Global Electronic Equipment Market Report and Forecast 2024-2032

Global Electronic Equipment Market Outlook

The global electronic equipment market size reached a value of USD 1,414.41 billion in 2023. the market is projected to grow at a CAGR of 5.40% between 2024 and 2032, reaching a value of around USD 2,270.60 billion by 2032. Major market drivers are the development of user-friendly smart devices and technological advancements.

Key Takeaways

• China maintains its prominence as the largest smartphone shipping country in the world.

• Approximately 1.3 billion people across the world own a tablet as of 2023.

• Rising deployment of AI, 5G, and IoT technology is expected to boost the demand for advanced electronic equipment.

Electronic equipment are devices that depend on electromagnetic fields and are operated with the help of small electrical parts such as transistors and circuits but are not limited to them. There are various applications of electronic equipment such as in image processing, smart grid systems, medical applications, consumer electronics, industrial automation and motion control, and industrial electronics. They are used for controlled conduction of electrons using rectification and amplification methods.

Improvements in technology increased accessibility, lowered costs of consumer electronics, and rising disposable income are resulting in more people worldwide buying mobile phones, laptops, headphones, speakers, and desktop computers, which fuels the electronic equipment market growth. Work from home was a rising trend that started owing to the COVID-19 pandemic and continues to grow with time, fuelling the demand for peripherals and computing devices such as laptops and tablets among other electronics. Moreover, connected homes are becoming a growing trend in the market in which various electronic devices such as laptops, and smartphones are capable of being connected to each other with the help of a single access point.

Key Trends and Developments

Growing fitness and health consciousness; rising demand for green electronics; growing popularity of high-end materials; and technological innovations in the market are the major trends impacting the electronic equipment market development

April, 2024

OnePlus Pad 2, the successor of the OnePlus Pad, is expected to be launched in India in the second half of 2024.

April, 2024

Motorola, a key player in the smartphone market, announced the premium version of its Edge 50 smartphone which is set to release on April 16, 2024.

April, 2024

Sony announced the launch of UPT Power Sound, a line of audio products which features a set of headphones and three speakers.

February, 2024

HP announced the release of its AI-powered laptops, which are equipped with CPU, GPU, NVIDIA Studio as well as rapid video editing capabilities due to its AI technology.

Growing fitness and health consciousness

The rising prevalence of obesity and chronic health conditions is encouraging consumers to invest in fitness trackers, using electronic equipment to monitor and improve their health.

Rising demand for green electronics

Manufacturers are readily incorporating recyclable materials, reducing the usage of hazardous materials, and implementing energy-efficient practices in the production of electronics.

Growing popularity of high-end materials

Materials such as high-performance polymers are witnessing robust popularity as they offer superior strength-to-weight ratio performance which makes them ideal for aerospace and automotive, among other sectors.

Technological innovations in the market

Advancements in manufacturing practices such as 3D printing and automated assembly lines enhance the production speed and offer customisation in the electronics.

Electronic Equipment Market Trends

Rising technological advancements in the manufacturing of electronic equipment is one of the crucial trends shaping the market. 3D printing offers manufacturers increased flexibility in the creation of complex geometries which cannot be achieved with standard manufacturing practices. Moreover, it is a cost-effective process as it only utilises the materials necessary for the manufacturing of parts and minimises the overall waste. Automated assembly lines can facilitate the rapid production of electronic products that are high in demand at high precision and minimal errors.

Market players are focusing on innovations to stay ahead of their competitors and gain an advantage in the electronic equipment market. For instance, Sony announced the launch of UPT Power Sound in April 2024, which features three speakers and a set of headphones. This product range is expected to offer superior bass performance, high noise cancellation, and connectivity with smart home systems which is expected to appeal to a wide range of consumers in the audio products market.

Market Segmentation

“Electronic Equipment Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Product

• Mobile Phones

• Tablets

• Laptops

• Desktop Computer

• Headphone and Speakers

• Fitness Tracker

• Others

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Mobile phones dominate the electronics equipment market share due to its wide popularity and affordability

Mobile phones are considered to be the most popular electronics worldwide, and accordingly, account for a leading share in the market. They are an affordable and accessible means of communication that are available with advanced features. Apart from making calls, mobile phones can be used to access the internet, send texts, take pictures, and record videos.

Laptops are a rapidly growing segment of the global electronics equipment market for electronic equipment, as people across the world use laptops for work and leisure. Companies everywhere are switching from desktops and older paper-based operations to laptops due to the increased efficiency they offer and the added benefits of portability. Moreover, the rising trend of working from home and BYOD (Bring Your Own Device) has facilitated the demand for laptops among working-class individuals, which further boosts segment growth.

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Electronic Equipment Market Analysis by Region

Asia Pacific is expected to witness rapid growth in the market for electronic equipment due to the fast-growing economies, large populations, and fast-paced manufacturing sector. The huge presence of electronics manufacturers in the region is also a major factor fuelling the growth of the market in the Asia Pacific. Moreover, rising industrial automated systems such as data acquisition, programmable logic controllers, and supervisory control which are designed with electronic components are growing rapidly, especially in countries like China and India. The increasing purchasing power of the populations in the Asia Pacific is expected to surge the demand for mobile phones, laptops, and headphones, among other consumer electronics, in the coming years.

The electronic equipment market in North America is expected to witness sizeable growth in the forecast period due to the growing investments in research and development as well as the adoption of advanced technologies such as 5G and IoT which facilitates the demand for advanced electronic equipment.