Demand In The Electrical And Electronics Market Is Being Created By The Rapid Pace Of Innovation Leave a comment

Electrical And Electronics Market Report 2021: COVID-19 Impact And Recovery

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

The Business Research Company’s Electrical And Electronics Global Market Report 2021 – COVID-19 Impact And Recovery

LONDON, GREATER LONDON, UK, September 30, 2021 / — The rapid pace of innovations in electronics technology is stimulating consistent demand for newer and faster electrical and electronics products. Technological development is a key for attracting both consumers and business users for either replacing older products or upgrading them with advanced versions. Digital technologies such as the internet of things (IoT) and latest communication technologies such as 5G are expected to aid in the development of innovative electronic products. This is expected to increase the demand for electronic products, which will ultimately drive the growth of electronic equipment manufacturing market during the forecast period.

Virtual reality technology is being adopted by electronic manufacturing companies to improve manufacturing efficiency. This technology in the electronic manufacturing industry is often referred as digital design, simulation, and integration. Virtual reality minimizes the scope for product defects in the design phase. For instance, virtual reality technology enables companies to inspect design objects at all conceivable scales, thereby eliminating defects in the product in the design stage. Some of the major companies adopting virtual reality include Integrated Microelectronics, Inc., Flextronics International Ltd, Benchmark Electronics, Inc. and Kimball International.

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Major players covered in the global electrical and electronics industry are Samsung Electronics Co Ltd, Panasonic Corporation, Intel Corporation, Toshiba Corporation, Taiwan Semiconductor Mfg. Co. Ltd.

The global electrical and electronics market size is expected to grow from $2.83 trillion in 2020 to $3.07 trillion in 2021 at a compound annual growth rate (CAGR) of 8.7%. 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 electrical and electronics market is expected to reach $3.93 trillion in 2025 at a CAGR of 6%.

TBRC’s global electrical and electronics market report is segmented by type into electrical equipment, measuring and control instruments, electronic products, by end-use into B2B, B2C, by sales channel into OEM, aftermarket, and by mode into online, offline.

Electrical And Electronics Global Market Report 2021 – By Type (Electrical Equipment, Measuring and Control Instruments, Electronic Products), By End-Use (B2B, B2C), By Sales Channel (OEM, Aftermarket), By Mode (Online, Offline), COVID-19 Impact And Recovery is one of a series of new reports from The Business Research Company that provides electrical and electronics market overview, forecast electrical and electronics market size and growth for the whole market, electrical and electronics market segments, and geographies, electrical and electronics market trends, electrical and electronics market drivers, restraints, leading competitors’ revenues, profiles, and market shares.

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