North America Electrical Equipment Manufacturing Market expected to register a CAGR of 10.2% during the forecast period and reach a market size of USD 0.72 billion by 2024 – PMR

North America Electrical Equipment Manufacturing Market

Market Overview

The electrical equipment manufacturing sector comprises of companies manufacturing products and equipment that aid in the generation and distribution of electricity, and equipment that use electricity.

The electrical equipment manufacturing market in North America has shown moderate growth in recent years, owing to slow revival of economic activity. The West Coast dockworker slowdown in the US continues to have lingering impact on the manufacturing industry in the country. Huge inventory buildups and declining shipment rates in the country further contributed to the slow growth rate of the manufacturing sector.

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As per the US Bureau of Economic Analysis, the manufacturing sector contributes 12% to the GDP of the country, and computer and electronic products accounted for 12.4% of the manufacturing sector’s GDP, making it the second largest segment of manufacturing by size. Electrical equipments, appliances and components reported USD 55.5 billion value added in 2016.

Computer and Electronic manufacturing revenues in Canada increased 3.1% from USD 2.4 Billion 2013 to USD 2.7 Billion in 2014, while value added increased 6.5% at the same time, as per Canadian Government data.

Since both U.S and Canada are developed countries, they drive greater shares of their GDP from services rather than manufacturing. Offshore outsourcing to Asian countries has also been a trend since a considerable amount of time. The past couple of decades witnessed a massive reduction of manufacturing jobs in the US, and also a fall in wages. Technological development and innovation continues to take place in North America, while mass production has shifted to regions with rising industrialization and cheap labor.

A rising trend is the use of LED lights in various electrical equipment due to their low power consumption and cost effectiveness. They are being used especially in household appliances for minimal power consumption and increased visual appeal of the equipment.

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Market Segmentation

By Type of Equipment
Household Appliances
Lighting Equipment
Wiring and Cables
Batteries
Power Generation Equipment
Transmission and Control Equipment
By End User
Commercial Users
Residential/ Domestic Users
By Country
United States {Market Share % , Market Size USD Billion , Production Units }
Canada {Market Share % , Market Size USD Billion , Production Units }
Market Size and Forecast 2016-2024

The market for electrical equipment manufacturing in North America was valued at USD 0.5 billion in 2016. On the back of a rising manufacturing industry in the region, the market is expected to register a CAGR of 10.2% during the forecast period and reach a market size of USD 0.72 billion by 2024.

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Manufacturing of power generation, transmission and control equipment occupies the largest market share in terms of revenue, followed by household appliances. This can be attributed to the large scale application and usage of the generation and transmission devices.

The United States occupies a larger market share than Canada in terms of revenue. This can be attributed to its robust manufacturing sector, which has the highest multiplier effect among all industries in the country.

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