Electrical Board And Console Market

The article discusses the global market for boards and consoles equipped with electrical switching apparatus for a voltage exceeding 1000v. It projects a positive growth trend with a CAGR of +5.8%, leading to a market volume of 89M units and $29.4B in value by 2030. The analysis covers consumption, production, imports, and exports trends globally, highlighting key countries and their growth rates. China emerges as a significant player in both production and exports, while the United States leads in consumption and imports. The article also explores price trends and notable fluctuations in market performance over the years.

Market Forecast

Driven by increasing demand for boards, consoles, equipped with electrical switching apparatus for a voltage exceeding 1000 v worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +5.8% for the period from 2022 to 2030, which is projected to bring the market volume to 89M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +7.8% for the period from 2022 to 2030, which is projected to bring the market value to $29.4B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Boards, Consoles, Equipped With Electrical Switching Apparatus For A Voltage Exceeding 1000 V

Global electrical board and console consumption declined slightly to 57M units in 2022, with a decrease of -4.5% on the year before. The total consumption volume increased at an average annual rate of +4.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Global consumption peaked at 62M units in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

The global electrical board and console market size reduced modestly to $16.2B in 2022, which is down by -2.2% 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 +3.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the global market attained the peak level at $16.6B in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (8.5M units), the United States (6.2M units) and India (4.9M units), together accounting for 34% of global consumption. Indonesia, Japan, Germany, Russia, Mexico, France, Brazil, Iran and Italy lagged somewhat behind, together accounting for a further 25%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Indonesia (with a CAGR of +8.0%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest electrical board and console markets worldwide were the United States ($3.1B), China ($1.8B) and Japan ($1.7B), together accounting for 41% of the global market.

The United States, with a CAGR of +9.6%, saw the highest rates of growth with regard to market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of electrical board and console per capita consumption in 2022 were Germany (25 units per 1000 persons), Japan (20 units per 1000 persons) and the United States (19 units per 1000 persons).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Japan (with a CAGR of +7.2%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Boards, Consoles, Equipped With Electrical Switching Apparatus For A Voltage Exceeding 1000 V

In 2022, the amount of boards, consoles, equipped with electrical switching apparatus for a voltage exceeding 1000 v produced worldwide dropped slightly to 61M units, declining by -3.6% against the year before. The total output 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 growth pace was the most rapid in 2013 when the production volume increased by 22% against the previous year. Global production peaked at 65M units in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

In value terms, electrical board and console production fell slightly to $17.9B in 2022 estimated in export price. The total output value increased at an average annual rate of +4.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 when the production volume increased by 18%. Over the period under review, global production reached the peak level at $18.7B in 2019; however, from 2020 to 2022, production failed to regain momentum.

Production By Country

China (16M units) remains the largest electrical board and console producing country worldwide, comprising approx. 27% of total volume. Moreover, electrical board and console production in China exceeded the figures recorded by the second-largest producer, India (5.1M units), threefold. The United States (4.9M units) ranked third in terms of total production with an 8.1% share.

In China, electrical board and console production increased at an average annual rate of +6.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: India (+3.9% per year) and the United States (+2.9% per year).

Imports

World Imports of Boards, Consoles, Equipped With Electrical Switching Apparatus For A Voltage Exceeding 1000 V

In 2022, supplies from abroad of boards, consoles, equipped with electrical switching apparatus for a voltage exceeding 1000 v increased by 8.5% to 24M units, rising for the second consecutive year after two years of decline. The total import volume increased at an average annual rate of +2.2% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The pace of growth appeared the most rapid in 2013 when imports increased by 30%. Global imports peaked at 26M units in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

In value terms, electrical board and console imports reached $6.1B in 2022. In general, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when imports increased by 24%. As a result, imports attained the peak of $8B. From 2014 to 2022, the growth of global imports remained at a lower figure.

Imports By Country

The countries with the highest levels of electrical board and console imports in 2022 were the United States (1,517K units), Indonesia (1,280K units), Germany (872K units), Iraq (754K units), Finland (750K units), the UK (693K units), Spain (692K units), the United Arab Emirates (656K units), France (565K units), Poland (507K units), Chile (489K units) and Australia (469K units), together accounting for 39% of total import. Russia (445K units) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Poland (with a CAGR of +20.2%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($500M) constitutes the largest market for imported boards, consoles, equipped with electrical switching apparatus for a voltage exceeding 1000 v worldwide, comprising 8.2% of global imports. The second position in the ranking was taken by Iraq ($243M), with a 4% share of global imports. It was followed by Germany, with a 3.3% share.

In the United States, electrical board and console imports expanded at an average annual rate of +6.1% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Iraq (+1.7% per year) and Germany (+7.0% per year).

Import Prices By Country

The average electrical board and console import price stood at $255 per unit in 2022, dropping by -5.2% against the previous year. Over the period under review, the import price recorded a noticeable downturn. The most prominent rate of growth was recorded in 2021 when the average import price increased by 2%. Global import price peaked at $334 per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the United States ($329 per unit), while Finland ($84 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Iraq (+2.5%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Boards, Consoles, Equipped With Electrical Switching Apparatus For A Voltage Exceeding 1000 V

In 2022, approx. 28M units of boards, consoles, equipped with electrical switching apparatus for a voltage exceeding 1000 v were exported worldwide; with an increase of 9.1% on 2021 figures. The total export volume increased at an average annual rate of +1.6% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of 15%. Over the period under review, the global exports attained the maximum in 2022 and are expected to retain growth in the immediate term.

In value terms, electrical board and console exports amounted to $6.5B in 2022. In general, exports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when exports increased by 12%. As a result, the exports reached the peak of $7.4B. From 2014 to 2022, the growth of the global exports remained at a somewhat lower figure.

Exports By Country

China was the largest exporter of boards, consoles, equipped with electrical switching apparatus for a voltage exceeding 1000 v in the world, with the volume of exports finishing at 8.3M units, which was near 30% of total exports in 2022. Germany (3M units) ranks second in terms of the total exports with an 11% share, followed by Poland (6.7%) and Turkey (5.8%). Spain (1,041K units), France (1,028K units), Italy (999K units), the Czech Republic (892K units), Norway (664K units), the Philippines (630K units), South Korea (594K units), Estonia (515K units) and India (480K units) followed a long way behind the leaders.

Exports from China increased at an average annual rate of +8.4% from 2012 to 2022. At the same time, the Philippines (+73.3%), Poland (+16.3%), Estonia (+9.7%), Norway (+7.4%), Spain (+6.9%), Turkey (+3.1%) and the Czech Republic (+1.1%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing exporter exported in the world, with a CAGR of +73.3% from 2012-2022. Germany, Italy and India experienced a relatively flat trend pattern. By contrast, France (-6.8%) and South Korea (-9.9%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China, Poland and the Philippines increased by +14, +5 and +2.3 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($1.5B), Germany ($913M) and Poland ($320M) constituted the countries with the highest levels of exports in 2022, together comprising 43% of global exports. France, Turkey, the Czech Republic, Spain, Italy, Norway, the Philippines, South Korea, India and Estonia lagged somewhat behind, together accounting for a further 30%.

The Philippines, with a CAGR of +62.6%, 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.

Export Prices By Country

The average electrical board and console export price stood at $233 per unit in 2022, dropping by -7.7% against the previous year. Overall, the export price continues to indicate a slight shrinkage. The most prominent rate of growth was recorded in 2020 when the average export price increased by 4.3% against the previous year. Over the period under review, the average export prices attained the maximum at $280 per unit in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Germany ($308 per unit), while Estonia ($59 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+2.9%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform