Electrical Circuit Apparatus Market

The global market for electrical circuit apparatus is forecasted to show steady growth in both volume and value terms over the period from 2022 to 2030. Consumption, production, imports, and exports are all expected to increase, driven by the rising demand for electrical apparatus for circuit connection, switching, and protection worldwide. Countries like China, the United States, and India play a significant role in both consumption and production, while the United States and Mexico dominate in imports. Electrical apparatus for switching or protecting electrical circuits remains the most imported and exported type, with steady growth seen in prices as well. Overall, the market outlook is positive, with growth expected across all segments of the global electrical circuit apparatus market.

Market Forecast

Driven by increasing demand for electrical apparatus for circuit connection, switching and protection worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +2.3% for the period from 2022 to 2030, which is projected to bring the market volume to 8B units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.1% for the period from 2022 to 2030, which is projected to bring the market value to $196.2B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Electrical Apparatus for Circuit Connection, Switching and Protection

In 2022, global electrical circuit apparatus consumption expanded modestly to 6.7B units, with an increase of 2% against the previous year's figure. The total consumption volume increased at an average annual rate of +3.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2019 when the consumption volume increased by 8.4%. Global consumption peaked in 2022 and is expected to retain growth in the near future.

The global electrical circuit apparatus market value expanded modestly to $166.5B in 2022, picking up by 1.8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +2.6% from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. Global consumption peaked at $173B in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2021 were China (1.3B units), the United States (818M units) and India (592M units), with a combined 41% share of global consumption. Mexico, Japan, Indonesia, South Korea, Hungary, Germany, Italy, Brazil, France and the UK lagged somewhat behind, together comprising a further 31%.

From 2012 to 2021, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Hungary (with a CAGR of +17.4%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, China ($28.7B), the United States ($23.2B) and India ($12.6B) were the countries with the highest levels of market value in 2021, together comprising 39% of the global market. Indonesia, Germany, Mexico, Japan, Italy, France, the UK, Hungary, Brazil and South Korea lagged somewhat behind, together accounting for a further 27%.

In terms of the main consuming countries, Hungary, with a CAGR of +13.2%, saw the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2021, the highest levels of electrical circuit apparatus per capita consumption was registered in Hungary (16 units per person), followed by Mexico (4.1 units per person), South Korea (3.4 units per person) and Japan (3 units per person), while the world average per capita consumption of electrical circuit apparatus was estimated at 0.8 units per person.

In Hungary, electrical circuit apparatus per capita consumption increased at an average annual rate of +17.6% over the period from 2012-2021. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Mexico (+7.5% per year) and South Korea (-0.6% per year).

Production

World Production of Electrical Apparatus for Circuit Connection, Switching and Protection

In 2021, the amount of electrical apparatus for circuit connection, switching and protection produced worldwide reached 5.6B units, therefore, remained relatively stable against 2020. The total output volume increased at an average annual rate of +3.7% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2018 with an increase of 8.4% against the previous year. Over the period under review, global production hit record highs at 5.6B units in 2019; afterwards, it flattened through to 2021.

In value terms, electrical circuit apparatus production stood at $158.1B in 2021 estimated in export price. The total output value increased at an average annual rate of +3.3% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2018 when the production volume increased by 14% against the previous year. Global production peaked at $164.4B in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Production By Country

The country with the largest volume of electrical circuit apparatus production was China (2.2B units), comprising approx. 39% of total volume. Moreover, electrical circuit apparatus production in China exceeded the figures recorded by the second-largest producer, the United States (729M units), threefold. The third position in this ranking was taken by India (589M units), with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume in China amounted to +5.2%. In the other countries, the average annual rates were as follows: the United States (+3.4% per year) and India (+5.8% per year).

Imports

World Imports of Electrical Apparatus for Circuit Connection, Switching and Protection

For the third consecutive year, the global market recorded growth in overseas purchases of electrical apparatus for circuit connection, switching and protection, which increased by 28% to 4.9B units in 2021. The total import volume increased at an average annual rate of +4.7% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, electrical circuit apparatus imports soared to $127.4B in 2021. The total import value increased at an average annual rate of +3.1% over the period from 2012 to 2021; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports By Country

The United States (853M units) and Mexico (700M units) represented roughly 31% of total imports in 2021. It was distantly followed by South Korea (229M units), mixing up a 4.6% share of total imports. Germany (194M units), Hungary (175M units), Hong Kong SAR (175M units), China (144M units), Japan (133M units), the UK (114M units), France (109M units), Belgium (95M units), Malaysia (92M units) and Italy (89M units) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by the United States (with a CAGR of +16.5%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest electrical circuit apparatus importing markets worldwide were China ($13.2B), the United States ($12.9B) and Germany ($10B), with a combined 28% share of global imports. Hong Kong SAR, Mexico, France, Japan, the UK, Italy, South Korea, Malaysia, Hungary and Belgium lagged somewhat behind, together accounting for a further 29%.

Hungary, with a CAGR of +5.1%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Imports By Type

Electrical apparatus; n.e.s. in heading no. 8536, for switching or protecting electrical circuits, for a voltage not exceeding 1000 volts dominates imports structure, resulting at 764B units, which was near 82% of total imports in 2022. It was distantly followed by electrical apparatus (68B units) and electrical apparatus; plugs and sockets, for a voltage not exceeding 1000 volts (64B units), together creating a 14% share of total imports. Electrical apparatus (15B units) took a minor share of total imports.

Imports of electrical apparatus; n.e.s. in heading no. 8536, for switching or protecting electrical circuits, for a voltage not exceeding 1000 volts increased at an average annual rate of +1.2% from 2012 to 2022. At the same time, electrical apparatus; plugs and sockets, for a voltage not exceeding 1000 volts (+3.0%), electrical apparatus (+1.9%) and electrical apparatus (+1.3%) displayed positive paces of growth. Moreover, electrical apparatus; plugs and sockets, for a voltage not exceeding 1000 volts emerged as the fastest-growing type imported in the world, with a CAGR of +3.0% from 2012-2022. Electrical apparatus; n.e.s. in heading no. 8536, for switching or protecting electrical circuits, for a voltage not exceeding 1000 volts (-2.1 p.p.) significantly weakened its position in terms of the global imports, while the shares of the other products remained relatively stable throughout the analyzed period.

In value terms, electrical apparatus; n.e.s. in heading no. 8536, for switching or protecting electrical circuits, for a voltage not exceeding 1000 volts ($48.8B) constitutes the largest type of electrical apparatus for circuit connection, switching and protection imported worldwide, comprising 37% of global imports. The second position in the ranking was held by electrical apparatus ($23.4B), with a 17% share of global imports. It was followed by electrical apparatus; plugs and sockets, for a voltage not exceeding 1000 volts, with a 17% share.

From 2012 to 2022, the average annual growth rate of the value of electrical apparatus; n.e.s. in heading no. 8536, for switching or protecting electrical circuits, for a voltage not exceeding 1000 volts imports totaled +3.5%. With regard to the other imported products, the following average annual rates of growth were recorded: electrical apparatus (+2.8% per year) and electrical apparatus; plugs and sockets, for a voltage not exceeding 1000 volts (+4.8% per year).

Import Prices By Type

The average electrical circuit apparatus import price stood at less than $0.1 per unit in 2022, dropping by 99.9% against the previous year. Overall, the import price recorded a mild downturn. The growth pace was the most rapid in 2018 when the average import price increased by 6.1% against the previous year. As a result, import price reached the peak level of $30 per unit. From 2019 to 2022, the average import prices failed to regain momentum.

Prices varied noticeably by the product type; the product with the highest price was electrical apparatus; automatic circuit breakers, for a voltage exceeding 1000 volts but less than 72.5kV ($144 per unit), while the price for electrical apparatus ($0.1 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by electrical apparatus; n.e.s. in heading no. 8536, for switching or protecting electrical circuits, for a voltage not exceeding 1000 volts (+2.2%), while the other products experienced more modest paces of growth.

Import Prices By Country

The average electrical circuit apparatus import price stood at $26 per unit in 2021, flattening at the previous year. Overall, the import price saw a slight curtailment. The pace of growth appeared the most rapid in 2018 when the average import price increased by 6.1% against the previous year. As a result, import price attained the peak level of $30 per unit. From 2019 to 2021, the average import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($92 per unit), while Mexico ($10 per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+2.8%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Electrical Apparatus for Circuit Connection, Switching and Protection

In 2021, global electrical circuit apparatus exports surged to 3.9B units, rising by 28% compared with 2020. The total export volume increased at an average annual rate of +4.7% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, electrical circuit apparatus exports skyrocketed to $127.8B in 2021. The total export value increased at an average annual rate of +3.6% from 2012 to 2021; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports By Country

China (1,011M units) and the United States (764M units) represented the main exporters of electrical apparatus for circuit connection, switching and protection in 2021, resulting at near 26% and 19% of total exports, respectively. It was distantly followed by Germany (269M units), generating a 6.8% share of total exports. Mexico (172M units), Hong Kong SAR (159M units), Japan (127M units), France (117M units), Italy (115M units), the Czech Republic (80M units), South Korea (74M units) and Singapore (63M units) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by the United States (with a CAGR of +15.9%), while the other global leaders experienced more modest paces of growth.

In value terms, China ($23B), Germany ($17.8B) and the United States ($10.9B) were the countries with the highest levels of exports in 2021, with a combined 40% share of global exports.

China, with a CAGR of +7.6%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Exports By Type

Electrical apparatus; n.e.s. in heading no. 8536, for switching or protecting electrical circuits, for a voltage not exceeding 1000 volts dominates exports structure, accounting for 590B units, which was approx. 78% of total exports in 2022. It was distantly followed by electrical apparatus; plugs and sockets, for a voltage not exceeding 1000 volts (68B units) and electrical apparatus (56B units), together creating a 16% share of total exports. The following types - electrical apparatus (18B units) and connectors for optical fibres, optical fibre bundles or cables (12B units) - each finished at a 3.9% share of total exports.

Exports of electrical apparatus; n.e.s. in heading no. 8536, for switching or protecting electrical circuits, for a voltage not exceeding 1000 volts increased at an average annual rate of +1.6% from 2012 to 2022. At the same time, connectors for optical fibres, optical fibre bundles or cables (+12.4%), electrical apparatus (+4.3%) and electrical apparatus; plugs and sockets, for a voltage not exceeding 1000 volts (+4.3%) displayed positive paces of growth. Moreover, connectors for optical fibres, optical fibre bundles or cables emerged as the fastest-growing type exported in the world, with a CAGR of +12.4% from 2012-2022. Electrical apparatus experienced a relatively flat trend pattern. Electrical apparatus; plugs and sockets, for a voltage not exceeding 1000 volts (+1.9 p.p.) significantly strengthened its position in terms of the global exports, while electrical apparatus and electrical apparatus; n.e.s. in heading no. 8536, for switching or protecting electrical circuits, for a voltage not exceeding 1000 volts saw its share reduced by -1.6% and -2% from 2012 to 2022, respectively. The shares of the other products remained relatively stable throughout the analyzed period.

In value terms, the largest types of exported electrical apparatus for circuit connection, switching and protection were electrical apparatus; n.e.s. in heading no. 8536, for switching or protecting electrical circuits, for a voltage not exceeding 1000 volts ($46.6B), electrical apparatus; plugs and sockets, for a voltage not exceeding 1000 volts ($23.7B) and electrical apparatus ($22.1B), together accounting for 71% of global exports. Electrical apparatus; automatic circuit breakers, for a voltage not exceeding 1000 volts, electrical apparatus; relays, (for a voltage not exceeding 60 volts), electrical apparatus, electrical apparatus, electrical apparatus, connectors for optical fibres, optical fibre bundles or cables, isolating switches & make-and-break switches, electrical apparatus; automatic circuit breakers, for a voltage exceeding 1000 volts but less than 72.5kV, electrical apparatus; automatic circuit breakers, for a voltage of 72.5kV or more, electrical apparatus, electrical apparatus and electrical apparatus lagged somewhat behind, together accounting for a further 29%.

Among the main exported products, connectors for optical fibres, optical fibre bundles or cables, with a CAGR of +7.7%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other products experienced more modest paces of growth.

Export Prices By Type

The average electrical circuit apparatus export price stood at less than $0.1 per unit in 2022, reducing by 99.9% against the previous year. Overall, the export price saw a mild slump. The most prominent rate of growth was recorded in 2018 an increase of 5.1%. As a result, the export price attained the peak level of $38 per unit. From 2019 to 2022, the average export prices remained at a lower figure.

Prices varied noticeably by the product type; the product with the highest price was electrical apparatus ($233 per unit), while the average price for exports of electrical apparatus ($0.1 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by electrical apparatus; fuses, for a voltage not exceeding 1000 volts (+2.8%), while the other products experienced more modest paces of growth.

Export Prices By Country

In 2021, the average electrical circuit apparatus export price amounted to $32 per unit, falling by -4.3% against the previous year. Over the period under review, the export price continues to indicate a mild curtailment. The growth pace was the most rapid in 2018 an increase of 5.1%. As a result, the export price reached the peak level of $38 per unit. From 2019 to 2021, the average export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Japan ($67 per unit), while the United States ($14 per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Czech Republic (+10.2%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform