenues. This can be attributed to the changes in consumer lifestyles and increased consumer preference for high-quality luxury products. Premium appliances mainly focus on the aesthetics and color of the products, use premium quality materials such as metals and glass, and offer an enhanced consumer experience at a premium price. Examples of premium appliances include side-by-side four-door refrigerators, twin washing machines, wine conditioners, coffee machines, steam ovens and kitchen hobs. High net-worth individuals (HNWIs) as well as and young upper-middle-class populations with high disposable incomes are the major consumers of premium electrical equipment. Global manufacturers such as LG Electronics, Philips, Samsung Electronics, Miele, Siemens, are Panasonic have launched a range of premium appliances in the market. LG Electronics unveiled its LG Signature line-up of premium home appliances in 2016. It is estimated that LG Electronics spent about $7 billion on research and development of premium products in 2018.

The global electrical equipment market size is expected to grow from $1.17 trillion in 2020 to $1.27 trillion 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 $1.66 trillion in 2025 at a CAGR of 7%.

Asia-Pacific accounts for 45.1% of the total market; the largest electrical equipment market share. It is followed by Western Europe, North America, and then the other regions. Going forward, the fastest-growing regions in the electrical equipment market will be Middle East and South America, where growth will be at CAGRs of 10.6% and 9.9% respectively during 2020-2025. These will be followed by the Africa, and Eastern Europe where the markets are expected to grow at CAGRs of 8.7% and 8.0% respectively, during 2020-2025.

The Business Research Company’s report titled Electrical Equipment Global Market Report 2021: COVID-19 Impact and Recovery to 2030 covers major electrical equipment companies, electrical equipment market share by company, electrical equipment manufacturers, electrical equipment market size, and electrical equipment market forecasts. The report also covers the global electrical equipment market and its segments.

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Several governments have announced favorable initiatives aimed at promoting industries such as electrical and electronic engineering industries (EEI), automotive, aerospace, and others. For example, in March 2020, the electric equipment industry in India seeks the government’s intervention for relief against pending dues and imminent slowdown. The industry claimed that it has pending dues of Rs 15,000 crore (~$2.02 billion), mostly from state government departments, and is apprehensive that it will increase as economic activity slows because of COVID-19. Additionally, the immediate relief provided by the Telangana government in the wake of COVID 19 for electronics and electrical machinery included 100% reimbursement of net SGST, 20%-30% Investment subsidy on plant machinery, and transport subsidy on fuel cost and freight from the seaport to the plant and back. To combat the pandemic and register growth, electrical equipment companies should focus on research and development (R&D) and should focus on the next generation of products.

Electrical Equipment Global Market Report 2021: COVID-19 Impact and Recovery to 2030 is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

Here Is A List Of Similar Reports By The Business Research Company:

General Electrical Equipment And Components Global Market Report 2020-30: COVID-19 Impact and Recovery

Electrical And Electronics Global Market Report 2021: COVID-19 Impact and Recovery to 2030

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